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GREENSBORO — If nonprofit leaders want a share of the federal stimulus money, they better do their homework, experts said Monday .

Non-profit leaders, business owners and local elected officials gathered at GTCC to talk about the economic crisis and opportunities for organizations to get a piece of the $787 billion American Recovery and Reinvestment Act.

Speakers at the session — hosted by state Sen. Katie Dorsett and Rep. Alma Adams — gave pointers for non-profits and other leaders who hope to cash in on the stimulus.

“There are a lot of expectations around this program,” said North Carolina Commerce Secretary Keith Crisco, one of the speakers. “The money is not infinite. There will be some disappointments.”

The recovery act, signed by President Obama in February , provides money for a variety of economic programs, from job training for the unemployed to building bridges.

Speakers said nonprofit leaders need to stay abreast of the most current rules regarding potential grant money and have a handle on which state or federal agency might distribute the funds for a particular program.

Some agencies will have tight deadlines for groups that would like to apply for funds.

Organizations might miss out if they aren’t carefully following instructions, speakers said.

“Being prepared is going to be a our No. 1 tool we can pull out of your bag of tricks right now,” said Paul Russ , director of resource development of Hospice and Palliative Care.

The speakers warned nonprofits leaders not change their mission to suit a pot of money. Leaders should stick to what they know.

“One of the worst things you can do is spend a lot of time applying for a grant that isn’t the right fit for you,” said David Heinen, director of public policy and advocacy for the N.C .Center for Nonprofits.

Heinen said organizations that don’t have a history of receiving federal grants, which can be complex to apply for and manage, might have a hard time getting approved this time.

State leaders — like Governor Purdue-appointed stimulus czar Dempsey Benton and Crisco — said there will be tremendous scrutiny over how the stimulus funds are spent.

Not-for-profit organizations will also need to make sure they can quickly and effectively meet those accountability standards if they want to get the stimulus money.

“Efficiency, transparency and accountability is something you really need to think about if you are going to be involved with this as a non-profit,” Heinen said.

Contact Amanda Lehmert at 373-7075 or amanda.lehmert@news-record.com.