Our charity doesn't offer grants but applies for a fair few. Having had a play around with CiviGrant, I can't see any immediate problem with using the component as a way of tracking grants that we've applied for and received etc. but the documentation from Civi suggests it's only for managing grants going out of the charity:
In contrast to CiviContribute, which tracks money going into your organisation, CiviGrant tracks money going out of your organisation. CiviGrant has a data structure and workflows that support the grant application process with the ability to manage the amount applied for, amount received and any reports necessary for the process.
I created a sample organisation as a contact to attach to the grant and all seems OK to use as a way of managing incoming grants. Just wondering if the community knows something I don't as to why this might not work e.g scaling, reports etc.