What do you do if your finances are slipping through the cracks in Grant Administration?

This is true, but in large organisations, purchasing equipment is not just an invoice. It can deal with purchase orders, hundreds of invoices for one capital aquisition, internal (part) movement, differing depreciation policies, labour and materials that can add to the asset value. Let alone software, apps, inhouse develped or not, patented or licenced. It all starts with setting all your pieces on the board in the right place at the right time. The right time is about a year before the project is thought off. If you start later than that, you will play catch up.

You do not review the policies. If you do not yet know them, find another job. You improve on them. The first step is to get your stakeholders on Board and to map out the consequenses of not making changes.

Similar to the audit trail, this is not a simple matter of double checking information. It is essentail that financial policies are adapted to facilitate grants, and that they are continously tested against new funders' rules and the local/international laws. Not doing this, leaves the company open to financial risk. For example: equipment is often still locked in grant commitments, long after the claim period is finished.

One of the most effective steps to build accountability to grant expenditures is to directly connect all grant funds to specific tasks and activities which are part of carrying out the grant. By connecting program and financial, you are building a system where staff involved in program and staff involved in finance have to work in collaboration serving as a check and balance. Also, all federal and state grants will establish in their agreements timelines to be provided financial and program status reports. As grant administrators you should use these check points as points in the process where all expenses and activities are verified as accurate, justified, consistent with the grant rules, and supported by documentation.

Technological aid can be helpful for numbnuts. Especially for larger companies, this will only waste time and not add anything of value. It will confuse people and get in conflict with other software. If you do not already have robust financial software, you should not be thinking of grants (or see if you can get a grant to get a better system!).

I conduct an internal review of the current status against the set framework to identify where the gap is. Will set up a round table meeting with the key project implementation staff to review the gaps and hear their feedback where they could be experiencing challenges. Finally will take corrective action either to retrain staff,revise policies and constantly ensure strong controls are in place for proper financial management.