Matching Funds

Section 510 Section 510.350  Matching Funds a)         The Grantee shall provide Matching Funds to the Total Project Cost that: 1)         Are identified in the budget of the Grant Agreement; 2)         In no case shall be less than an amount equal to the grant award; 3)         Are not other government funds or funds used to match any other grants; and 4)         Are necessary and irrevocably obligated to the Project. b)         Allowable Match 1)         Private Sector funds − Grant funds must be matched with dollar-for-dollar cash funding from the Private Sector. 2)         Up to 25 percent of the amount required in subsection (b)(1) may be substituted with In Kind Contributions from the Private Sector for which the value is easily documented, such as hotel services and transportation company services. c)         Unallowable match includes: 1)         Costs incurred or funds expended prior to the date of the grant award, unless those costs are approved by the Department as being otherwise compliant with the provisions of this Part and consistent with the purposes of the Act; 2)         Post-Project costs not identified in the budget of the Grant Agreement; 3)         Funds from sources other than the Private Sector (although they may be used to further the Project); 4)         Funds used as match for other grant programs; and 5)         Normal operational expenses such as payroll costs, office and equipment rental, utilities, etc.