How to be aware of obligations when accepting grant funds.

Grant funds are great to start a project and fill needs in the community. However when you accept a grant you may be asked to fulfill certain obligations. If the obligations are not met you will be required to refund the grant money. Blow is common contractual requirements that you may have to abide by to accept a grant.

Instructions

Difficulty: Moderately Easy

1. When accepting a Government grant you must keep your financial records very detailed and organized. You may be asked later about certain expenses, and will be obligated to answer the questions in detail.
2. If your grant create jobs you will probably be required to sign a drug-free workplace and employment nondiscrimination statements.
3. Some grants for companies require the facility to become certified in compliance with the Americans with Disabilities Act. This may require the business to add minor adjustments to their office space and company policies.
4. Many federal grants require grant funded companies to keep track of the general demographic information of your staff, board members, and people in your community that benefits from your project. This does require some time.
5. Know if you do not fulfill you obligation stated in the grant agreement the grant funds may be required to be paid back. Always check fine print for this. This is not a bad thing, but it is something to be aware of. Grant funders may do this to insure grant funds are managed well and not wasted.

Tips & Warnings

• When thinking about requesting grant money, always remember to plan on how the up keep of the grant will be done.