External Funding (Grants, Sponsorships, Donations & Exhibits)
Written by Michelle Henley
Updated at January 22nd, 2024
Table of Contents
Use Case
- External Funding request type is used to seek pre-approval to provide funding to an entity in the form of a corporate sponsorship, donation, grant or display fee.
- Used in scenarios where a funding request is initiated internally in the company.
Note: Currently, External Funding requests does not have an external facing module where organizations can submit requests to receive funding. We plan to offer an external portal in 2024.
Key Features
-
External Funding Requests are separated into two sections:
- Recipient Details section to capture the details of the recipient entity and type of support requested for them.
- Activity Details section to capture the details related to the event.
Things to Note
• Submitting
- The questionnaire is designed to capture relevant information on the activity to be provided and the entity who will be the beneficiary of this activity .
- The recipient of an External Funding request must always be an organization. An individual cannot be added as the main beneficiary of an External Funding request.
- The entity receiving funding is the focus of the request. The first step in creating an External Funding request uses the Recipient Search feature to select from an existing list of organizations to ensure duplicate organizations are not unnecessarily added.
- New entities can be added as part of request submission, if the Recipient Search yields no matching results.
- Different forms of external fundings can be specified in the request.
- Business Users submitting a request are asked to provide details related to the entity first, followed by the activity details under which the funding is being requested.
- Changes can be made after the request is approved. However, that will require the request to be re-approved by all approvers based on the workflow configuration.
- Initially selected approvers can not be changed at the time of re-submitting the activity or the consultants.
- Spend Amounts can be entered in any currency. However, the totals are calculated in the default currency set for the application.
• Approving
- Approvers take one action on the entire funding request (unlike an Engage a Consultant request, where the Approvers take action on the activity and each recipient in separate steps).
- Approvers can approve or reject a request. Once a request is rejected, it moves into rejected status and can not be re-submitted.
- Approvers have the ability to request for more information from the submitter of the request. In such instances, the request needs to be re-submitted by the submitter after the updates have been made. Depending on the approval workflow configuration, the request will go back to the same approver for review or the approval workflow can be initiated from the beginning.
• Spending
- Aggregate Spend and Count analysis at entity level.
• Oversight
- In-request screening using either Refintiv or RDC to compare individual and organization names against watchlist data.
• Request Features
Key Features
- Editor Collaboration allows different users to collaborate on filling details of the engagement.
- Approver Collaboration allows one of many approver collaborators to approve in any one approval step.
- Automated Approver Collaboration is used to automatically assign approver collaborators.
- Assign tasks to yourself, other users, or even third-parties.
- Easy-to-follow Request History tracks a complete audit trail of the changes and actions taken on the request throughout the approval process.
- Request Version Comparison allows for the ability to compare between different versions of the request if updates are made to the request before, during, and after the approval process.
- Business Owner configuration allows for requests to be submitted on behalf of someone else or to identify the actual business owner of the request.
Configurable Components
|
Request Configurations |