I totally agree with this. I think we need to look at these more like grants are handled in the real world. I can't think of a single grant I apply for in my job where I don't have to keep detailed records of how I spend the money that has been entrusted to me and the outcomes I create from it.
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Snap - and it's measured against the budget, forecasts and delivery plan in the original proposal.
I say:
take a number and stand in a line :)
We have all done it.