Utilizing opportunities/prospects for tracking grant opportunities

I am hoping to utilize RE to work smarter when it comes to tracking grant (government and foundation) opportunities. Where I am stumbling is whether each funding opportunity should be its own constituent record or if multiple opportunities should be grouped under a single entity record. For instance, the U.S. Department of Education offer tons of different funding opportunities such as (1) TRIO-SSS grants, (2) Developing Hispanic Serving Institutions grants, and (3) Postsecondary Student Succes grants, to name just a few. In many instances you can apply for these various grant programs and even hold multiple grants at the same time. Am I better off having a constituent record for each of these types of opportunities or one constituent record for the U.S. Department of Education and all opportunities, no matter which program they are a part of, go under it. I am leaning towards the former but would really appreciate hearing what has worked best for others. TIA.