States Can Maximize Federal Grant Funding With ERP
Federal grant funding can be critically important for many state and local governments; however, it’s not easy to get or to manage. Grant applications can be a difficult, time-consuming process and accounting for every grant dollar is necessary for developing the goodwill that can lead to future funding. Streamline grant activities with the support of an enterprise resource planning (ERP) solution.
As indicated in “States Seek a Bigger Piece of the Federal Pie,” posted by Elaine S. Povich on PewTrusts.org, federal money can make up about one-third of state budgets, including grant funding. States like Maryland have maximized grant dollars so well that they offer seminars to share tips while other states are making a deliberate effort to improve their grant process. The Federal Funds Information for States (FFIS), an agency that helps states manage federal funds, offers several tips to optimize federal funding:
- Participate in the decennial census since funding is distributed by formula and undercounting the population can make a difference.
- Research available grants and the agencies and departments that issue them.
- Take a strategic approach to applying for and monitoring grant funding. For example, make sure different departments or state agencies aren’t competing against each other for the same grant.
Maryland received high marks with audits of their federal grant programs and spending. Maryland had only a few problems for every billion dollars received and takes a proactive approach to ensuring the grant money is spent in accordance with the intended purpose. Complying with individual grant program requirements strengthens the relationship with the federal granting agency, which can lead to future support.
Local and state agencies that apply for and receive federal funds can maximize grant funds by deploying a robust enterprise resource planning (ERP) solution. You can use ERP to track every dollar spent and make sure it’s spent in accordance with the terms of each grant program. This insight and control can also identify ways to cut costs, spend wisely, and stretch every grant dollar to make sure that it’s being used in the best possible way. Contact AKA Enterprise Solutions for more information about using ERP to optimize grant funds and put your grant dollars to work.