Accounting for Grant Awards

Explore the full life cycle of grants from pre-award to close-out, identify stakeholders and their accounting responsibilities across stages, with NIH and Kresge case studies.

Explore grant characteristics, types, and the management process, and why organizations pursue funding. Uncover benefits like financial support, credibility, expanded capacity, networking, visibility, flexibility, innovation, and mission alignment.

Master effective grant management to maximize funding utilization, ensure compliance and accountability, and support timely implementation through monitoring and evaluation, stakeholder engagement, and lasting sustainability.

Discover the grant management process from identifying funding opportunities to closure, including planning, applying, awarding, implementation, financial management, monitoring, and evaluation.

Continue the proposal budget section by detailing sources of funds for each expense, evaluating allowable costs, creating a budget justification, and revising with stakeholders before submission.

Identify allowable and unallowable costs charged to grants, including federal Uniform Guidance basics and common items like personnel salaries, travel, equipment, and overhead, with state and private program variations.

define grant objectives and requirements, choose a grants-friendly accounting system, set up a dedicated chart of accounts and bank account, and implement internal controls and regular reconciliation.

Identify risks and assess potential risks to grant funds such as misappropriation, unauthorized spending, or non-compliance. Implement segregation of duties, authorization, monitoring, and documentation controls with training and ongoing evaluation.

Master grant finance by maintaining accurate invoices, receipts, and bank statements, tracking expenditures, complying with guidelines, and preparing regular reports with dedicated software.

Analyze a real grant award agreement to identify terms and conditions, eligibility, reporting, budget guidelines, payment schedules, accrual accounting, and required approvals.

Understand how the chart of accounts structures grant finances into assets, liabilities, revenue, and expenses, with donor-specific tracking and grant reporting requirements; configure QuickBooks Online for grant funds.

Explore post-award activities that ensure successful grant-funded projects, including project implementation, financial management, monitoring and reporting, evaluation, and grant closure.

Record grant program expenses with a journal entry debiting program expenses and crediting accounts payable or cash, and tag transactions with the grant funder and program for reporting.

Learn to allocate grant costs accurately across multiple projects using QuickBooks online, including setting up projects, sub customers, and classes, allocating expenses, reviewing results, and documenting a cost allocation plan.

Apply the approved indirect cost rate to grant expenses and distinguish indirect from direct costs. Follow grant agreement guidance, document calculations, and prepare compliant financial reports.

Prepare for grant audits by understanding requirements and presenting organized documentation to auditors. Maintain continuous compliance through structured reporting and ongoing monitoring.

Learn how to adjust for matching funds in grant management, calculate requirements, identify shortfalls, reallocate internal resources, update budgets and reports, and ensure compliance and readiness for audits.