BID AND GRANT ADVICE
What is value for money?
Value for money to a grant awarding organisation
is when an organisation is able to clearly display
in its aims that
- It will not use awarded money to
execute an objective already attained or attempted
by another organisation .
Rather, they would expect
a strategic partnership to have been forged
to share scare resources!
- It will be able to give account for what
allocated money has been used for. Use a professional
Accountant and Electronic software for your
accounts e.g. QuickBooks or Sage.
How else can I show value for money!
A very clever way to show value for money(revenue
based grants) is to always show or indicate
that a portion of money will go towards training
your management and staff in all aspects needed
to ensure quality of organisation e.g.
1st Aid
Health and safety.
Accounts and
Basic IT
Just to mention a few.
Value for money can also be displayed by showing that your organisation has studied good practices by other successful organisations and you have taken steps to include their practice in yours and or include them on your Steering committee.
What is a steering committee?
Apart from having your trustees and management, it is a good practice to have a steering committee that is made up of a mixture of trustees/management and external consultants who have much more exposure or different quality views on issues facing your organization.
A steering committee is set up to lay down rules to guide you while you execute a project, it has fixed policies and procedures designed to keep you within legal limitations of your contract and also to protect you are errors or mishaps.
Bids and Grants - first page
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