save them. Send a copy of the spreadsheet and supporting documents to the project partner. 2. Disburse grant For a global grant, pay funds. vendors two weeks after receiving an invoice. Pay with cash only if a traceable payment method is not available. 3. Maintain Have one person approve the segregation of duties grant expenditures and two for handling funds. other people write and sign the check. 4. Establish an Record each item, along with inventory system for its price and current owner, equipment and other on a spreadsheet, and save assets purchased the original invoices and with grant funds, and receipts in the grant file in maintain records for the club’s document file. items that are Send a copy of the records to purchased, produced, the project partner. or distributed through grant activities. 5. Ensure that all Designate someone to be grant activities, responsible for this including the oversight. conversion of funds, comply with local law. MOU Section 4: Bank Account Requirements In order to receive grant funds, the club must have a dedicated bank account that is used solely for receiving and disbursing TRF grant funds. The club bank account must Have a minimum of two Rotarian signatories from the club for disbursements Be a low- or noninterest-bearing account Any interest earned must be documented and used for eligible, approved grant activities, or returned to TRF.
save them. Send a copy of the spreadsheet and supporting documents to the project partner. 2. Disburse grant funds. For a global grant, pay vendors two weeks after receiving an invoice. Pay with cash only if a traceable payment method is not available. 3. Maintain segregation of duties for handling funds. Have one person approve the grant expenditures and two other people write and sign the check. 4. Establish an inventory system for equipment and other assets purchased with grant funds, and maintain records for items that are purchased, produced, or distributed through grant activities. Record each item, along with its price and current owner, on a spreadsheet, and save the original invoices and receipts in the grant file in the club’s document file. Send a copy of the records to the project partner. 5. Ensure that all grant activities, including the conversion of funds, comply with local law. Designate someone to be responsible for this oversight. MOU Section 4: Bank Account Requirements In order to receive grant funds, the club must have a dedicated bank account that is used solely for receiving and disbursing TRF grant funds. The club bank account must Have a minimum of two Rotarian signatories from the club for disbursements Be a low- or noninterest-bearing account Any interest earned must be documented and used for eligible, approved grant activities, or returned to TRF.
ClubMOUGuidetoImplementingmay2013.docx