Process of Application:
Any society / trust registered with the Registrar of the Societies, having income tax exemption as per Income tax Act 12A and 80G or similar categories with a registration with the FCRA can apply for any foreign grants. An unaddressed and undated application is required for the purpose.
Approval:
Approval of the society /trust comes first from a joint selection committee, which gives green signal for the society to apply for the grant of foreign country.
Time frame: 7 days from dt of application.
Documents required:
- Registration Certificate
- Memorandum of Association
- By-laws
- 2A certificate
- 80G certificate
- Bank Statement of trust of last 3 months(to prove bank clearance)
- CV of the lead members(President, Secretary, Treasurer)
- Copy of Project intended along with financials.
Approval of project and the person concerned:
The internal procedure starts on project basis, where the project, the person concerned and the prospect of the project is scrutinized, and sanctioned provided if everything is found to be o.k. as per the norms.
Time frame: 30 working days
Query Time : If the Organization is not satisfied with the any Ps, they will set a set of questionnaires which the applicant is supposed to satisfy for further processing.
Time frame: 7 Days.
Internal Assessment of best funding agency:
The best funding agency is selected and the terms and conditions for the grant is set. As there are near about 1million granting agencies in fold, one cannot predict the terms and conditions at the point of application. But it is never a very thingamabob which is a no-no for the applicant. Special concern is given for the best interest of both the applicant and the grant –philanthropist. The applicant is exposed to the agency and one-to-one conversation is made to elucidate any qualms, if any.
Time frame: 15-20 working days.
Sanction:
Again a sanction certificate if forwarded to the applicant, this time from the Funding agency.
Time frame: 7 Days.
Fund is positioned with the parent organization and a tri-pared agreement is negotiated, between the monitoring agency, the grantor and the grantee.
Time frame: 7 days.
The authority is alerted of the grant, and provisions are made for a smooth transfer by the parent organization, the grantee and grantor, both has nothing to do with this part of the procedure.
Time frame: a maximum of 30 working days, depending on the functioning of the grantee’s country procedure.
Bank alert: Grantee bank is alerted of the fund transfer.
Time frame: 7 days.
Time set for FFT transfer, which generally takes 48 hours.
Procedure Completed for grant.
If the grantee has already spent some money, it is his annoyance to take it back from the project fund, the whole project if funded, and no partial deal is entertained.
The project is monitored every three month for financials, and man visit can made without notice for investigation purpose.
If the grantee fails to maintain the project, or if any malfunctioning is noticed in papers or monitoring visits, the next fund transfer will be put on hold and the grantee will have to satisfy the query before further funding.
Profit generated from the project is entirely of the grantee, he is free to use it as he please without hampering the project. There is no binding of any sort whatever apart the common minimum program which will be set forth at the time of agreement.
There is no cut – money sort and the society needs nothing to give back to the grantor or the parent organization in any kind what ever.
