What is 'lump sum funding' in SAP PSM-GM - Grants Management?

lump sum funding - Overview

• Component: PSM-GM

• Component Name: Grants Management

• Description: Funding setup where eligible expenditures are deducted from a specific, discrete amount of money, previously given in one payment by the sponsor. Compare: periodic payment and reimbursement funding

lump sum funding - Details

• 
  Key Concepts: 
  Lump sum funding is a type of grant funding that is provided in a single payment, rather than in installments. It is typically used for short-term projects or activities that require immediate funding. The SAP PSM-GM Grants Management component allows organizations to manage the entire lifecycle of lump sum funding, from application to payment. 
  
  How to use it: 
  The SAP PSM-GM Grants Management component provides a comprehensive set of tools for managing lump sum funding. It allows organizations to track applications, manage payments, and monitor the progress of projects. It also provides reporting and analytics capabilities to help organizations make informed decisions about their grant funding. 
  
  Tips & Tricks: 
  When using the SAP PSM-GM Grants Management component, it is important to ensure that all applications are properly tracked and monitored. This will help ensure that payments are made on time and that projects are completed according to the terms of the grant agreement. Additionally, it is important to use the reporting and analytics capabilities of the component to gain insights into the performance of grant funded projects. 
  
  Related Information: 
  For more information about the SAP PSM-GM Grants Management component, please visit the SAP website at https://www.sap.com/products/grants-management.html. Additionally, there are a number of resources available online that provide detailed information about managing lump sum funding, such as this guide from GrantSpace: https://grantspace.org/tools/knowledge-base/Funding-Types/Lump-Sum-Grants/.