Sample "Expenditure Responsibility" Grant Letter Grant Letter to Public Charity
Dear : The Virginia Hodgkins Somers Foundation, Inc., (the "Foundation") is pleased to inform you that its Directors have approved a grant of $ ___________ for. This grant is being made in response to your charitable grant application of, 200__, a copy of which is attached hereto. Under the Internal Revenue Code, all grant funds must be expended for charitable, scientific, literary or educational purposes. This grant is made only for the purposes stated in this letter and the grant funds, as well as any interest earned thereon, may not be expended for any other purpose without the Foundation's prior approval in writing. It is understood that the funds will be used substantially in accordance with the attached charitable grant application and approved budget. Any funds not expended or committed for the purpose of the grant [or within the period] stated above will be returned to the Foundation. You hereby agree to furnish a written report to the Foundation upon completion of the project funded by the grant. Upon request of the Directors of the Foundation, you hereby agree to furnish interim reports at the close of each fiscal year. The final report and any interim report should contain a narrative account of what was accomplished by the expenditure of funds (including a description of the progress made toward achieving the goals of the grant), a financial accounting according to the categories of the attached approved budget, and copies of any publications resulting from the grant. The Foundation will include information on this grant in its annual information return and authorizes your notifying the public of this grant by means of a press release. If this letter and its attachments correctly set forth your understanding of the arrangements made regarding this grant, will you please countersign and return this letter to the Foundation, maintaining a copy for your records. On behalf of the Foundation, I extend every good wish for the success of this project. Sincerely,
GORDON C. AYER, PRESIDENT Seen and Agreed To:
By______________________________ Its Date:______________________