If you think your foundation is too small to warrant a grants management solution, think again.
While you may instinctively understand that technology can dramatically improve your day-to-day work, it’s tempting to stick with what you know. Perhaps you sidelined research into new technology due to other pressing priorities, concerns about costs, or the stark realization that making a change isn’t always easy.
It can be a lot to get your head around – it’s true – but here’s what you need to know: As time advances, so too does technology. Innovative technology is creating new opportunities for small and midsize foundations to eliminate human error, save time, increase efficiency, and be more responsive grantmakers.
Take the Rochester, N.Y.-based Farash Foundation for example. When Farash launched its grantmaking program in 2010, it had only 3 staff members. Today, the foundation grants approximately $10 million a year. At the beginning, it was critical that the foundation find a system that could help the small team maximize its efforts.
“That’s been the general rule all throughout our technology buying: How do you maximize the efficiencies of your foundation with the limited resources you have,” says Susan Rosenbloom the Director of Finance and Administration at Farash. “Making everything as streamlined as possible for us, our grantees, and our trustees was very important to us.”
Is your foundation making the most out of its technology buying?
Here are 3 reasons to take a second look at grants management software for your small foundation:
- 20/20 vision. One of the biggest benefits of grants management software is increased visibility, with information for each grant proposal linked together throughout the entire lifecycle. Having this information in one place, allows you to easily track the status of grants; search by organization’s name, EIN, and application ID; and track data across multiple records.
- Nurture grantee relationships. A grants management solution can help you track the many interactions grantees have with individuals at your organization. You can also associate multiple contacts with an organization and define their relationships to you and a particular grant and keep a log of outside communications, including calls and emails, as well as store all system-generated letters and emails for each grant.
- Improved online applications. A grants management solution can make online application processes much more robust and user-friendly both for your foundation and your applicants. Would you like to allow both individual applicants and organizations to apply for grants from the same program? Create different online forms to support different grant programs? Support multiple logins for grantees on a single application to allow? Grants management software should give you that ability.
These are just some examples of how grants management technology can create a more connected, transparent, and accessible grants management ecosystem – for foundations of all sizes. More grantmakers are using grants management software than ever before. In fact, the number of users has grown 66 percent since 2013, according to Idealware’s 2016 Consumer’s Guide to Grants Management Systems. Just because your foundation is small, doesn’t mean technology can’t help increase your impact too. For more information about grants management software and small foundations, download the e-Book, 7 Ways Grants Management Software Elevates Grantmaking for Small Foundations.