Well I’m glad that someone has finally found the courage and means to start an open source grants management system project! These folks have just launched and are focused on foundations and non-profits. (Their chosen technology stack — PHP, MySQL, Linux — matches that target market very well, too.)
I’ve offered to help these guys however I can and would certainly encourage you to do the same! There are very few COTS grants management packages focused on foundations/non-profits. Solpath could represent a neat solution for a whole bunch of cash-strapped grantors and grantees.