Non-profits strongly depend on donations and grants and are accountable when it comes to their funds reporting and spending.
Manage funding and budgets with pinpoint accuracy with our Grant Management Addon for nonprofits
The Korcomptenz Grant Management for nonprofits addon with Microsoft Dynamics 365 Business Central offers capabilities designed to help non-profits like charities, churches, arts organisations, membership organisations, and associations adhere to regulations and controls, while managing grants, and budgets proactively, and reducing the paperwork and administrative overhead for business processes. The Grant Management for nonprofits addon life cycle includes prospecting, grant administration and execution, calculating indirect cost rates, revenue recognition, and reports for the status of awards, performance KPIs and monitoring and evaluation of targets. Our KOR Grant Management addon for nonprofits helps to manage multiple budgets across grant life cycles, prevents overspending, accurately tracks cost for the entire life cycle of a grant with a centralized, easy to access information.
Keep a summary of detailed grant ID information at your fingertips and deliver up-to-date grant status information with variance reports that span multiple fiscal periods. Our Grant Management for nonprofits addon is in-built within Dynamics NAV and Microsoft Dynamics 365 Business Central.
Free your organization and your people from the limitations of multiple, disconnected solutions
Implement Microsoft Dynamics 365 Business Central, Grant Management addon and Analytics for nonprofits.
Unlocking financial benefits while improving operation control with our Grant Management Addon for nonprofits
FAQ Grant Management
Grant management software for nonprofits plays a pivotal role in streamlining the grant process. This specialized software is designed to optimize various stages of grant acquisition, tracking, and reporting, offering significant efficiency gains and improved management. Here’s how grant management software can streamline the grant process for nonprofits:
Centralized Information: Grant management software for nonprofits provides a centralized repository for all grant-related information. This includes grant opportunities, application materials, deadlines, and documentation. With everything in one place, nonprofits can easily access and manage their grant-related data without the hassle of searching through different systems or documents.
Automated Workflows: The software often comes with built-in automation features that streamline workflows. It can automate tasks such as deadline reminders, application submission, and document collection. This reduces manual effort, minimizes the risk of errors, and ensures timely submissions.
Application Tracking: Grant management software enables nonprofits to track the progress of their grant applications. This includes real-time updates on application status, review stages, and approval processes. Tracking capabilities enhance transparency and accountability throughout the application lifecycle.
Reporting and Compliance: Nonprofits are often required to provide detailed reports on how grant funds are used. Grant management software for nonprofits simplifies this process by generating accurate and customizable reports. It ensures that nonprofits meet compliance requirements and maintain transparency with funders.
Collaboration and Communication: The software facilitates collaboration among team members involved in the grant process. It allows for easy document sharing, communication, and feedback exchange, even for geographically dispersed teams. This fosters efficient teamwork and reduces communication gaps.
Performance Evaluation: Grant management software for nonprofits assess the impact of their grants. It allows for tracking and analyzing key performance indicators (KPIs) and outcomes related to funded projects. This data-driven evaluation supports informed decision-making and effective resource allocation.
Risk Management: Grant management software frequently incorporates features to recognize and mitigate likely risks related to grant funding. This proactive method makes certain that nonprofits can predict challenges and execute strategies to address them.
Grant management for nonprofits plays a crucial role in effectively tracking and managing funding. This specialized approach provides nonprofits with a structured and streamlined process to ensure the proper utilization of grant funds. Here’s how grant management helps organizations in tracking and managing their funding:
Funding Visibility: Grant management systems offer a centralized platform where nonprofits can record and access detailed information about their grants. This includes grant amounts, funding sources, stipulations, and payment schedules. Having all funding data in one place enhances visibility and accountability.
Budget Planning: Grant management for nonprofits lets you create and manage budgets specific to each grant. They can allocate funds to various project components, expenses, and activities, ensuring that resources are allocated in alignment with the grant’s objectives.
Expense Tracking: Nonprofits can use grant management systems to meticulously track expenses related to each grant. This includes recording expenditures, invoices, receipts, and other financial transactions. Accurate expense tracking helps ensure that grant funds are utilized as intended.
Compliance and Reporting: Grant management software for nonprofits in adhering to grant-specific compliance requirements. It helps track progress toward grant objectives and generates reports that demonstrate how funds are being utilized. This transparency is crucial for maintaining trust with funders.
