If I am interpreting your questions correctly, you are have $75,000 you are receiving as a grant, but then you also owe $75,000 out to someone else. I will answer based on this interpretation.
Create an "current liability" called deferred revenue. In accrual basis this is where you would post revenue that you haven't yet earned. This account would carry a credit balance. The debit to this entry would be to the checking account.
For the outgoing funds, create an "current asset" and name it accordingly (i.e. accrued liability(for what)). In accrual basis this is where you would post an expense that has been paid, but not yet delivered (think of it like paying rent in advance for the upcoming month). This account would carry a debit balance and the credit would be to the checking account when the payment is made.
If I assumed the questions incorrectly, please feel free to reach out and provide additional details, so your questions can be answered more accurately.
Don't forget you have more entries to make, later.
If you Spend it, that is when you Relieve the Prepaid account to Income, and the Liability account to the actual Expense you just paid for.
And this only applies if that Grant is a reimbursement Grant. If that is Yours to keep it all, that is income when you get it. There is no Deferral, if you have full access to the resource it provides. And there is no Liability, unless you are an accrual basis entity and have committed funds.
A Town gets construction funds as they Expend the funds to pay for construction, so they have Income every time they get repaid. If they got the full amount in advance, that is Restricted Income until the Restricted purpose is met and the restriction is lifted (met) and not Deferred income as Asset.
Also, your username is "SCorp" so is this a Business or a Charitable Organization or a Governmental Entity? Because typical Businesses as S Corps get Income, not Grant as Deferred or Liability.
The grant only has to be paid back if we do not have 50% of our staff based in Ohio or have not raised $2,000,000 in investments.
SCorp is the first letter of my first name and the first 4 letters of my last name. Just a coincidence. :)
Ha ha ha! That's pretty funny about the username. Sheesh; my real name has a Gender Neutral or Gender Bias aspect that has been trouble all my life.
So, once you meet that requirement this is posted as income. Deferred until you earn the right to Keep it.
That doesn't explain the Liability aspect, though. What sort of Expenses is this used for? If that is Payroll subsidy (incentive), then you need to post amounts as income when you pay payroll, not only at the end when the Total requirements are met. Again, the test is "the resource is available" and spending it = it has to be income to match when you spend it.