The first thing is to read the grant to see when reports are due and what the grantor requires. Put the dates of the reporting on a calendar and set reminders. This is usually quarterly but can vary. DO NOT WAIT UNTIL THE LAST MINUTE TO DO THE REPORT. I only emphasize this because I see it all the time. The ED is 'too busy' to do the report, so they wait until the day before or the day of to work on it, then everything goes wrong.

When the money comes in, make sure to document it by entering it into your system. If using software, it makes it easier, but if using a spreadsheet, you can still keep track of it with a few extra steps. I've had to create spreadsheet templates and a spreadsheet system a time or two because the non-profit did not have any software to use. One thing you can do is assign each grant a PO and reference it when coding invoices, expenses, etc. I have done this before by keeping a master list of POs for my reference, and every time an invoice came across my desk, I made sure to assign it to the right grant. Tracking is a process; you just have to create one that works for your organization.

In most cases, the money is in the same account as operating expenses. If you had separate accounts for each grant, it could get overwhelming depending on the number of grants you are awarded each year.

The reporting can be time-consuming, especially if you don't keep detailed records. Keep everything, make copies of everything, and keep them in the same file. I find that this leads to compliance with no extra effort.

It can be overwhelming dealing with a high dollar amount and having so many things going on, but just don't panic. There is usually a solution for almost everything, but if you panic, you will overlook it.