Set Up a Grant and Grant Budget

Create a grant record before recording grant-related financial activity. The grant record supplies the dates, classifications, funding terms, and reporting dimensions used to organize budgets and transactions.

Grant information

Record the information required by the award agreement and the organization's reporting policies. Typical fields include:

• Grant name, award number, grantor, grant type, and funding source
• Local, state, federal, private, or other classification
• Award amount, match percentage or amount, and match source
• Grant beginning date, ending date, and applicable state or federal fiscal year
• Indirect-cost rate, allocation base, and any rate limitations
• Program, project, department, fund, CIP project, or project category
• Draw-down method, reimbursement terms, reporting frequency, and key deadlines

Establish the budget

1.  Create or select the grant record and confirm the award dates and status.

2.  Enter the original award amount and the approved budget by account, cost category, project, program, period, or other required dimension.

3.  Record matching requirements and identify the source of the organization's match.

4.  Enter the approved overhead or indirect-cost rate and the allocation base defined by the award.

5.  Submit the budget for review and approval when an approval workflow is enabled.

6.  Record approved amendments as budget revisions so the original and revised budgets remain available for reporting.

Budget control

Budget-versus-actual reporting can compare the approved or revised budget with commitments, posted expenditures, reimbursements, and remaining funds. You can configure validation rules, approval requirements, and warning thresholds to match the organization's spending policies.

Configuration note: Grant-management features require an appropriate Salesforce-native grant-management application and configuration. GoldFinch Accounting supplies the related accounting, purchasing, expenditure, billing, and reporting functions.