Step 3: Responding To The Opportunity
Getting started you will submit a pre-proposal. The pre-proposal is an awesome feature of the platform because it allows you to get feedback before doing an exhaustive amount of work.
Submitted pre-proposal applications will go through an internal review process to ensure that the proposed project is relevant to the RFA and suitable to FFAR’s mission. Only the most innovative and cutting-edge projects with significant potential for advancing agricultural research will be invited to submit a full proposal application. Applicants should expect to be notified of whether they are invited or not invited to submit a full proposal no later than three weeks of the pre-proposal submission deadline. The pre-proposal is binding, therefore, only applicants who submitted a pre-proposal and were invited can submit a full proposal application.
FFAR typically evaluates and scores program proposals based on four categories of weighted review criteria:
- Novelty, Innovation and Originality (30%)
- Impact and Outcome (25%)
- Technical Merit and Feasibility (30%)
- Partnerships (15%)
Submitted full proposals will undergo further review using a two-stage peer review process: (1) External Peer Review, and (2) FFAR Advisory Council review. In the first stage, applications will be evaluated by an independent, external peer review panel of scientific experts. In the second stage, proposals judged to be most meritorious by external peer review panels will be evaluated and recommended for funding by the FFAR Advisory Council.
Step 4: Contracting & Accounting
Your grant will ultimately be a contractual relationship with you and the FFAR foundation. The only advice we will give here is: Have your attorney review your contract!
We are not attorneys, and this is not legal advice. Consult with your attorney about every aspect of contracting, accounting and audits.
In general, once a funder has informed you that you will receive a grant, the revenue is immediately recognized in the same fiscal year – whether or not you’ve actually received the money yet. This complies with an accounting principle referred to as the “matching principle.” This principle states that revenue is recognized in the period that reasonable assurance exists that it will be received. In other words, as soon as you’re sure that you will receive a grant, you should go ahead and recognize it.
For nonprofits, this means revenue may be recognized in a different period than when the check arrives. For example, you may be notified of an award in December, but the check doesn’t come until January. If the money does not change hands within the same fiscal year, to conform with GAAP you must book a receivable (meaning that you haven’t received the cash yet). That will ensure the funds are recognized in the proper fiscal year.
A caveat to this statement is the fact that the grant may be given with specific conditions attached. If these conditions create barriers or stipulations requiring action of the grantee, it can be considered a conditional grant. If this is the case, these donor-imposed conditions must be met before the organization recognizes the revenue.
Revenue recognition can be tricky, particularly for nonprofits. If your organization has additional questions relating to grant revenue recognition, refer to ASU 2018-08
A quick list of curated resources
OpenGrants is on a mission to deploy modern financial infrastructure to support efficient, equitable, and transparent grant funding processes. We believe this work is imperative to strengthen democracy, but we can’t achieve this mission alone.
We’ve always planned on including our community as financial partners in this venture. For that reason, contractors on our platform have access to earn $GRANT and can receive equity in the company. Accredited investors can purchase $GRANT as well.
We hope you consider joining our journey and invest in OpenGrants.