Common use of Request for Funds Clause in Contracts

Request for Funds. Grant amounts that are more than $10,000 for other than capital outlay should be requested in three payments, with the first payment (50%) available at the beginning of the fiscal year (July); the second payment (25%) available in January and the third payment/final payment by May 1, pending completion of the Request for Payment (CRO3) form for each payment. Grant amounts that are $10,000 or less can be requested in their entirety at the beginning of the year. For capital outlay grants that exceed $10,000, 50% can be requested at the beginning of the fiscal year (accompanied by a vendor’s price quote), second payment of 25% in January and the third/final payment of 25% by May 1. The Equipment Purchases (CRO4) form must accompany the Request for Payment form. All capital outlay requests that exceed $1,000 must be accompanied by three bids and will be reviewed by the City’s Department of Finance before payment is released. A receipt for the purchase of the capital outlay item(s) is required before the final payment can be made: The City of Portsmouth is awarding this grant to support community non-profit organizations that provide services to the residents of the City of Portsmouth. The awarding of these funds is subjected to City Council approval. All organizations accepting the awards agree with the requirements set forth in this Grant Agreement and the Guidelines and Procedures for this program. By signing the face sheet of this Grant Agreement, the Grantee is making the following assurances and certifications:

Request for Funds. Grant amounts that are more than $10,000 for other than capital outlay should be requested in three payments, with the first payment (50%) available at the beginning of the fiscal year (July); the second payment (25%) available in January and the third payment/final payment by May 1, pending completion of the Request for Payment (CRO3) form for each payment. Grant amounts that are $10,000 or less can be requested in their entirety at the beginning of the year. For capital outlay grants that exceed $10,000, 50% can be requested at the beginning of the fiscal year (accompanied by a vendor’s price quote), second payment of 25% in January and the third/final payment of 25% by May 1. The Equipment Purchases (CRO4) form must accompany the Request for Payment form. All capital outlay requests that exceed $1,000 must be accompanied by three bids and will be reviewed by the City’s Department of Finance before payment is released. A receipt for the purchase of the capital outlay item(s) is required before the final payment can be made: The City of Portsmouth is awarding this grant to support community non-profit organizations that provide services to the residents of the City of Portsmouth. The awarding of these funds is subjected to City Council approval. All organizations accepting the awards agree with the requirements set forth in this Grant Agreement and the Guidelines and Procedures for this program. By signing the face sheet of this Grant Agreement, the Grantee is making the following assurances and certifications:: Form CRO 1 Page 3 of 4