Grant Performance Monitoring: Nonprofits can monitor the progress and performance of projects funded by grants using grant management tools. This involves tracking milestones, deliverables, and key performance indicators (KPIs) outlined in the grant agreement.
Automated Alerts: Grant management systems often provide automated alerts and reminders for important dates, such as reporting deadlines, renewal dates, and payment schedules. This helps nonprofits stay on top of their grant-related tasks and obligations.
Document Management: Grant management software enables nonprofits to organize and store grant-related documents, such as applications, contracts, reports, and correspondence. Having easy access to these documents simplifies audits and ensures transparency.
Effective Communication: Grant management systems facilitate communication within the organization and with funders. This ensures that stakeholders are informed about grant-related activities, progress, and any challenges.
Grant management software for nonprofits often offers robust integration capabilities to seamlessly connect with other systems and tools. This integration empowers nonprofits to optimize their grant management processes, enhance efficiency, and streamline workflows. Here’s how grant management software can integrate with other systems and tools:
Financial Systems: Grant management software for nonprofits can integrate with financial systems, such as accounting software or ERP (Enterprise Resource Planning) systems. This integration enables automatic synchronization of financial data, ensuring accurate tracking of grant-related expenses and financial reporting.
CRM (Customer Relationship Management): Integration with CRM systems allows nonprofits to maintain a holistic view of their constituents, including donors, partners, and stakeholders. This ensures that grant-related activities are aligned with the organization’s broader relationships and goals.
Document Management: Grant management software for nonprofits can integrate with document management platforms, making it easier to store, organize, and access grant-related documents, such as applications, contracts, and reports. This integration enhances document collaboration and simplifies audit processes.
Communication Tools: Integration with communication tools, such as email marketing platforms or communication software, facilitates efficient and targeted communication with funders, stakeholders, and beneficiaries. This ensures clear and timely communication throughout the grant lifecycle.
Project Management: Integration with project management tools enables nonprofits to link grant-funded projects with tasks, milestones, and timelines. This ensures that project management efforts are aligned with grant objectives and deadlines.
Reporting and Analytics: Grant management software for nonprofits can integrate with reporting and analytics tools, allowing nonprofits to generate comprehensive reports and analyze data related to grant utilization, impact, and performance.
Collaboration Platforms: Integration with collaboration platforms fosters teamwork and information sharing among grant management teams. It enables seamless communication, document sharing, and task coordination across different departments or teams.
Payment Gateways: Nonprofits can integrate grant management software with payment gateways to facilitate secure and efficient fund disbursements and donations related to grant funding.
Calendar and Scheduling Tools: Integration with calendar and scheduling tools helps nonprofits keep track of grant-related events, deadlines, and milestones. This ensures that all grant-related activities are well-coordinated and executed on time.
Grant management software can seamlessly integrate with Microsoft Dynamics 365 Business Central to enhance efficiency and transparency in grant-related processes. Utilizing Business Central as its foundation, grant management software ensures compatibility with automatic upgrades. It offers configurability to align with the client’s specific business processes and boasts robust security measures. The integration typically involves the following key aspects:
Data Synchronization: Grant management software can synchronize data with Business Central, ensuring that critical information such as grant funds, budgets, expenses, and compliance requirements are up to date in both systems.
Financial Tracking: Integration allows for real-time financial tracking, where grant-related financial data is automatically updated in Business Central. This ensures accurate accounting and reporting, helping organizations maintain compliance with grant terms and conditions.
Budget Management: Grant budgets and financial data can be managed within Business Central, and grant management software can provide insights and alerts to help organizations stay within budget and meet grant objectives.
Workflow Automation: Integration enables workflow automation, reducing manual data entry and approval processes. Grant management software can initiate workflows in Business Central for tasks like expense approvals, fund allocation, and financial reporting.
Reporting and Analytics: By integrating grant management software with Business Central, organizations can access comprehensive reporting and analytics tools. This enables them to generate customized reports, track performance against grant goals, and make data-driven decisions.
Compliance and Audit Trail: Grant management software can help maintain a detailed audit trail of all grant-related activities, ensuring compliance with grant requirements and simplifying audits.
Streamlined Communication: Integration promotes efficient communication by allowing grant-related information to be shared seamlessly between systems. This ensures that all stakeholders, including grantors and recipients, have access to the most current data.
Improved Grant Monitoring: With the integration, organizations can monitor grant progress in real-time. Alerts and notifications can be set up to address issues promptly and ensure that grant objectives are met.
