What are the latest trends and innovations in grant budgeting and administration?

1 Cloud-based software

One of the most significant trends in grant budgeting and administration is the adoption of cloud-based software that allows you to access, update, and share your grant data from anywhere, anytime. Cloud-based software can help you automate your workflows, track your expenses, generate reports, and collaborate with your team and stakeholders. Some examples of cloud-based software for grant management are Fluxx, Workday, and GrantHub.

2 Data-driven decision making

Another trend in grant budgeting and administration is the use of data to inform your decisions and measure your outcomes. Data-driven decision making can help you align your budget with your goals, optimize your resources, identify gaps and opportunities, and demonstrate your impact to your funders and beneficiaries. Some tools and techniques for data-driven decision making are logic models, dashboards, surveys, and analytics.

3 Adaptive budgeting

A third trend in grant budgeting and administration is the adoption of adaptive budgeting, which is a flexible and responsive approach to planning and allocating your funds. Adaptive budgeting allows you to adjust your budget according to the changing needs and contexts of your grant project, rather than sticking to a rigid and predetermined plan. Adaptive budgeting can help you cope with uncertainty, complexity, and risk, and respond to emerging opportunities and challenges.

4 Participatory budgeting

A fourth trend in grant budgeting and administration is the involvement of your stakeholders in the design and implementation of your budget. Participatory budgeting is a democratic and inclusive process that empowers your beneficiaries, partners, and staff to have a say in how your grant funds are spent. Participatory budgeting can help you increase your transparency, accountability, and legitimacy, as well as foster trust, engagement, and ownership among your stakeholders.

5 Social value accounting

A fifth trend in grant budgeting and administration is the recognition and measurement of the social value of your grant project, beyond the financial and quantitative aspects. Social value accounting is a method that captures and communicates the social, environmental, and economic impacts of your grant project, using indicators such as well-being, satisfaction, and empowerment. Social value accounting can help you demonstrate your contribution to social change, justify your funding requests, and improve your learning and improvement.

6 Innovation funding

A sixth trend in grant budgeting and administration is the emergence of innovation funding, which is a type of funding that supports new and creative solutions to social problems. Innovation funding can come from various sources, such as foundations, governments, corporations, or crowdsourcing platforms, and can have different formats, such as prizes, challenges, or accelerators. Innovation funding can help you test and scale your ideas, access new networks and resources, and increase your visibility and influence.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?