Grant Question

[CountryRoads]

I applied for a grant and got approved. Is there a certain way I should keep track of how I use it?

I was planning on keeping it in my business account and then transferring the money when needed. I was going to keep a spreadsheet or some type of letter keeping track of the transfers and what it was for.

Any input would be great

[Snowmom]

You should have gotten direction on what's needed, if anything. Most grants either expect you to submit receipts OR simply just agree to use the funds for your business.

If there was no outlined procedure requested form the granting organization, then I would just keep logs like I normally do for taxes.

[Cat Herder]

I just recorded mine as "other income" and logged my receipts per usual.

I received no other instruction.

[CountryRoads]

Great, thanks!

I'll just keep the receipts 😊

[CountryRoads]

Also just curious, do you mention to your families that received a grant?

I was thinking if they learned I got a grant, they would think of me more like a business then, ya know, a baby sitter ::

But, if they didn't see any new improvements or new items to the daycare, then they would probably question what I spent it on, right?

[Cat Herder]

Generally, If I make a large/expensive purchase I do tell them if I got it through a grant. Otherwise I keep it to myself. I will not be micro-managed or listen to the "it must be nice" comments.

Parents don't really like to know that tax money is given away to private businesses in red states. It is like salt in the wound right now. They don't understand how much BS work we have to do to qualify. They think it should only be used to make their tuition lower. One way.

[CountryRoads]

Generally, If I make a large/expensive purchase I do tell them if I got it through a grant. Otherwise I keep it to myself. I will not be micro-managed or listen to the "it must be nice" comments.

Parents don't really like to know that tax money is given away to private businesses in red states. It is like salt in the wound right now. They don't understand how much BS work we have to do to qualify. They think it should only be used to make their tuition lower. One way.

You're right! I definitely think I'll keep it to myself!

Thanks

[AmyKidsCo]

We replaced our AC with grant money so I mentioned to parents that I received some money and used it for the AC, which we wouldn't have been able to afford otherwise, but that's all I told them.

[Alwaysgreener]

Generally, If I make a large/expensive purchase I do tell them if I got it through a grant. Otherwise I keep it to myself. I will not be micro-managed or listen to the "it must be nice" comments.

Parents don't really like to know that tax money is given away to private businesses in red states. It is like salt in the wound right now. They don't understand how much BS work we have to do to qualify. They think it should only be used to make their tuition lower. One way.

Yes, when I got large items I told them it was from a grant. Partly because unboxing/delivery happened during pick up out in the yard. Plus it was a grant that required purchase from Kaplan.
I also explained that I had to pay taxes on the grant so it wasn't free.

[Unregistered]

Where yo apply for the grant?

Thank you

[Unregistered]

Where to apply for grant?

We replaced our AC with grant money so I mentioned to parents that I received some money and used it for the AC, which we wouldn't have been able to afford otherwise, but that's all I told them.

Where and how yo apply for grant?
Thank you

[Alwaysgreener]

Where and how yo apply for grant?
Thank you

My first two grants were through the QRIS program.
The one I just got was through the state due to the pandemic.
I find out about them through my QRIS or licensing consultants or through state newsletter emails. Then I click a link and apply online.

[Cat Herder]

Thank you

Sorry I saw this so late.

Here is a great resource for grants: https://www.nav.com/resource/small-business-grants/

[Cat Herder]

I have a grant question. I saw no need to start yet another grant thread.

I received a grant for the purchase of COVID supplies from licensing.

I have received conflicting information from them about how to record them for taxes. Two different people at the state.

1. "These emergency financial aid grants qualify for tax-free treatment."

2. "This grant will probably need to be included in taxable income."

Thoughts?

[Alwaysgreener]

I have a grant question. I saw no need to start yet another grant thread.

I received a grant for the purchase of COVID supplies from licensing.

I have received conflicting information from them about how to record them for taxes. Two different people at the state.

1. "These emergency financial aid grants qualify for tax-free treatment."

2. "This grant will probably need to be included in taxable income."

Thoughts?

I think Tom would agree with me, you have to claim the grant on your taxes. However, they may have made away to make it a tax-exempt rule for all the grants but we are going to have to report that we got them. Don't forget anything you bought with the grant is tax deductible.