Grants Management

Interact HRMS Grants Management Module Overview

The Grants Management module in Interact HRMS is designed specifically for Research Organizations, Nonprofits, and other entities that manage Grant-Funded Projects and need to accurately track labor costs associated with these grants. This module enables organizations to define an Unlimited Number of Grants, Donors, and Grant Agreements, with extensive options to set up Grant Budget Categories and Budget Items that link directly to payroll. By allowing employees to allocate their working hours to specific grants or projects, the module provides a seamless way to track salary expenditures, automatically adjusting the budget as payroll processes are completed.

Ideal for organizations that rely on external funding, the Grants Management module promotes accountability, accurate fund allocation, and compliance with grant requirements. With built-in alerts to notify users of budget constraints, this module helps manage spending within available funds, ensuring that each grant-funded project operates within its budget parameters and that labor costs are accurately reported.

Unlimited Grant and Donor Definition for Comprehensive Tracking

The module allows organizations to define an Unlimited Number of Grants and Donors, providing flexibility to manage multiple funding sources across various projects. Each grant can be linked to specific Donor Agreements that outline the terms, budgets, and allowable expenses for the funded project.

For example, a research institution receiving multiple grants for different scientific projects can set up each grant with its respective donor, creating a clear distinction between funding sources. This structure enables the organization to track each project’s funding, ensuring transparency and accountability.

Detailed Grant Budget Categories and Budget Item Configuration

Grants Management supports Custom Budget Categories and Budget Items, allowing organizations to allocate funds to specific project needs such as Salaries, Equipment, Materials, and Travel Expenses. Each category can be configured according to the grant’s terms, providing a structured way to manage and report spending.

For instance, a nonprofit receiving a grant for community health projects can define budget items such as Staff Salaries, Supplies, and Outreach Activities, ensuring that funds are distributed according to donor guidelines. This detailed categorization supports precise tracking, enabling accurate and compliant grant reporting.

Direct Integration with Payroll for Real-Time Budget Adjustments

The module integrates directly with Payroll, allowing salary and labor costs to be allocated to grant budgets automatically. As employees allocate their time to specific projects, the associated costs are deducted from the grant budget in real-time, ensuring up-to-date budget tracking.

For example, when an employee logs hours for a grant-funded environmental project, the payroll system deducts the labor costs from the project’s budget, giving the finance team an accurate view of available funds. This integration eliminates manual budget adjustments, improving efficiency and reducing the risk of error.

Employee Time Allocation to Specific Grants and Projects

Employees can Allocate Working Hours to specific grants or projects directly through the module, ensuring that labor costs align with actual project involvement. This feature is particularly useful for organizations with employees working on multiple grants, as it provides a clear breakdown of time spent per project.

For example, a research scientist working on two grants can log hours separately for each project, allowing their salary to be distributed proportionately between the grants. This time allocation capability ensures that funding is spent accurately and in accordance with grant terms.

Automated Budget Alerts for Proactive Fund Management

To prevent overspending, the module includes Automated Alerts that notify users when a project’s funds are close to being exhausted. If an employee attempts to allocate time to a grant with insufficient funds, the system will issue an alert, enabling the organization to manage resources proactively and avoid exceeding the budget.

For instance, if a project is nearing its budget limit, the system will notify both the project manager and the finance team, allowing them to reallocate resources or adjust the budget as needed. These alerts help organizations stay within funding limits, reducing the risk of financial non-compliance.

Grant Agreement Management for Compliance and Reporting

The module includes tools to manage Grant Agreements, ensuring that each project operates within the terms set by the donor. Agreements can outline specific budget categories, spending limits, and reporting requirements, which the system tracks throughout the project’s duration.

For example, if a grant agreement specifies a maximum allowable spending on travel, the organization can configure this within the module, ensuring compliance with donor expectations. This agreement tracking supports accountability and helps organizations meet reporting obligations accurately.

Accurate Reporting and Compliance with Grant Requirements

With built-in reporting tools, the Grants Management module provides detailed insights into Budget Usage, Remaining Funds, and Labor Costs per grant. These reports can be customized to align with donor requirements, ensuring that each funder receives the information they need for compliance.

For instance, a nonprofit preparing a quarterly report for a donor can generate a detailed expenditure report, showing labor costs allocated to the project, remaining funds, and any pending allocations. This reporting capability enhances transparency and keeps donors informed of project progress and financial status.

Centralized Dashboard for Grant and Budget Tracking

The module offers a Centralized Dashboard where users can view all active grants, their budgets, and spending statuses. This dashboard provides a real-time snapshot of grant-funded projects, helping administrators track expenses and budget balances across all active grants.

For example, a project manager overseeing several initiatives can view each grant’s budget status, checking which projects are on track and which are nearing their limits. This centralized view supports strategic decision-making, allowing organizations to prioritize resources and manage funds effectively.

General Features of the Grants Management Module

• Unlimited Grant and Donor Setup: Define multiple grants and donors with individual agreements.
• Detailed Budget Category and Item Configuration: Create specific budget items per project for accurate expense allocation.
• Payroll Integration for Real-Time Adjustments: Automatically deduct labor costs from budgets as payroll is processed.
• Employee Time Allocation to Grants: Allow employees to allocate hours to specific grants for precise tracking.
• Automated Budget Alerts: Receive alerts when funds are low or projects reach budget limits.
• Grant Agreement Management: Track agreement terms to ensure compliance with donor expectations.
• Customizable Reporting for Compliance: Generate detailed reports to meet donor reporting requirements.
• Centralized Grant Tracking Dashboard: View budget statuses and remaining funds in one centralized location.

Summary: Interact HRMS Grants Management Module

The Interact HRMS Grants Management module offers a comprehensive solution for organizations that rely on grant funding to manage project budgets and track labor costs accurately. Key benefits include:

1. Flexible Grant and Donor Definition: Set up multiple grants and donors, each with unique terms and agreements.
2. Detailed Budget Categories for Accurate Tracking: Allocate expenses across defined categories, ensuring alignment with donor terms.
3. Real-Time Payroll Integration for Efficiency: Automatically adjust grant budgets as payroll is processed.
4. Accurate Time Allocation to Grants: Track employee hours per grant, enabling precise cost distribution.
5. Proactive Budget Alerts: Manage funds efficiently with alerts for low-budget warnings.
6. Grant Agreement Compliance Management: Ensure project spending aligns with donor agreements.
7. Customizable Reporting: Provide detailed grant reports that meet donor compliance needs.
8. Centralized Tracking Dashboard: Monitor all grants in one location, supporting strategic fund management.

By combining these features, the Grants Management module enables research organizations, nonprofits, and grant-funded entities to efficiently allocate funds, track labor costs, and report accurately to donors. This module supports compliance with grant terms, enhances accountability, and provides the transparency needed for successful grant administration. With seamless payroll integration, budget alerts, and detailed reporting capabilities, Grants Management ensures that each grant-funded project operates within its financial limits, allowing organizations to focus on achieving their project goals.