2.2: Submission Deadlines
Submitting your proposal before the deadline is critical. Many funding programs are awarded on the same date every year. Others rely on the political objectives of Congress or their respective state government. Some change their grant opportunities yearly depending on their organization's priorities and financial health.
Many of today's grant proposals are submitted electronically, but you should still determine whether the submission deadline indicates when the funding agency needs to have received your proposal or refers to a postmark date.
Read this article, which reinforces the importance of planning for deadlines.
Fiscal Year (FY)
The fiscal year in an RFP describes the 12-month period the funding agency follows for its financial reports and administrative operations. For example, some organizations follow the calendar year (Jan. 1 to Dec. 31), while the U.S. government operates from Oct. 1 to Sept. 30.
Most funding agencies offer grants according to the fiscal year they follow and require reports on the grant projects they administer according to that schedule. Some of the reporting requirements can be detailed and arduous to follow. Make sure you clarify these deadlines to plan your project workflow, budget, spending, and reporting accordingly.