Grant budgeting and management is inherently tough for academic institutions. For starters, there is not a lot of consistency. Grants and contracts come from a wide spectrum of public and private sources, including large corporations, nonprofit organizations, and the federal government. The amounts, durations, parameters, and guidelines of the projects also vary dramatically. To top it off, a project can begin any day of the year, making attempts to get a clear big-picture view of the year’s ever-moving grant activity extremely challenging.
The College of Engineering at the University of Arizona has found a fix to those challenges. Implementing cloud software for budgeting, forecasting, and reporting, the college developed a powerful system that improves productivity and delivers increased visibility for decision-making across its complex portfolio of grants, contracts, and project periods. The approach could serve as a best practice model for other academic institutions facing similar challenges.
- High degree of competition for winning grants
- Grant and contract budgeting and management is inherently difficult
- Time-consuming manual data entry and shadow bookkeeping
- 80% reduction in grant accountant workflow processes
- Increased capacity for more meaningful analysis and decision support for optimizing use of grant funding
- Productivity and insights applied more to competing for new grants and contracts