Managing grants efficiently is a complex task. The need to facilitate multiple tranches of payments, drawdown awards, or payout on a reimbursement basis can introduce further complexity. Luckily, Submittable makes managing grants simple, and recent new functionality is tailored specifically for that tricky reimbursement process.
Let’s explore how Submittable’s solutions are designed to ease post-award management and funds disbursement for various types of grants.
Grant funding structures
Reimbursement or advance grants
In the realm of grants, the reimbursement or advance payment model is a crucial distinction. A reimbursable grant entails receiving funds only after incurring costs for a specific program or project. This means that as a grantee, you initially finance the project, and subsequently, the grantor reimburses you for the expenses you’ve already incurred.
Multi-year grants offer grantees a guaranteed income stream over an extended period, enabling them to embark on long-term programs or launch ambitious projects, such as new construction. Because this predictable financial support allows organizations to focus more on delivering services, rather than fundraising, it is increasingly prevalent in grant structures across industries. It also opens the door for grantees to make progress on multi-year strategic initiatives, without the fear of running out of funding mid-project, which helps all parties deliver more impact over the long term.
Many grants are awarded for projects that require specific milestones to be met to secure further tranches of funding. In such cases, dividing the grant into multiple payments ensures that funds are allocated appropriately at each project phase. This helps in project tracking, accountability, and transparency.
Similar to milestone-dependent funding, grantors may choose to release funds in installments as a strategic measure to mitigate potential risks associated with a given project. This approach is particularly appropriate when awardees may pose a higher risk, such as a new and unproven entity. By linking payments to project progress and achievements, this method ensures that allocated funds are deployed judiciously and that performance benchmarks are consistently met. This not only safeguards the interests of grantors but also fosters a sense of accountability and transparency throughout the project’s lifecycle.
Solutions for simplified multi-payment awards
To simplify the process of multi-payment grant awards, we’ve introduced user-friendly Request Forms. Grant managers now have a powerful tool to facilitate reimbursements, purchase requests, and sub-recipient monitoring while making it easier for awardees to navigate post-award activities.
Awardees will find it straightforward to access their Request Forms and submit the requisite documentation on their program timelines. With a simple submission, these requests are sent to your organization for approval.
Once awardees submit their request forms, your organization can swiftly review and respond with just a simple click. This streamlined approach expedites the entire process, enabling grantors to efficiently support their awardees and sub-recipients, thus enhancing the grant management experience for all parties involved.
New enhancements to Funds Tracking in Submittable offer administrators even more flexibility to disburse grant awards in tranches with ease. You can effortlessly divide grant funds into multiple payments, and prevent any possible overpayments. This feature ensures grantors have complete control over the payment schedule and a record trail of every transaction.
Transaction details and memos
Transparency is paramount in grant management. Grant managers can provide detailed transaction information and memos to recipients for each payment tranche. Administrators can include internal memos as well as recipient-facing memos. This dual functionality ensures that vital information is accessible to the organization’s team members and grant recipients, strengthening communication and accountability within the grant management process. Recipients can easily track the purpose of each payment, fostering a more transparent and informed relationship.
When it’s time to distribute funds to your awardees, Submittable streamlines the process, allowing you to trigger award payments with a simple button click. With a proven track record of distributing hundreds of millions in funding to awardees across the United States, Submittable ensures a seamless experience. Payments can be swiftly triggered and delivered electronically to your awardees within 48 hours. For added flexibility, Submittable also offers the option to distribute payments via check and/or prepaid debit card, accommodating the preferences of both grantors and recipients.
Since everything is completed within Submittable, your audit trail is built for you. When you conclude your program, you’ll be well-equipped to present a complete trail of every decision made throughout the grant process. This includes a detailed payment record, complete with the date, amount, and description, ensuring your organization’s audit readiness and compliance.
Learn more about Submittable
Whether you’re dealing with reimbursement grants, multi-year grants, conditional, or milestone-dependent grants—or all four!—Submittable’s payment and reimbursement management tools can make it a breeze. Navigate the complexities of your grant program with us as your partners, and enjoy efficiency, transparency, and excellent customer service. Learn more about how Submittable could make your program easier by talking to an expert on our team.