Expenditure Responsibility. This grant is not earmarked for transmittal to any other entity or person, whether or not mentioned in Grantee's proposal or in any other communication with (or from) PDF. Rather, Xxxxxxx accepts full responsibility for the grant, its expenditure and disposition, and compliance with the Agreement's terms and conditions, and agrees to return to PDF any granted funds not so expended or committed as of the grant term's termination.
Expenditure Responsibility. The Trust shall comply with the expenditure responsibility requirements of Section 4945(h) of the Code for all grants to organizations described in Section 4945(d)(4)(A) of the Code.
Expenditure Responsibility. Proceeds must be used to finance the expansion of the Borrower’s activities, including the furtherance of its social mission. If there is any change to the Borrower’s strategy affecting the sustainable and/or social goals of the Company, the outstanding amount under the Agreement may be called by the Investor. Commented [AC12]: Explanation of GMC’s right to participate in future fundraising rounds by the company, in the event that we convert to equity, as outlined above. Funding Tranches: Tranche 1 - $20,000; disbursed upon completion of the following milestones: • Signing of investment agreement • Customer survey to find reliable drivers of customer satisfaction • Submit names and profiles of 2 potential advisory board members • 12-month plan / timeline Tranche 2 - $30,000; disbursed upon completion of the following milestones: • Regular submission of monthly reporting • Formation of an Advisory Board with first virtual/conference call meeting • X% customer growth rate • 2 signed MOU’s with paying partners • Hire part-time sales support • Signed agreement with content provider Tranche 3 - $45,000; disbursed upon completion of the following milestones: • Submission of Monthly Reporting + Quarterly Financial Documents Commented [AC13]: coLABS disburses the investment amount based upon prior agreed upon tranches that track both operational AND performance milestones. The intention of the milestones is to focus the company on execution and drive towards revenue and impact growth. The milestones should show your progress clearly and make necessary course corrections and pivots in your model more obvious for both the entrepreneur and us. The milestones and corresponding disbursement amounts are developed collaboratively with the entrepreneur and tailored to each company, based upon its growth projections and capital needs over the coming 12 months. We try to set as specific and clear milestones/targets as possible so that there is no ambiguity in achieving them (simple yes or no to unlock a disbursement of funding) and so that we are all on the same page with clear direction. Provided are some examples of milestones; these are simply a sampling of some operational and performance milestones for a sample company. • 2nd advisory board virtual/conference call meeting • Recruit Key Full Time position • List of targeted follow-on investors (up to 10). • Identify Pipeline for Business Development/B2B Partnerships (up to 10) • 2 new MOU’s with paying partners • $XX in...
Expenditure Responsibility. Description: The Fund may make grants to organizations that are not designated as public charities in limited scenarios where the non-public charity is engaging in charitable purposes. The funds must be used exclusively to support projects that benefit the New Buffalo Region by promoting community education, lessening the burden of government, promoting conservation and environmental protection, combatting community deterioration, promoting community beautification and preservation, and the erection or maintenance of public buildings, monuments or works or other charitable, scientific, literary, or educational purposes as the Board deems appropriate. In order to maintain compliance with the IRS regulations governing private foundations, the Fund must exercise “expenditure responsibility” regarding any such grant. This responsibility exceeds the oversight typically employed with respect to grants to public charities or units of government. This means that the Fund must exert all reasonable efforts and establish adequate procedures to (1) see that the grant is spent solely for the charitable purposes for which it was made; (2) obtain full and complete reports from the grantee on how the funds are spent; and (3) make a full and detailed reports with respect to such expenditures on its 990-PF. Any grantee receiving an Expenditure Responsibility grant will be expected to provide any information that is necessary for the Fund to meet these responsibilities. Special Factors: - administrative or overhead costs cannot be supported by an Expenditure Responsibility grant; these are the responsibility of the Grantee. - Grants described in this section are only for project-based grants. Matching Funds: None required, but the amount of leveraged funds and the number/source of donors will be taken into consideration by the Fund. Maximum Amount of Grant: None. Grant Type: Individual Scholarships Description: Scholarships are not grants but are mentioned here because they are paid from the Discretionary Grant budget. They are paid by the Fund on behalf of graduating seniors and adults who are residents of the Service Area and are pursuing post-secondary education. Scholarships are not addressed in detail through this policy. Eligibility Details: Recipients must be a permanent resident of any one of the following jurisdictions in Berrien County, Michigan: the City of New Buffalo; the Townships of Chikaming, New Buffalo, or Three Oaks; or the Villages of Grand Beach, Michian...
Expenditure Responsibility. The Grantee specifically agrees: to promptly repay any portion of the Grant Funds which is not used for the purposes of the Grant and to return any of the Grant Funds which can no longer be used for the purposes of the Grant or which are not used on or before such dates as are specified in this Agreement; to submit full and complete annual and final reports in accordance with Section 12 of this Agreement on the manner in which Grant Funds are spent and the progress made in accomplishing the purposes of the Grant; to maintain records of receipts and expenditures and to make its books and records and related documents available to the Grantor's Representatives on Business Days during normal business hours (local time where the relevant premises are located). The Grantor’s Representatives shall give at least three (3) Business Days’ notice of such inspection; to allow the Grantor’s Representatives to monitor and conduct an evaluation of all operations relating to the Grant, including allowing site visits from the Grantor’s Representatives to observe any program(s) relating to the Grant, on Business Days during normal business hours. The Grantor’s Representatives shall give at least three (3) Business Days’ notice of such inspection; to notify the Grantor of any material changes to the Grantee’s organization, including changes in the project management relating to the Grant, changes in corporate status, any change of Control, any change to the Grantee’s Organizational Documents, or change in the Grantee’s purposes; and to maintain relevant records with respect to the use of the Grant Funds for at least seven (7) calendar years after completion of the Project.
Expenditure Responsibility. The Sub-Grantee specifically agrees:
Expenditure Responsibility. The expenditure responsibility referred to in section VI. paragraph C.3.a.i. (a) (1) means that the Scientology-related entity is responsible to exert all reasonable efforts and to establish adequate procedures during the transition period:
Expenditure Responsibility. Because Grantee is not currently recognized by the Internal Revenue Service (“IRS”) as a public charity described in IRC sections 501(c)(3) and 509(a)(1), Grantee must keep all grant funds segregated continuously in a separate fund dedicated to the purposes of this grant, and no part of this grant may be used for Grantee’s general support or general purposes. This grant is an “expenditure responsibility” grant within the meaning of IRC section 4945(b). Accordingly, Grantor must (a) ensure that the grant is spent solely for the purposes for which it is made; (b) obtain full and complete reports from Grantee on how the grant funds are spent; and (c) make full and detailed reports with respect to such expenditures to the IRS. By accepting this grant, Grantee agrees to cooperate fully with Grantor to assure that Grantor is able to satisfy all of the requirements of an “expenditure responsibility” grant in accordance with IRC section 4945(h) and the regulations thereunder.
Expenditure Responsibility. Proceeds must be used to finance the expansion of the Borrower’s activities, including the furtherance of its social mission. If there is any change to the Borrower’s strategy affecting the sustainable and/or social goals of the Company, the outstanding amount under the Agreement may be called by the Investor. Commented [AC11]: Explanation of GMC’s right to participate in future fundraising rounds by the company, in the event that we convert to equity, as outlined above.
