What Awardees Should Know About Grants

WWG wants to make sure our community is fully prepared to celebrate their wins, but to also share insights on the process within. 'The experience had, is the experience shared', and so on in the community of grants. And there's so much more in store, so check out what's good to know when winning a grant.

It's a win for you and the whole community too!

Tax implications. Make sure to consult a tax professional to understand the tax implications of the grant awards. Grant awards are usually considered taxable income, so you may need to report them on your tax return.

Requirements in reporting. Most grant awards come with reporting requirements, such as progress reports or financial reports. Make sure to understand the reporting requirements and deadlines and keep accurate records of your grant-related expenses.

Here's info to catch you up on the process of grants management.

What better way to start than with requirements and fill in more as you go.

Compliance requirements. Understanding the requirements of grants awarded may find useful to avoid penalties or loss of funding. Following specific regulations or meeting certain performance goals can be a concern.

Proper use of funds. Misuse of funds can result in penalties, loss of funding, or legal action; and demonstrates abuse on the behalf of the awardee. Make sure to use the grant funds for the purpose specified in the grant agreement.

Accountability and transparency. Keeping detailed records is often a requirement of awardees in order to show transparency in use of funds. Be prepared to provide documentation and answer questions from grantors and stakeholders.

Connect with the WWG Community to be a resource and get connected to programs of growth.

Recognition and Gratitude. Share your experiences and share your feedback, where you have experienced someone can learn from that. Send acknowledgements to those who've supported you and open up ways for the community to follow you for more opportunities!