Grant management software for nonprofits is a valuable asset for nonprofits when it comes to reporting and compliance. This specialized software is designed to streamline the reporting process and ensure that nonprofits adhere to grant-specific regulations and requirements. Here’s how grant management software helps with reporting and compliance:
Automated Reporting: Grant management software for nonprofits automates the generation of comprehensive reports required for grant compliance. Nonprofits can easily access predefined report templates or create custom reports that outline fund utilization, project progress, and outcomes.
Real-Time Data: The software provides real-time access to accurate and up-to-date data, which is crucial for creating accurate reports. Nonprofits can track expenses, milestones, and other key performance indicators (KPIs) in real-time, ensuring that reports reflect the most current information.
Customizable Reporting: Grant management software for nonprofits allows them to customize reports based on specific grant requirements and metrics. This flexibility ensures that reports are tailored to the unique needs of each funding source.
Grant-specific Compliance Checks: The software often includes features that automatically validate data against grant-specific compliance rules. This minimizes errors and discrepancies in reports, ensuring that nonprofits meet the stipulated guidelines.
Audit Trail: Grant management software for nonprofits maintains a detailed audit trail of activities and changes related to grant management. This audit trail provides a transparent record of actions taken, enhancing accountability and facilitating audits.
Document Management: Nonprofits can store and organize grant-related documents, such as contracts, applications, and communication, within the software. This simplifies the process of providing documentation for compliance purposes.
Notification Alerts: The software can send automated notifications and reminders for upcoming reporting deadlines. This helps nonprofits stay proactive and submit required reports on time.
Integration with Financial Systems: Integration with financial systems ensures that financial data is accurately represented in reports. Nonprofits can generate financial reports that align with grant-related expenses, budgets, and financial transactions.
Version Control: Grant management software often includes version control features, allowing nonprofits to track changes made to reports over time. This feature ensures that previous versions of reports are accessible for reference and audit purposes.
Grant management software for nonprofits plays a crucial role in elevating transparency and accountability when it comes to grant management. This specialized software comes equipped with a variety of features that foster transparency, precision, and responsible financial management, all contributing to the prudent stewardship of funds.
Centralized Data Repository: Grant management software for nonprofits provides a centralized platform where all grant-related data, documents, and communications are stored. This centralization ensures that all stakeholders have access to consistent and up-to-date information, eliminating confusion and misinformation.
Document Tracking: Nonprofits can store grant-related documents, such as applications, contracts, and reports, within the software. This creates a secure and organized repository that enhances transparency by allowing authorized users to access essential documentation.
Real-Time Updates: The software offers real-time visibility into grant-related activities, progress, and financial transactions. This transparency allows stakeholders to track the status of projects and funds at any given moment, ensuring accuracy and accountability.
Audit Trails: Grant management software for nonprofits keeps a comprehensive audit trail of all system activities and modifications. This meticulous record serves to uphold transparency by offering a transparent historical account of actions taken, facilitating the resolution of any discrepancies or concerns that may arise.
User Permissions: The tool lets nonprofits distinguish user roles as well as permissions, checking who can access and change specific information. This ensures that sensitive data is only available to authorized personnel, improving data security and transparency.
Reporting and Analytics: Grant management software generates comprehensive reports and analytics that provide insights into fund utilization, project outcomes, and compliance. These reports are crucial for demonstrating accountability to donors and stakeholders.
Communication Tracking: Nonprofits can log communication with funders, partners, and other stakeholders within the software. This transparency ensures that all relevant parties are informed of interactions, decisions, and updates related to the grant.
Budget Visibility: Grant management software for nonprofits enables nonprofits to create and manage grant-specific budgets. This transparency ensures that all expenses are accounted for and aligned with the approved budget, preventing overspending or misallocation of funds.
Compliance Checks: The software often includes compliance validation features that ensure grant-related data and activities adhere to specific regulations and guidelines. This helps maintain accountability by reducing the risk of errors or oversights.
Supporting your decisions with
our thought leadership
See how Korcomptenz helped a non-profit organization serving the homeless, by providing IT managed services to accelerate their mission impact.
With the introduction of Microsoft Dynamics Business Central, many companies are probably wondering whether it is worth choosing to invest in Business Central.
In the case of the other versions of NAV the below Upgrade Chart shows the upgrade path that can be followed to upgrade to Business Central.
Tell us how we can #FocusOnYou
Get industry insights, product updates & event invitations