Essential Knowledge for Grant-Making Professionals – Where Do You Stand?
Written by: Natalie Komitsky
Many Federal agencies award grants. Employees who work for grant-making agencies need to access a wealth of knowledge as they create funding opportunities, evaluate applications, implement awards, monitor progress, and close out grants. Pass-through entities navigate the challenges of receiving and allocating Federal funds to grant partners with accountable subaward processes, effective monitoring measures. Federal award and subaward recipients are responsible for financial management, performance, and reporting while maintaining focus on their grant-funded projects.
Let’s test your knowledge of grant essentials. How many of these questions can you answer with confidence?
What Is The Grants Management Life Cycle
How Are Grant Opportunities Created? Source: Grants.gov
- What is the process of developing a new grant at your agency?
- Where is information about competitive grants posted?
- How does 2 CFR 200 help regulate the grants process?
How Are Grants Awarded?
- What needs to happen before a grant can be awarded?
- How are grant applications evaluated?
- Why would special conditions be placed on an award?
- Is it possible for a grant recipient to negotiate terms and conditions?
- How are grant recipients paid?
How Are Grant Projects Monitored?
How is the progress of a grant-funded project measured?
How often are performance reports required?
What Happens at the End of the Grant Period?
- Under what circumstances can a grant period be extended?
- How long do you have to close out a grant?
- What happens to unobligated cash and real property acquired during the grant period?
- Are audits mandatory for grant recipients?
Infographic: Grant Closeout – What Happens to Unused Federal Grant Funds?
Source: GAO
Click on the image above to view the full infographic.
Where Can I Go to Learn More About Grants?
- Grants.gov Grants Learning Center
- Grants.gov YouTube Channel
- Grants.gov Community Blog
- Chief Financial Officers Council Grants Training
- Grants.gov Grant Events and Trainings
- Management Concepts
These questions represent a small portion of the body of knowledge that is needed to manage a grant program effectively. Grant-funding agencies must monitor the progress and compliance of grant recipients to ensure that taxpayer funds are used appropriately. Management Concepts provides grants education for Federal employees, pass-through entities, and recipients. Our expert instructors enhance the grants courses with their own experiences within the grants community.
Thanks to Ruth Famojuro for contributing to this blog.
