The organization I work for,
WESTAF, has two grant making software packages called CultureGrants Online(tm). The basic package will serve the needs of 90% of all grant making agencies and is reasonably priced. The custom package can be quite expensive (but still very reasonable for a customized database) but allows for all sorts of amazing features.
Both systems allow applicants to submit applications online and fill out final reports once the activity has been completed. Both also allow the grants manager to follow the life cycle of the grant including building panel books, generating reports, and funding grants.
If you want more information, contact me offlist at matthew.saunders [at] westaf.org.