Every year, university hospitals lose millions of dollars because of grant expirations. Keeping track of grant schedules and grant allocations can be difficult with varying expiration dates, shifting agreements, and changing requirements.
A robust grant management and reporting system provides the insight needed to proactively manage grant spending allocations based on in-depth knowledge of current funding and spending projections.
Grant Expiration Reports
Higher grant renewal rates directly increase total institutional revenue. Through CAMPSITE's real-time reporting, UTMB was able to reduce grant expiration loss by $12M.
The CAMPSITE grant modulegenerates real-time grant expiration reports at the award and project level. It sends notifications at 120-, 90-, and 60-day points to give enough advanced notification for staff to fulfill the various grant renewal requirements.
Real-time insight gives organizations the agility to redirect resources based on current and projected grant expenditures. With a comprehensive and reliable data set, leaders can use projections and forecasting to ascertain burn down and perform mid-grant changes to account for the remainder of the grant period.
They can see how, where, and when grant funds are being used and make deliberate changes to prevent overages in spending and ensure that the grants are meeting the budgetary goals.
Historical grant information gives institutions the context they need for planning beyond the current grant period.