When a nonprofit is awarded grant money, it is required to report the specific uses of this money. The Office of Management and Budget (OMB) outlines these requirements and enforces them. There are primarily two reports that are required.
This serves as a financial status report. It must be filed quarterly and also when the grant is complete. It is a summary of how much money was awarded the organization, how much money was spent and how much money remains.
This is a progress report for the federal government submitted semiannually. It shows whether or not the nonprofit is achieving the program’s goals and objectives for which the grant money was allocated.
These financial status reports must be filed even when no money has been spent during the given quarter. The reports must be filed on time. The federal government is adamant about paperwork. If for some reason, grant reporting ceases, the provision of grant money will stop as well.
When a nonprofit is awarded a grant, it is assigned a program manager. The program manager monitors the program’s progress and is also available to answer any questions pertaining to the grant. They want to help the nonprofit succeed.
Most federal programs are also helpful. They offer an annual grant management meeting to review guidelines for how to manage grant money. it is also an opportunity to interact with others from nonprofits who have been awarded the same grant.