Often we hear that SBIR/STTR funding is “free” money. While the funds are not required to be paid back, SBIR/STTR awards are certainly not a “gift”. When a grant has been awarded the recipient company is making a promise to use the money as proposed, maintain eligibility, follow reporting guidelines and demonstrate progress.
Now your task is to manage the funds awarded, and one of your most “expensive’ costs will be the time and effort needed to do that. Management of an award requires developing and following policies and procedures, establishing an accounting system that adheres to federal requirements, and setting up procurement policies, payroll, employee standards and other internal controls that are necessary for success.