By Todd Cohen
A web-based tool launched in 2002 to help funders measure the impact of their grants has been revised to link impact measurements to the workflow of funders and grantees.
ImpactManager 3.0, released by Chicago-based B2P Commerce, is designed to help nonprofits create a strategic plan; find opportunities to secure funding; keep track of their grants and program results; and report to multiple funders.
The software, which replaces a product launched in 2002, also is designed to help funders develop strategic plans and goals; create online grant applications; designate grants to nonprofits; monitor grantees’ results; analyze their own impact; and conduct research on grant programs.
Jason Saul, the firm’s CEO and founder, says the new product aims to streamline both grantmaking and fundraising.
Funders are overloaded with paper grant applications and lack tools to connect grants to their strategic plans, monitor the actual results of grants or analyze their effectiveness, he says.
And nonprofits typically spend 30 hours dealing with grants, including the preparation of applications and reports, with final reports typically consuming seven hours per grant, he says.
The initial ImpactManager product, which has aggregated data from roughly 2,000 organizations, including 25 major funders and national nonprofits, and their grantees and affililates, lets an organization set outcomes and measures, and generate reports.
The tool lets a literacy group, for example, set a goal of increasing test scores by a particular percentage for clients participating in its program, and then track actual results and generate a report for funders.
The new tool will let the literacy group spell out its strategy, tactics and programs for improving literacy, identify its target clients, set goals and measure results.
The software also would let the literacy group search for funding opportunities from funders supporting similar programs; keep track of all its grants and projects, alerting it to funders’ deadlines and expectations; track outcomes and metrics for the funded project and for the literacy field; and generate reports for any funder or donor in the group’s funding network.
Saul says the cost of ImpactManager, which is priced according to the number of a client’s user licenses and ranges from $10,000 to $125,000, will not change.
B2P also has secured millions of dollars in a new round of financing from Ritchie Capital Management, a hedge fund in Geneva, Ill., that was an early investor the software firm, Saul says.
B2P, with 32 employees, plans this year to open client-relationship offices in San Francisco and New York City, Saul says.