Grant funds will be paid only to the bank account identified by the grant applicant at the time of application. No grants will be funded with cash contributions. BVC grant funds will not be released until the previous BVC year’s grants are closed. Grant funds will be paid to the account provided in the application. Account signatories must be members of the organization submitting the grant, or the individual(s) for individual grants. If a grant project is canceled after the project sponsors receive payment, all remaining grant funds must be returned to BVC.
REPORTING REQUIRMENTS AND DOCUMENTATION
Grant recipients are responsible for reporting on the use of grant funds to BVC. Progress and final reports must be submitted online and all forms must be completed in their entirety for the report to be accepted. New grant applications will not be accepted by BVC if a grant sponsor has an overdue report for any BVC grant. BVC reserves the right to review grants at any time, conduct an audit, send a monitor, require additional documentation, and suspend any or all payments. The following reporting criteria also apply to grant recipients:
- Unused grant funds must be returned promptly to BVC
- Grant sponsors must maintain copies of all receipts and bank statements related to grant-funded expenditures in accordance with the terms of qualification and any applicable local and international laws
- Grant recipients who fail to adhere to BVC policies and guidelines in implementing and financing grant projects must return grant funds in their entirety and may be barred from receiving future grants for a period of up to five years.
- Final reports documenting the disbursement of funds must be submitted to BVC within 12 months of receiving the payment, or within two months of the grant’s total disbursement.
- All grant projects and activities funded by BVC grants must be completed within 24 months of disbursement by BVC
- Progress reports must be submitted within 12 months of receiving the first grant payment and every 12 months thereafter if the project is active beyond one year.
- Final reports must be submitted within two months of completing the project.
Acceptable reports contain detailed accounts of the project’s implementation, including:
- A description of how the project has advanced the mission of BVC
- An account of how the project achieved the specific objectives outlined in the application, including the relevant measures and data collected
- A description of the participation of the primary recipient and cooperating organizations associated with the grant
- The report should also include a detailed account of spending for the project and project account bank statements. Additionally, BVC may request that primary recipients submit receipts in support of the report. Grant recipients must agree to keep receipts for expenses of US$75 and up. BVC will close the grant once the project implementation is complete