What is a Grant Acquittal?
Acquitting a grant means making sure that all funded activities are accurately reported. As a formal condition of funding, an unsatisfactory grant report can negatively affect your opportunity to avail of further payments that might be due, or make you ineligible for new grants. Special attention must be paid to the details of the acquittal application.
Your Grant Acquittals is very important to ensure that funding opportunities keep coming your way. An acquittal audit can be required by the governing body to ensure funds were spent appropriately.
A poorly executed acquittal could result in your funds being taken back, or further action being taken against you if there are any financial irregularities.
Grant reports are used to fulfil obligations of accountability to the Australian Government. They are also essential to further developmental work. Grant reports help evaluate the success of funded activities and qualitatively assess the effectiveness of grant categories.
In this case, an honest, impartial audit report of your business will go a long way to building your relationship funding bodies. Making the effort to be as transparent as possible will improve your chances of receiving funds for your next project.
Tips on Drafting a Successful Grant Acquittal
Consider building a relationship with a funding project officer before starting the acquittal. Maintaining regular contact with staff at the governing body before the application process means they are much more likely to assist you during the application process itself.
Begin the acquittal process as soon as you receive notification of a successful grant application.
Carefully read through the grant agreement documentation and the grant application.
Some grants will include special conditions for reporting so keep these in mind. Clarify the information with a funding officer to double check.
Funding bodies will most likely ask for specific materials such as photos, videos or other media. Make a list of these are ensure that the format required is clear.
Always remember, it is easier to plan for required reporting material beforehand than to try and fit them in after the report is done.
Grant acquittals are becoming increasingly stricter about word limits. Our suggestion is to keep the language simple and direct for better communication and formatting.
Grant acquittals may require you to be fairly descriptive of the purposes for which the grant was given. Consider keeping notes throughout so that things remain fresh in the mind.
While it is tempting to paint things exclusively in a positive light, funding bodies appreciate honesty and people who are candid. Honest about the challenges that were faced is also important and can pay dividends.
Grant Acquittal Audits That Build Confidence
Artists, businesses and charities are just some of the organisations that depend on grants from the government to function and grow. The key to a thriving government grant culture is to ensure that no stone is left unturned when handing in a grant report.
A well-audited grant acquittal can make the critical difference and lead to a long-lasting relationship with government funding programs. Call Brown Assurance Services for more information on how we can transform your grant report completely.