Grant management is defined as the process through which organizations manage and oversee the grant funds in a structured process. Whether the foundation provides grants to nonprofit organizations, a public charity raises money, or a government body makes resources available, grant management is essential to ensure proper and regulated use of the grant.
The GAO states that the federal government alone spends $1.2 trillion each year on grants. That figure should alone indicate the need to properly track, report, and manage grants.
Simply defined, grant management assures the entire lifecycle of a grant—from application and review through to award distribution, monitoring compliance, and finalizations through reporting. In order to successfully meet these demands, the grantee must maintain a very detailed level of attention, a broad understanding of grant policy, and an effective fund accounting and tracking system.
