WhitePaper

Overcoming Challenges in Developing Complex Cost Models for Pre-Award Grants

A Comprehensive Guide

Estimated Read Time: 7 Minutes

Unveiling Efficiency and Precision in Grant Costing Management

Managing grant funding in academic institutions involves a multifaceted process that demands accurate and intricate cost models during the pre-award stage. This white paper delves into the challenges universities face when constructing complex cost models, highlights the resultant impacts, suggests process improvements, and introduces advanced cost management solutions. By implementing these recommendations, institutions can enhance their grant acquisition strategies, leading to more efficient resource allocation and increased research productivity.

1. Introduction

Navigating the Complexities of Pre-Award Cost Models

Securing grant funding for research projects has become increasingly competitive, necessitating universities to streamline their pre-award cost estimation processes. This section introduces the challenges institutions encounter and how they can significantly impact academic initiatives.

2. Challenges

Challenges in Cost Model Construction: Implications for Universities 

Manual Data Aggregation and Calculation

Universities often struggle with assembling data from disparate sources and performing calculations manually, leading to errors, inconsistencies, and delays in grant proposals. 

Inadequate Cost Visibility

Limited visibility into various cost elements, including indirect costs, can result in inaccurate budgeting and grant underestimation, potentially compromising project execution. 

Version Control and Collaboration

Collaborative grant development requires efficient version control mechanisms to prevent conflicting cost models and ensure seamless teamwork. 

Adapting to Funding Agency Guidelines

Different funding agencies have specific cost guidelines, making it challenging for institutions to tailor their cost models accurately. 

Time Constraints

Tight proposal deadlines can force universities into rushed cost estimations, leading to potential errors and inadequately justified budgets.

3. Solution

Recommended Process Changes and Improvements

Integrated Data Management

Implementing centralized data repositories and automated data integration processes enable universities to collect, validate, and update cost-related information seamlessly. 

Cost Visibility Enhancement

Employing advanced software solutions that provide comprehensive insights into both direct and indirect costs empowers institutions to budget more accurately. 

Collaboration and Version Control Tools

Utilizing collaborative platforms ensures real-time collaboration, version tracking, and the elimination of conflicting cost models. 

Guideline Adherence Solutions

Developing adaptable templates that align with specific funding agency guidelines simplifies the cost estimation process. 

Strategic Time Management

Creating standardized workflows and utilizing automated tools can alleviate time constraints and improve cost model accuracy. 

4. Excelling in Cost Management

Spotlight on GrantsNow

GrantsNow, the innovative grant management solution, stands at the forefront of addressing the complex challenges universities face when constructing intricate cost models during the pre-award stage. By seamlessly integrating comprehensive features, GrantsNow empowers academic institutions to overcome these hurdles with unparalleled ease and precision.

Configuration and Institutional Need-Based Changes:

A Hassle-Free Process

GrantsNow offers an intuitive admin console that allows institutions to configure every facet of their cost estimation process. From defining rates used in cost calculations to setting up dropdown lists for proposal creation, institutions have full control over their cost modeling. Moreover, this console facilitates the configuration of costing-related dependencies, including institutional rates, staff and non-staff costs, funding categories, indirect costs, and FX conversions. 

The flexibility to configure TRAC-related changes with ease sets GrantsNow apart from other applications. This unique functionality enables institutions to manage full economic costings (fEC) effortlessly, aligning with TRAC guidelines. With the ability to forecast multiple options, including inflation and incremental costs, GrantsNow offers a holistic approach to cost management.

Innovative Costing Engine:

Simplifying Complex Calculations 

GrantsNow’s flexible costing engine redefines how universities calculate both staff and non-staff costs associated with proposals. It eliminates the need for double-keying information such as salary details by integrating with HR and Finance systems. This integration ensures accuracy and reduces the risk of errors.  

The platform’s adaptability is highlighted by its capability to incorporate future TRAC changes effortlessly. With the ability to provide multiple costing versions, institutions can explore diverse funding options with confidence. GrantsNow also introduces configurable costing, allowing institutions to align cost calculations with their institution-specific rates. 

Enhanced Cost-to-Funding Comparisons and Funding Rules 

GrantsNow’s advanced capabilities extend to providing comprehensive cost-to-funding comparisons, enabling institutions to make informed decisions regarding resource allocation. Its innovative funding rules feature allows for dynamic configuration tailored to specific institutional needs. By aligning with these configurable rules, institutions can ensure that their cost models remain in line with their unique requirements.

5. Conclusion:

Maximizing Grant Acquisition Efficiency and Transforming Grant Cost Management

By recognising the challenges surrounding pre-award cost models and implementing the recommended improvements, universities can elevate their grant acquisition strategies. Enhancing cost estimation accuracy leads to optimized resource allocation and improved research productivity. 

In conclusion, GrantsNow emerges as a trailblazing solution for the challenges faced in constructing complex cost models during the pre-award stage. With its user-friendly admin console, streamlined proposal configuration, and dynamic cost estimation engine, GrantsNow empowers institutions to navigate the intricacies of grant funding with precision and efficiency. By embracing GrantsNow, universities can enhance their grant acquisition strategies, ensuring accurate and optimized cost models that drive research productivity to new heights.

Learn More About GrantsNow

For a deeper understanding of how GrantsNow can revolutionize your grant cost management processes, we invite you to explore the platform’s features and capabilities. Visit GrantsNow | Fully configurable pre-award software to discover the future of grant management today.