Grant management is important for all businesses receiving federal and sate funding regardless if you are a nonprofit. When your business receives any funding from the government, you are required to follow a specified set of procedures laid out by governing agencies. These procedures can become overwhelming, especially on top of the other tasks you need to do to effectively and efficiently run your business.
On the other hand, grant management can also be useful for nonprofits distributing funds. Similar to businesses receiving funds, the distribution of grants also needs to follow a set criteria that includes detailed analysis and tracking of recipients. As a result, JS Morlu can take this burden off your plate, giving you a peace of mind that everything is meticulously tracked, ensuring compliance with all regulatory agencies.
What is Grant Management?
On the nonprofit side of things, grant management involves tracking the funds from recipient selection all the way to paying the recipient. Common steps in grant financial management include setting up the grant, analyzing applications, reviewing applicants, selecting an applicant, paying the funds out and ensuring the funds are being used for the proper purpose. If you receive a majority of your grants through federal and state governments or donors, they will require proof that accurate financial management of funds is in place. Neglecting grant management can lead to lost donors and may put your nonprofit at risk.
Grant management also involves applying for, recording, and tracking money received from federal and state governments. This process typically entails creating financial statements and other documents to show your need for grant funds. Then, once money is received, you may need to prove where the funds went. Transparency into your accounting function requires accurate tracking of income and expenses and on a timely basis. If you neglect proper grant management, the funds you receive could become taxable or you may be liable for paying them back. Working with JS Morlu allows you to bypass any negative side effects of receiving grants, giving you the ability to efficiently and effectively use the funds in your business.
What Services Does JS Morlu Offer?
JS Morlu offers a wide variety of grant financial management services to put your nonprofit in the best position to please donors. On the contrary, if you are fortunate to receive a grant, we can walk you through the recording process to ensure you are utilizing the funds for qualifying expenses. With JS Morlu as your grant management firm in Virginia and Washington DC Metro Area, you can be assured that we retain the knowledge and experience to provide you with a wide variety of grant management services including:
Employ Grant Management Systems
All nonprofits need a grant management system to keep track of past, current and future recipients along with allocated funds. Most nonprofits are required to use fund accounting, which is drastically different from general accounting for a business. Due to the intricacy, you might not have the knowledge to properly record transactions in your accounting system. The team at JS Morlu provides you with the tools to employ a successful grant management system, allowing for transparency and accuracy throughout the fund management process.
Deter Fraudulent Activities
Nonprofits are constantly faced with outside pressure, leading to an increase in fraudulent activities. Without grant management by JS Morlu, your nonprofit might be at risk for undetected fraud, which can bankrupt your nonprofit and lose all donor confidence. An independent third party, like JS Morlu, overseeing your grant management system can reduce the risk of fraud, providing your donors with added confidence. In addition, federal and state agencies will be more inclined to approve you for grants when they see you have solid controls to prevent fraud in your grant management system.
Prepare Tax Returns
Nonprofits are required to file an annual return just like any other business. However, due to the tax-exempt status nonprofits retain, you need to be sure the return is filed with the highest level of care. Any error could lead to your nonprofit status being revoked. JS Morlu can file your annual nonprofit tax return timely, accurately and in compliance with regulatory agencies all while ensuring your grant management system is operating at the highest level.
Work Through the Grant Selection Process
JS Morlu offers a wide variety of consulting services tailored to grant management for nonprofits. Finding, selecting, and tracking grant recipients can be overbearing and require extensive time that you might not have. Instead of rushing through the process, reach out to JS Morlu and have our team members work alongside you throughout the process, serving as your go-to expert. You don’t want to risk selecting an unqualified candidate to receive funds.
Apply for Various Grants
In addition to grant financial management for nonprofits, JS Morlu also helps companies on the recipient ends of funds. Federal and many state governments offer a wide variety of grants for businesses to apply for. These funds can help your business scale, research new methods, or even serve as funds to continue operations. Whatever the reason for applying for grants, you want to be sure that the application is fully completed and retains the required information.
Record Grant Activities
After the tedious application process is gone through, your business will have to record grant activities in your accounting system. This needs to be accounted for a certain way depending on if the grant is tax-exempt. Regardless of tax-exempt status, the grant should be separately stated for financial and tax reporting purposes, making it wise to contact JS Morlu to walk you through the specifics. Inaccurate financial and tax reporting of grants could harm your chance of securing future funds.
Why Should I Work with JS Morlu?
The team at JS Morlu has been working with nonprofits and businesses to properly record grants for over a decade. Our experience has given us the ability to serve multiple different sectors, ensuring we have the qualifications your business needs to properly handle grant administration and grant financial management. Moreover, we have worked with all types of grant management systems to provide you the best service possible when it comes to your business. In addition, if you are a nonprofit that receives and distributes grant funds, it is critical to have a qualified expert working alongside you to minimize any error in the reporting process. One mistake could be costly.
JS Morlu not only retains the experience your business needs, but we also have the proper certifications. Our team goes above and beyond with continuing education courses and seminars. Consistently staying on top of the latest grant management regulations allows us to provide heightened value to your business. The laws and regulations surrounding grant management frequently change; however, with the team at JS Morlu standing behind you, you can rest assured that everything is properly handled.
Working with JS Morlu is an easy decision when you consider the extensive value we can provide to you through our grant services. Don’t wait until your grant management system has spun out of control to contact JS Morlu. Reach out to one of our team members today to get started putting together a customized grant management service packaged tailored to your needs.