Grant recipients will be expected to sign and return a grant award agreement within thirty (30) days from the date that they are notified of their grant award.
Grant recipients will evaluate their work. Specifically, once an organization’s grant application is approved by the Board, Foundation staff will work with the organization to develop key indicators that the organization will measure and report on when the grant term expires.
At the discretion of the Foundation, grant extensions are permissible with a limit of two one-year grant extensions per program or project. A grantee must submit a letter requesting an extension at least sixty (60) days prior to the grant expiration date.
The funding awarded to an organization and how that funding can be used is clearly detailed in the grant agreement. Any use of funds outside of what is prescribed in the grant agreement is not allowed. If an organization uses IWF funds for anything outside of what is dictated in the grant agreement, the organization will be required to refund the Foundation for all funds spent improperly.
If grant objectives or deliverables change after an applicant is awarded a grant, the grantee MUST immediately request approval from the Foundation in order to use IWF funds. Grantees must write a letter to the Foundation stating what changed and why. The Foundation reserves the right, if the intent/outcome/purpose of the grant changes materially, to deny further funding and request a full refund of expended grant funds.
If a project or program decreases in size and scope post award, organizations must ensure that the IWF-funded portion does not exceed the original percentage of total funding as was stated in the grant application and agreement. For example, an organization has a $100,000 program budget and IWF’s funding totals $20,000 (20%) of the program. Post award, the organization reduces the program. The new budget totals $50,000. IWF’s portion is $10,000 (20%), not the originally committed $20,000 (40%). The difference, in this case, $10,000 must be returned to the Foundation.