Electronic Grant Payments Transition

We are considering transitioning at least a portion of our grant payments from checks to EFT's.

For those who have converted, please share any tips/lessons learned.

What is your process for collecting bank account information from grantees?

Thanks in advance!

Comments

  • ChaneyComanChaneyComan Posts: 10 ✭✭
    First Compass Anniversary First Answer First Comment Name Dropper

    Thanks for asking this question. We are trying to figure this out, too. Would be very grateful for any advice from the community! 😀

    KaraAdams (Former Community Manager)
  • ChaneyComanChaneyComan Posts: 10 ✭✭
    First Compass Anniversary First Answer First Comment Name Dropper
    edited February 2021

    Thank you, @KristinBurgoyne! This is very helpful. I appreciate that you were willing to share all of the forms you use. I hadn't thought about adding attachments to the Foundant system notification, but that is a great idea.


    Thank you!

  • KristinBurgoyneKristinBurgoyne Posts: 13 ✭✭✭
    First Comment First Compass Anniversary Regional Training Photogenic

    We also tried doing it as a link in the email to a form online.... it wasn't as successful... people couldn't access the link correctly and we ended up emailing it out anyway.... The advantage to using an existing link is if "they" update the document you don't have to update your document.

    ·        State of Montana Substitute W-9 form in PDF format at https://www.irs.gov/pub/irs-pdf/fw9.pdf

    ·        Electronic funds transfer form 204-EFT in PDF format at https://mine.mt.gov/Portals/33/documentation/sabhrs/accounting/Daily_Operations/204%20-%20Electronic%20Funds%20Transfer%20Sign%20Up%202019.pdf?ver=2019-12-20-172352-353

    Our next step is to create an annotated "sample" form for reference when filling out the document.

    [Deleted User]
  • MarieFelverMarieFelver Posts: 16 ✭✭✭
    Regional Training 5 Likes First Compass Anniversary First Comment

    I'm also curious how bank account information is collected. Our state does not require a special form to be filled out like @KristinBurgoyne has to collect. Does anyone have the grantee submit their bank and routing number on a GLM follow-up form? Do you also have them attach a copy of a canceled check?

    Do you collect this information from a grantee every time you cut them a check? Or just ask them to submit if their bank account information has changed? It seems that asking for it every time could be a pain on the grantee, but somehow you need to make sure you still have accurate information.

    JoyceBrasher
  • WendyVendelWendyVendel Posts: 12 ✭✭✭
    First Comment First Compass Anniversary Photogenic 5 Likes

    Hello all!

    We switched to ACH payments last June. We utilize DocuSign to receive banking information electroinically. We do not store any banking information within GLM. On our GLM grant agreement form, we ask for the name and email of the person responsible for providing banking information. Once we receive all the grant agreements, I export an Excel document from GLM into DocuSign which then sends out individual envelopes (banking template) to those banking contacts who complete and submit. *Important to click off "attach documents to completion email" as this would send their complete banking template as PDF back to their email defeating the purpose of encryption. I then export/import their banking details into our banking ACH portal. No information is stored anywhere except DocuSign (which is purged after 15 days) and our banking account. Happy to discuss more details if needed.

    ChaneyComanBeckySchroederKelseyRamsey
  • MissyBellesMissyBelles Posts: 41 ✭✭✭
    5 Up Votes First Compass Anniversary First Comment Name Dropper

    Hi! we email our grant notices and attach an ACH form if they have not already filled one out. The form indicates that it will be used for future grants unless the grantee notifies us of any changes. I've attached a CS template sample grant notice and our pdf fill-in ACH form. So far we are only collecting ACH forms for local grantees and sending checks to less frequent grantees out of our county.

    I hope this is helpful.

    Missy Belles

    Gifts & Grants Administrator

    Whatcom Community Foundation

    [email protected]

    ChaneyComan
  • BethNuttallBethNuttall Posts: 49 ✭✭✭
    First Compass Anniversary First Comment Photogenic First Answer

    After we have the signed grant agreement, I email the grantee to let them know we prefer processing awards via ACH payments when possible (though they can certainly get a check if they prefer that). I then attach our Direct Deposit Agreement form which they can send back to me with a password (though not everyone does add a password). I may try using Adobe Sign instead for some added protection as that is what we use for the grant agreements. We then just keep the banking info on file within our ACH processing system.


    MissyBelles
  • AmyOwenAmyOwen Posts: 5
    First Compass Anniversary 5 Likes Conversation Starter

    Thanks all. Are any of you using Foundant's new NATCHA file upload for ACH grants or payments? How's that going? Any tips or suggestions?

  • Hi @AmyOwen - There is also a discussion about NACHA here if you’d also like to ask your question or exchange suggestions in that thread!

    Kara

    Community Manager

    Kara Adams, M.Ed., CAE (she/her/hers)|Community Manager|[email protected]

    Headquartered: Bozeman, MT| Remote Location: Chicago, IL | Direct: 312-802-1374 |www.foundant.com|

    AmyOwen
  • CherylLindstromCherylLindstrom Posts: 8 ✭✭✭
    First Compass Anniversary 5-Year Anniversary 5 Likes Summit 2022

    We are transitioning to electronic signatures and ACH. We have created a follow up which is assigned as grant applications are approved. The Grant Agreement and ACH Authorization form is the included in the follow up. A copy of the follow up is attached here.


    AmyOwenKaraAdams (Former Community Manager)loritrenholm
Sign In or Register to comment.