Typically a Call for Proposals or Notice of Funding Opportunity will be open several months before a proposal is due. For some funding opportunities, like the State Library of North Carolina LSTA grants and federally funded IMLS grants, the calls for proposals come out on a fairly standard schedule from year to year. Check the funder's website so you can plan your time accordingly.
The State Library of North Carolina typically announces their LSTA grant award opportunities on/about September 1 of each year. Applications are typically due March 1, with a project start date of July 1.
For some opportunities, like the IMLS Laura Bush 21st Century Librarian Program and the IMLS National Leadership Grants for Libraries, you can visit the funder webpages and subscribe to receive the latest grant information, including notices of funding opportunities.
Give yourself four to six weeks to prepare your proposal. This will allow you ample time to identify your partners, brainstorm ideas and come to a consensus, prepare your proposal narrative, compile all the elements, develop the budget, and secure the necessary approvals from library and university administrators.
It will likely be several months from the time of submission before you hear whether proposal is funded or not. Often, you will learn of the award only weeks before the project is set to begin. If funded, you should be prepared to "hit the ground running." The timeline you created and submitted with your proposal application will be very beneficial to help chart your course for the months to come.
Typically, funded projects are for one or two-year periods. The start and end dates vary widely from funder to funder and will be indicated in the call for proposals. One year can move very quickly, so plan your other duties and responsibilities so that you have time to devote to your project.
Your funders will typically require an end-of-project final report. This is usually due weeks to months after the project's end-date. Many funders will also require a mid-project report.