Financial Management of Grant Funds Rotary Foundation. To familiarize Rotarians with the expectations and requirements of the donors and to assist clubs to achieve compliance with expectations and requirements. Objectives.
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To familiarize Rotarians with the expectations and requirements of the donors and to assist clubs to achieve compliance with expectations and requirements.
Assurance that donated funds are spent effectively and for the intended purpose of the grant.
Encourage donors to continue giving to Rotary.
Supervision of projects by Non-Rotarians (Rotarians provide assurances of Honesty, Integrity, Leadership, Capacity and completion of projects)
Mismanagement of funds
Lack of participation by Rotarians
Lack of project sustainability beyond grant funds (Rotarians provide Leadership, Business Acumen, and success to project)
Notify the Foundation of any irregularities or change in the purpose or conditions of the grant.
Seek written authorization before any change is implemented
The Foundation will investigate any irregularity or material change noted in the reports
Failure to comply with the requirements of the grants and or the Foundation could result in:
Demand of funds to be returned
Demand the mismanaged portion to be returned
Suspension of the Club from receiving grants up to 5 years
Destroying the Goodwill of the community, the reputation of the club and its members to effectively manage grant funds
Misuse of funds
Poor or improper investment of funds
Assure Rotarian capacity and leadership
If project is to be implemented by a third party, provide to the Rotary Club assurances of its capacity to implement the project successfully. Project funds remains in the custody of Rotarians.
Establish/Select an Implementation Committee of Rotarians (Rotarians provide assurance and guarantee of success)
Set clearly the grant goals/purpose
Set milestone/post to monitor implementation
Set guidelines for
Best business practice
The Four Way Test
Best Accounting Practices
To demonstrate transparency, no conflict of interest
To assure compliance with grant purpose and conditions.
To provide adequate evidence of compliance
To provide timely, meaningful reports of the project and management of funds.
Bids should be obtained for major purchases (min. 3)
Bids should be presented to the project committee
Minutes of meeting should at minimum detail
Compliance of Bids to request as to quality, price, time & service
Selection and award to successful bidder
Authorization of purchase
Present payment request with the following attachments.
Project Committee Approval
Proof of receipt
Proof of verification and certification
2 Rotarians must sign cheque
Obtain receipt of payment and make copies of all attachments for
Record disbursement in Journal/Ledger/computer
Record receipt of donation. Make needed copies