How to Accept Grant Award Money - dummies

By Beverly A. Browning

During the post-award process, you have to act as grant recipient is supposed to. You must inform the funding source that you accept its offer of funding before you can share the good news with the world. The following steps secure your role as the grant recipient:

  1. Notify all your administrators, including the chief financial officer (CFO), of the award.

  2. Add the item “Accept grant funds” to the agenda of your board of directors’ next meeting.

  3. Prepare an overview of the grant request document for board review prior to the meeting.

    In the overview, include the purpose, objectives, timelines for program implementation, project budget, and a copy of the official award letter from the funding source.

  4. Prepare a brief oral presentation to give to the board, and draft resolution language.

    The resolution is to accept the grant award.

  5. If grant agreement forms need to be signed, have these documents ready for the board.

  6. Prepare a press release (provided the funder doesn’t want anonymity) for board approval.

    Your senator or representative may take care of the press release if your grant is government funded. Before you make any in-house press release public, verify whether the funder requires prior approval. Many funders stipulate that they must approve grantee press releases before a release is officially issued.

  7. Create or purchase a certificate of appreciation for foundation and corporate funders, and get it signed by your board officers.

    Your CEO or board president can also write a formal letter of thanks. Skip this step if you’re dealing with government agencies.

  8. Meet with the CFO to discuss fiscal accountability, including creating a clear or single audit trail.