Obtaining grant money from the European Union and implementation of grant funded projects is a long and difficult process due to complex rules for applying and reporting. The core reasons for such state are lack of systematic and comprehensive approach to programming rules on EU level, lack of knowledge management system and an inefficient reporting system based on periodic reports. The problems related with grant funded projects are well researched and documented, as is shown in literature review. Many solutions exist but none of them tackle the core problems and thus remain partial, either in methodology or geo-political sense. We propose a solution comprising three components – developed methodology and procedures, continuous support and knowledge management and IT component of the solution. The IT solution has been tested and test results are presented.