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Grant Funding Terms and Conditions

As at March 2023.

Introduction

     

In submitting this request for funding, your organisation as the Applicant (‘you’, ‘your’, ‘they’) formally accept these Grant Funding Terms and Conditions set by Central Lakes Trust (‘we’, ‘us’, ‘our’) to constitute an agreement. These grant funding terms and conditions must be read in conjunction with our Privacy Policy. Please ensure that you fully understand the responsibilities outlined below.

General Conditions

  • You agree that the grant must be used exclusively for specific purposes and any funding will be used for which it has been approved for.

  • The Grant must not be used for any costs that have been incurred prior to the grant start date as Central Lakes Trust do not fund retrospectively.

  • Payments will be made to the bank account supplied by you, and as outlined in the payment schedule in the decision letter.

  • All Central Lakes Trust grants are approved on the understanding that recipients will comply with reporting and evaluation requirements as noted in the payment and grant schedule outlined in the decision letter.

  • Your Financial Statements must be compiled or reviewed or audited in accordance with your organisations Trust Deed or Constitution or Rules.

  • If the full grant amount from Central Lakes Trust is unable to be utilised for the approved purpose, or if the completed project or event costs less than the budget submitted, or a significant change has occurred in your operations, then the balance of the grant may be forfeited (rescinded), or must be repaid to Central Lakes Trust if requested.

  • There is no GST attributable to Central Lakes Trust grants. Therefore, if your organisation is registered for GST, there is no GST component associated with Central Lakes Trust income. You are still able to claim the GST component on goods and services expenditure related to the purpose of your approved grant provided the requirements to claim a GST credit are met.

  • Central Lakes Trust reserves the right to review grant related records or request an audit to ensure the appropriate use and accountability of community funds and you agree to fully co-operate with the auditors in providing information or explanation as requested.

  • If grant conditions are not met, Central Lakes Trust reserves the right to reduce or cancel the grant.

 

Project - Specific Conditions

  • You are responsible for raising the balance of funds required to undertake the project, and Central Lakes Trust’s payment is conditional upon receiving evidence of the project being fully funded.

  • An extension of time for a grant deadline may be considered in some circumstances. Please notify Central Lakes Trust in writing prior to the grant end date giving reasons for the delay and an updated timeframe for completion of the project. You will be advised in writing of Central Lakes Trust’s decision.

 

Operational (including Multi-Year) - Specific Conditions

  • You agree to submit grant applications for the next financial year by the due date as outlined in the decision letter.

  • If your previous year’s financial statements show that the organisation has underspent against their submitted budget, the balance of the funds may be forfeited (rescinded), or must be repaid to Central Lakes Trust if requested. This is assessed by reviewing the financial statements from your previous financial year. We compare your budgeted income and expenditure on your grant application to your actual income and expenses incurred for that year. If your actual expenditure is significantly lower than your budgeted expenditure (detailed in your application), funds which are still available to you may be deducted from your grant on a proportional basis from this current year.

  • Central Lakes Trust reserves the right to exit multi-year funding agreements at any time, but will generally only do so if you:

    • are de-registered from DIA Charities Services;

    • seriously breach the funding conditions, including misappropriation of funds;

    • experience unforeseen events such as receiving significantly increased funding from government or other sources;

    • under deliver on the objectives or services outlined in the application.

If Central Lakes Trust identifies a need to exit, we may recommend an appropriate transition process which will be determined on a case-by-case basis.

Guarantee Against Loss - Specific Conditions

  • The Guarantee Against Loss (GAL) will only be available as security for organisers against not meeting budgeted ticket sales if the event does not financially break-even.

  • If the event or performance or production does not proceed due to unforeseen circumstances, the GAL may not be available to cover any preliminary costs which have been incurred either prior to, or after cancellation.

  • The GAL cannot be used to offset any budget overruns. You agree that approval was based on the budgeted expenditure as detailed in the application. Therefore, if actual expenditure for the event comes in under budget and your organisation still makes a loss, Central Lakes Trust reserves the right to reduce the GAL on a pro-rata basis.

  • You agree that your organisation is responsible for raising the balance of funds required to undertake the project.

  • An extension of time for a GAL deadline may be considered in some circumstances. Please notify Central Lakes Trust in writing prior to the end date giving reasons for the delay and an updated timeframe. You will be advised in writing of Central Lakes Trust’s decision.

 

Grant Acknowledgement

  • You will contact CLT for discussion prior to releasing any media statements relevant to your grant which acknowledge CLT.  CLT can be acknowledged as a ‘funder’ or ‘supporter’ – we do not sponsor or donate.

  • Please view our website https://www.clt.net.nz/ or contact us directly for brand guidelines and use of our logo.

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