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If your application is sucessful, you will need to follow funding requirements for the allocation, reporting, and use of the funds.

Why is it important manage your grant funds

Proper financial management is critical to maintaining funder trust and ensuring that the awarded grant is used effectively and for the purposes it was intended. Mismanagement or failure to follow guidelines could result in:

  • Audits: Funders may request audits to ensure funds are being used appropriately. An audit can be time-consuming and may uncover discrepancies, leading to penalties or withdrawal of funding.
  • Funding Withdrawal: If funds are misused or if financial reports are consistently late or incomplete, funders may revoke financial support.
  • Ineligibility for Future Grants: If financial reporting is poor or fails to meet requirements, future applications for funding may be rejected or scrutinised more heavily.

How to maintain financial responsibility

  • Use a detailed budget breakdown (e.g., salaries, equipment, travel, materials) to manage funds effectively.
  • Regularly compare actual expenses with the budget to ensure the project is staying within the financial parameters.
  • Adjustments should be requested in writing to the funding body if unexpected costs arise.
  • Keep detailed receipts, invoices, and records for all expenditures. 
  • Regularly update and reconcile accounts, keeping an eye on all categories (e.g., salaries, equipment, travel).
  • Carefully review the funder’s guidelines for financial reporting timelines. Most funders require an interim report (e.g., annually) and a final financial report.
  • Set internal reminders well in advance of submission dates and make sure all financial data is collected and reconciled before submission.
  • Ensure that all required documentation (e.g., receipts, expenditure justification, institutional sign-offs) is included with the report.
Example
Dr. Johnson, managing an NHMRC grant, adheres to the budget by tracking expenditures and working with their organisation's research office. They submit timely financial reports, justifying costs and making adjustments when necessary. When facing potential overspending on travel, they reallocates funds with prior approval. Their proactive financial management ensures compliance and smooth project execution.

Recommended resources:

Monash Health Research Support Services

The Bonadio Group. (2023). Financial Grant Management: Challenges & Best Practices.

Progress reports are a key requirement from funders, enabling them to track the success of the project, ensure that funds are being used as intended, and assess whether the project is progressing according to plan. 

Why is it important

Timely, transparent reports demonstrate responsible project management, boosting the likelihood of receiving further funding or future grant opportunities.

Progress reports also help funders:

  • To ensure the project stays on track with its objectives.
  • Know how the project contributes to its stated goals and whether it’s having the intended outcomes.
  • Uncover challenges or delays, allowing for early intervention to keep the project on track.

How to report on progress

  • Use the funder's template, if applicable.
  • Highlight major project achievements (e.g. data collection, publishing initial findings, or reaching an important stage.)
  • Summarise any findings or insights from the research to date.
  • Describe any obstacles that have impacted the research (e.g. recruitment issues, delays, or data collection challenge)
  • Outline how these problems have been overcome or mitigated.
  • Provide a breakdown of how funds have been spent so far.
  • If there have been changes to the original budget, explain why these adjustments were necessary and how they’ve been managed
  • Identify the next steps in the project, including upcoming tasks, experiments, or analyses.
  • Outline the outcomes anticipated for the next phase of the project and any major milestones still to be achieved.
Example
NIH. (2024). Sample project outcomes report.

Recommended resources:

Monash Health Research Support Services

SuRE Resource Center. (2024). How to Prepare Your NIH Progress Report.

It may be a requirement of your funding that you publish an article about it, however, funders increasingly expect that research outcomes are disseminated beyond the academic community and translated into real-world impact. 

Why is it important

Publishing findings and engaging with relevant stakeholders helps ensure that the research:

  • Can have direct implications for improving healthcare, education, or policy.
  • Shows funders that their investment is being used to its full potential and helps build the case for future funding.
  • Has a broader influence beyond the immediate academic community.

How to disseminate your research

  • Publish in a peer-reviewed journal
    • It may even be a requirement of your funding that you publish in an Open Access journal.
  • Present at conferences
  • Write policy briefs that summarise key findings and their implications for government, industry, or community stakeholders.
  • Engage in media outreach by writing articles for newspapers, magazines, or online platforms, or by speaking with journalists.
  • Build partnerships with stakeholders early on to ensure your research is relevant to their needs.
  • Work with other healthcare professionals to apply findings and influence practice.

Recommended resources:

Writing, Referencing & Publishing Guide

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