Current Situation
Grant are managed by a central office with limited and controlled access by faculty to ensure fairness, transparency, and accountability. Education institutions are responsible for providing policy and procedural frameworks for the distribution of grant funding. As grants are typically from sponsoring or donating entities, such as government agencies or nonprofits, there is an urgent need to ensure the stringent standards of accounting and audit are applied. Currently, the ability to provide real-time progress reports to funding agencies/sponsors is challenging.
Goals and Objectives
Streamline management of grant funds while maintaining appropriate controls and commitments to track funded programs, reduce the time and effort to apply for and administer grants, mitigate fraud and error in disbursements, make disbursement more aligned to the institution’s directives, improve performance tracking, and ensure visibility and accountability of outcomes.
Technology Deployed
Mobile, secure, cloud-based financial information systems, asset and resources management systems, research KPI tracking and management systems, AI, analytics, cloud-based grant management software
Use Case Summary
Good grant management is efficient (moving from paper-based to digital processes), effective and compliant, and flexible to respond to changing and diverse requirements, supporting clear and timely reporting to funders, partners, stakeholders, grant seekers, and grant recipients. The process of funding allocation is transparent, and each funding recipient can track spending, fulfilling KPIs/objectives — all guided by funding policies and compliance/governance processes set forth by the school administration.