Reports for restricted grant usage are pre-formatted and easily provided to stakeholders

Description

A restricted grant is funding earmarked for specified purposes. Corporate Performance Management (CPM) software should be able to generate preformatted reports that make tracking and reporting on the use of these restricted grants straightforward and transparent, meeting the requirements of both internal and external stakeholders.

Example Use Case

Scenario: An educational institution receives restricted grants for different research programs. Each grant has specific goals, and fund allocation is strictly monitored by the donors. The financial department is faced with the challenging task of producing the detailed financial reports required by the stakeholders.

Solution: The CPM software has the capability to create preformatted reports clearly showing the fund allocation and usage for each restricted grant. It includes the details of each expense tied to the particular grant, ensuring transparency for stakeholders and simplifying the process for the staff in the financial department.

Considerations

Even if the reports aren't pre-formatted, they can be incredibly valuable if the structure and content are available to use out of the box. For example, what if a specific donor wanted to see the 12-month plan for their grant? Pre-built reporting would make this simple. Just select the grant and the timeframe and view the spend. This consistency amongst grants makes the process much more efficient for the finance team and more consistent for the donor.

Questions to Ask a Vendor

• Comprehensive Reporting: Does your system provide preformatted reports specifically designed for restricted grant management? What about unrestricted grants, can we view the same level of reporting?
• System Integration: How is the planning tool updated with Actuals? Do we need to do any special data tagging in our ledger or operational system?