Disbursement

Disbursement is the moment grant money actually arrives in your account — which
is rarely the moment the agreement is signed.

Funds are typically released in TRANCHES tied to progress: an initial advance to
start, followed by further payments once you have spent the previous tranche,
hit agreed milestones, and submitted financial and narrative reports that the
donor approves. Some donors use REIMBURSEMENT instead, paying you back only after
you have already spent your own money.

The practical lesson: plan your CASH FLOW around the disbursement schedule, not
the total grant. Weak reporting delays the next tranche and can stall a project
mid-delivery, so treat timely, accurate reporting as a financing tool, not just
a compliance chore.