Behind every grant is a good intention.
But those good intentions don’t always lead to good outcomes – and that’s largely because of the way grant funding has traditionally been allocated, applied for and administered.
Local governments, for instance, are often dependent on grant funding for their revenue. But according to a recent Australian Local Government Association survey, more than half of Australian ratepayers don’t trust their local government to be transparent about how they spend money, fuelling fears that funding opportunities aren’t benefiting their intended communities.
Those fears aren’t unfounded. The Australian National Audit Office has found local governments lose an estimated $1.5 billion each year on poorly managed projects, while a Grattan Institute study found that for every $100 million spent on a local government project, an additional $21 million is spent on unexpected costs.
Adjusting to a new era.
The private sector faces similar challenges, with the sheer volume of data and paperwork involved in allocating and managing business funding leading to inefficiencies and waste. The time-consuming process of manually producing reports on a project’s progress can cause operational bottlenecks and delays, and the data is out of date as soon as it’s presented, making it difficult to ensure benefits are being delivered in a tangible and measurable way.
The Higher Education sector is also under pressure to change. Uncertainty in the funding environment as a result of the pandemic has seen an estimated decrease of $6 billion of research funding from 2021-24 in Australia alone.
Both academic and professional staff are having to adjust to a new era of cost consciousness and restricted spending. Increasingly, organisations in this sector are focussing on maximising the value delivered for every dollar spent.
Similarly, over 70 per cent of Not-for-Profits (NFPs) are experiencing a material change to their funding models as a result of digitisation.
Navigating the maze.
Of course, no organisation wants to waste valuable funding opportunities. But grant and funding management is a maze, with multiple processes spread across countless platforms, leading to confusion, complications, and a lack of clarity about how funds are allocated and outcomes are delivered.
And every time a staff member leaves, critical knowledge about these complex and manual processes leaves with them.
It’s never been clearer that grantmakers and grant recipients alike are in need of a more transparent and efficient system.
That's where SurePact comes in.
SurePact is a single, streamlined platform where grants can be applied for, allocated and administered, with full auditability and accountability.
It’s an end-to-end solution for grantmakers and recipients, with clear and consistent project timelines and processes for all stakeholders, real-time reporting that aligns with government frameworks, and a comprehensive risk management framework – all in one accessible, user-friendly platform with dedicated ongoing support.
With SurePact, grantmakers and recipients alike can make better use of their limited resources by taking advantage of productivity gains and freeing their people to focus on higher value tasks.
They can make their funding go further, building trust and ultimately delivering greater benefits to their communities.
See what SurePact can do for you
Are you ready to make your funding go further?
Book your demo now to see how SurePact makes grant management simple.
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