Insight: Ensuring success — The crucial post-award phase of federal grants
Carmen “Mely” Torres advises to understand grant terms, develop robust policies and implement real-time tracking.
As organizations in Puerto Rico continue to navigate the complexities of federal grants, understanding their lifecycle is essential.
Building on our previous discussion on maximizing the use of federal funds, it’s necessary to highlight the critical post-award phase that sets the stage for successful monitoring and project completion.
The post-award phase begins after a grant is awarded and continues until the project is fully completed. This phase is crucial as it ensures effective project implementation, progress monitoring, proper financial management, meeting grant objectives and accurate reporting of results and expenses.
It also ensures that the funds are used wisely and according to the funder’s requirements. Internal controls are essential throughout this process to ensure compliance and accountability.
The post-award phase is of utmost importance, especially now as Puerto Rico is receiving increased federal funds for disaster recovery and economic development. Proper management during this phase is not only about efficiency, but also about building public trust. It ensures that these funds are used transparently, reinforcing the community’s faith in federal investments.
Effective post-award management also helps create a sustainable and resilient community, ready to face future challenges. We want the money to reach those who need it most and for projects to make a real difference in people’s lives.
Key steps for effective post-award management
Understanding grant terms and requirements: Make sure you fully understand all regulations and requirements from the federal awarding agency, including 2 CFR 200 (Uniform Guidance) and specific program guidelines.
Developing robust internal policies and procedures: Set up clear policies and detailed procedures for financial management, project tracking, reporting, procurement manuals and audits. These should ensure consistency and compliance throughout the project’s lifecycle.
Implementing real-time tracking and reporting systems: Use advanced technology tools to monitor project progress and spending in real time. This helps spot issues early and make timely adjustments.
Training and developing your team: Invest in training programs for all staff involved in grant management. Ensure they understand the regulations and know how to apply them effectively.
Conducting regular audits and evaluations: Carry out regular internal reviews and audits to check compliance and process efficiency. Adjust based on audit findings to improve overall performance.
Communicating effectively: Keep open lines of communication with the grantor, providing regular updates on project progress, challenges and solutions. Internally, ensure all team members know compliance dates and project milestones.
Navigating the post-award phase with care and strategic planning is crucial for successfully managing federal funds. By following best practices and maintaining strong internal controls, organizations can ensure compliance, enhance project outcomes and contribute to Puerto Rico’s sustainable development.
At On Point Strategy, we support organizations through every phase of the grant lifecycle, ensuring that funds are managed efficiently and effectively to create lasting positive impacts.
Author Carmen “Mely” Torres, founder and CVO of On Point Strategy, leads a women-led firm specializing in financial management and grants in Puerto Rico. With more than 20 years of experience, Mely is an expert in regulatory compliance and financial transparency in administering federal grants.
