Grant Funding Terms and Conditions
AS AT 1st september 2018
The Applicant agrees 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 shall be made to the bank account supplied by the Applicant 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.
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 the Applicant agrees to fully co-operate with the auditors in providing information or explanation as requested.
If grant conditions are not met then Central Lakes Trust reserves the right to reduce or cancel the grant.
Project Specific Conditions
The Applicant is 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. Your organisation will be advised in writing of Central Lakes Trust’s decision.
Operational (including Multi-Year) Specific Conditions
The Applicant agrees to submit grant applications for the next financial year by the due date as outlined in the decision letter.
If the Applicant’s previous year’s financial statements show that the organisation has underspent against their submitted budget then the balance of the funds maybe forfeited. 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 expenditure that we funded you for is lower than expected within this year then 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 the Applicant:
is de-registered from DIA Charities Services;
seriously breaches the funding conditions, including misappropriation of funds;
experiences unforeseen events such as receiving significantly increased funding from government or other sources;
under delivers 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. The Applicant agrees 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 Guarantee Against Loss on a pro-rata basis.
The GAL must be recorded in the Applicant’s same financial year in which the event occurred.
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. Your organisation will be advised in writing of Central Lakes Trust’s decision.
The Applicant agrees in acknowledging Central Lakes Trust as a ‘Funder’ or ‘Supporter’, they will contact Central Lakes Trust directly or view our website www.clt.net.nz for brand guidelines in relation to the relevant application. Please note that Central Lakes Trust is not a sponsor.
The Applicant agrees to discuss with Central Lakes Trust prior to release, any media statements that are relevant to the project acknowledging Central Lakes Trust’s involvement as a funder.