Reimbursable Grant Management with Contract Tracker

When your nonprofit is awarded new grant funding, it’s a big win. But not all awards are created equally. Some awards may be reimbursable or structured like contracts. Other awards may have complex restrictions for how and when you can spend the money. It can become a full-time job just managing the spending and reporting for these types of awards. 

But not to worry! MonkeyPod is here to help with our newest app, the Contract Tracker. With the Contract Tracker, you can manage all your contracts and reimbursable grants in a single dashboard, track invoices, payments, expenses, and more.

Creating a Contract

When you receive a contract or reimbursable grant, you can enter it into your MonkeyPod in just a few clicks. 

You’ll need to enter in a few required details for each contract such as the title, the award date, and the contract amount. Then you can add additional information for even more detailed tracking and insights. If your contract is a subcontract, has a specific period of performance, or an overhead rate, you can track all that and more right from your MonkeyPod. 

Managing Contracts

MonkeyPod makes it easy to keep track of all the critical details of your contracts and reimbursable grants. The Contract Tracker gives you a dashboard view of all of your contracts in a single location. 

You can easily view the source of the contract, the award date, and total award from the main dashboard. You can also edit the contract details or create a budget for it.

Tracking Expenses and Invoices

When it’s time to get paid as part of your contract, whether that’s a reimbursement or a payment, you want the experience to be as quick and simple as possible. But it’s also critical that you have good records of the transactions. The Contract Tracker makes it easy to track all your contract-related expenses and invoices. 

Recording an expense for a contract is just as simple as recording any other expense in MonkeyPod. Then, you can tag the transaction with the name of your contract, and it will automatically appear in the Reimbursable Expenses tab of your contract. 

When it’s time to send out an invoice for your contract, you can do so right from the Contract Tracker. Just select Add an invoice and start filling in the dates, reference number, and class as needed. You’ll specify an amount and a due date, and can add line items for each item associated with the contract, whether that’s staff time, program fees, or other items. 

Any reimbursable expenses you record and tag for a particular contract will automatically appear on the invoice creation page and can be added to the invoice in just a click. Getting reimbursed for your organization’s hard work has never been easier. 

Contract Budgets

Contracts and reimbursable grants are challenging to manage because funds typically come after services are delivered. You need to make sure you don’t spend more than the funder will reimburse you for later. MonkeyPod helps you avoid those costly mistakes by allowing you to create and track budgets for each contract. And those budgets will automatically update whenever expenses and payments are recorded.

Any transaction that is tagged for a specific contract will be included in the budget actuals, and you can always readjust the budgeted amounts for specific categories. 

If your nonprofit has received contracts or reimbursable grants, tracking and managing those awards is critical to your success. MonkeyPod’s Contract Tracker makes that work easier than ever before. Replace the complicated spreadsheets and hours of manual data entry with a tool that is designed specifically for your needs. 

The Contract Tracker is available today for MonkeyPod subscribers. It’s free for all Enterprise subscribers, and can be purchased separately by Pro subscribers. Learn more about installing Contract Tracker by visiting our Knowledgebase. 

Not yet a MonkeyPod subscriber? You can start a free trial today by visiting our pricing page or request a demo with our team at the link below.