Agenda - 08-04-1993 - VIII-G - Laserfiche WebLink

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3 Payments of Grant: Unless a specific payment date is stated is stated in the grant resolution, a written request for payment of the grant is required. The request should be made to: Mr. Thomas W. Lambeth, Executive Director, Z. Smith Reynolds Foundation, 101 Reyno/da Village, Winston-Salem, NC 27106-51.99. Payment of the grant should not be requested until grantee has need for actual expenditures of the funds. • If the grant is conditional or contingent, all conditions and contingencies must be met before payment will be made. Grantees should request payment at least 30 days priorto desired payment date. Checks will be issued during the first week of the month following request for payment provided the 30-day written notice has been given. MATCHING REQUIREMENTS: If the grant resolution provides that the grantee (1) must match the funds granted by the Foundation or (2) must raise additional funds, these conditions will be satisfied when the matching or additional funds are in hand or pledged, provided such pledges are reasonably considered to be firm and binding on the part of those making such pledges. (1) If the grant is to be matched on a ratio basis (i.e., 2-for-1, 3-for-1, etc.), grantee will have two years in which to meet the matching requirements unless stated otherwise in the grant resolution, and matching funds will include only those amounts secured on or after the date of the Foundation's grant resolution. The start of the two-year period will begin with the date of the Foundation's grant resolution. (2) If the duration of the project is greater than one year and additional funds must be raised from other sources to accomplish the project, grantee will have two years in which to raise the additional funds unless stated otherwise in the grant resolution. The start of the two-year period will begin with the date of the Foundation's grant resolution. In-kind contributions, whether in the form of provision of staff, space, equipment or labor, may be considered in meeting the matching requirements if they reduce the actual amount required in the budget submitted to the Foundation and on which the Foundation based its matching requirements. Matching grants may not be paid incrementally unless specifically stated in the grant resolution. This means that the Foundation will not pay its funds until the entire matching amount has been raised by the grantee. • BUDGET CHANGES: In the event the budget submitted by the grantee to the Foundation,and upon which the Foundation's grant was predicated, needs to be modified during the course of the project due to the size of the Foundation's grant, the availability of funds from other sources, or other compelling circumstances, the revised project budget and objectives shall be submitted to the Foundation at the time such changes are approved by the Board of Directors or duly authorized staff member of the grantee organization. Any modification of grantee's budget or objectives which would substantially alter the proposed activities or outcome of the project shall be reviewed and approved in writing by an appropriate representative of the Foundation. SUBMISSION OF REPORTS: The Foundation will supply the grantee with a "Grantee's Reporting Form" which must be completed in reporting on the use of funds and the accomplishments of the project. A report must be submitted to the Foundation annually, using the grantee's fiscal year. The "Grantee's Reporting Form" must be accompanied by a detailed financial statement showing how the grant funds were spent. If the grant is for a one-year period or a one-time purpose, one final report will satisfy reporting requirements.