If you are awarded a Minnesota Promise Act grant, you are required to track how grant funds are spent and to keep documentation showing that funds were used for eligible purposes.
This is outlined in the grant agreement that applicants sign as part of the application process. If your application is approved, these tracking and record‑retention requirements apply throughout the grant period and beyond. This article is designed to help you set up an easy, manageable system for tracking your spending.
What You Need to Track For every purchase or payment made with Minnesota Promise Act grant funds, you should record the following information:
What you spent the funds on: A brief description of the item or service purchased
Where the money was spent or who received the payment: For example a vendor, organization, or individual
Date of the purchase or payment
Payment method used: For example credit card, check, electronic transfer, or cash
Expense category: Based on the eligible expense categories for the grant. According to the law, grant money may be used for working capital to support payroll expenses, rent or mortgage payments, utility bills, equipment, and other similar expenses that occur in the regular course of business.
Amount paid
Tracking this information as expenses occur will make reporting easier and help ensure that spending aligns with eligible uses of grant funds. You can review eligible and ineligible expenses here:
You are required to keep all receipts and proof of payment related to grant spending.
For easiest access and long‑term organization, we recommend storing receipts electronically whenever possible.
Documentation should clearly show:
The date of purchase
The vendor or payee
The amount paid
What was purchased
Tips for Easy and Effective Tracking
Keeping your records organized from the start can save time and reduce stress later. The tips below are optional but strongly recommended.
Use a Spending Tracker: We recommend using a spending tracker to log expenses in one place. A tracker typically includes columns for:
Date
Description
Vendor or payee
Category
Payment method
Amount
Receipt reference
Scan and Name Receipts Clearly When saving receipts electronically, use clear file names that make them easy to match to expenses. For example: 2026-03-15_Training_SupplierName_$250.pdf
Store Everything in One Place: Create a dedicated folder for your Minnesota Promise Act grant records. This might include:
A folder for receipts
Your spending tracker file
Any payment confirmations or invoices
Using a secure cloud‑based storage option can make records easier to access and back up. Some widely used ones include:
How Long to Keep Records Per the grant agreement, spending records and receipts must be retained for a minimum of six years after the end of the grant or final report approval, or longer if required by state or program retention requirements. You may be asked to provide documentation during reporting, monitoring, or audit activities, so keeping records organized and accessible is important.
