Score More Grants with Better Financial Data
You can find dozens of suggestions for how to write better grant proposals, from incorporating case studies to keeping sentences short. But one key element that deserves more attention is the need to provide clear and precise financial data.
What funders want
One leading funder, the Meyer Foundation, spells out exactly what they’re looking for when reviewing grant applications and proposals: “Meyer staff pay careful attention to an organization’s financial statements,” they say in their FAQs.
Specifically, they say they want to know how healthy your organization is. And to make that assessment, they examine your proposal with an eye toward answering these questions:
- Did revenues equal or exceed expenses?
- Did the organization end the year with positive unrestricted net assets?
- Is the annual budget approved by the board?
- Do budgeted revenues equal or exceed budgeted expenses?
- Are revenues and expenses (from the interim statement of activities) tracking in accordance with the annual budget?
Meyer Foundation expects applicants to include a Statement of Financial Position and a Statement of Activity. Beyond that? The additional reports you provide are up to you—which is why it’s so important to have the right accounting software in place.
The right software makes all the difference
One reason to implement a cloud-based accounting software solution like Sage Intacct is that it gives you the flexibility to respond to funders’ requests for detailed financial information. The advanced features of Sage Intacct make it easy to create customized reports, graphs, dashboards, and visualizations that clearly address funders’ questions.
You can take advantage of more than 150 pre-built accounting and financial reports in Sage Intacct, or build and customize your own for different proposals. Depending on what type of grant you’re applying for, you can filter, group, and summarize data by business drivers ranging from projects to departments to contracts.
Get the right data to win your next grant
With the right ERP solution, you can create detailed, visually appealing reports that give potential funders all the insights they need to gain confidence in your organization. Insero & Co., a public accounting firm with decades of experience working with both nonprofits and businesses, can help you find the right accounting software to secure more grants in the years to come.