All grant-funded projects, be they government or foundation funded, generally go through three phases –award, post award (active project), and closeout.
Some funders require the award notification be countersigned by the grantee. In these cases, the award notification should be sent to Excelsior’s Legal office for review and signature. Following this the funds are disbursed.
After the award has been disbursed, the program manager at the funder oversees the awardee’s reporting compliance. The process extends across the life of the grant award and will involve multiple reports.
Within the award letter there are rules dictated by the private funder and/or policies relevant to legislation. The award recipient is responsible for meeting the administrative, financial, and programmatic reporting requirements of the award. The Grants Office will work closely with the project team to meet all responsibilities.
After the award has been disbursed, the Grants Office will coordinate with the project team and internal departments at Excelsior to assist in moving the project forward on time and within budget. The project team can expect to have regularly scheduled Budget & Project Update meetings with Grants, Fiscal, and key project players. This internal control not only assists in keeping everyone on the same page, but also gives the opportunity to collaboratively work out any potential issues.
You are required to retain all of your grant records, including emails, for at least four years from the date of the final expenditure report, unless otherwise specified by the project’s funder.