Matching Funds

Section 555 Section 555.70  Matching Funds a)         The Grantee shall provide Matching Funds to be expended towards the Total Project Cost that are: 1)         Under the control of the Grantee.  For purposes of the Grant, control shall mean that the Grantee can successfully demonstrate the following control and accountability requirements: A)        The Grantee's chief executive officer maintains responsibility for establishing review and approval policies and procedures with respect to the Grantee's daily operations; and B)        The Grantee's chief executive officer has approval authority for expenses charged to the Grantee's operating budget and approval over the Grantee expenses attributable to the Grant.  Within this requirement, the Grantee's chief executive officer must be the person that reviews and approves the payment of invoices related to the grant and match expenditures. 2)         Identified  in the Applicant's grant application for the applicable Fiscal Year. 3)         Expended during the applicable grant award period. 4)         Supported by records of deposit and documentation of Eligible Expenditures. 5)         Necessary and irrevocably obligated and used towards completion of the Project. b)         Each Grantee shall provide matching funds equal to no less than 50% of the Grant Amount.  If Grantee fails to match any portion of the grant award in a given Fiscal Year, that portion of the grant shall be refunded to the Department in accordance with the terms of the Grant Agreement.  In-kind contributions shall not exceed 25% of Matching Funds. c)         Allowable Matching Funds include: 1)         Local hotel/motel taxes; 2)         Membership dues; 3)         Interest earned on local monies and Grant Funds; 4)         Cash contributions; 5)         Federal dollars deposited directly to the Grantee for tourism promotion purposes that do not require a match; and 6)         In-kind Contributions necessary to complete the Project.  In-kind Contributions shall not exceed 25% of the match requirement. d)         Ineligible Match:  The following monies shall not be considered Matching Funds and may not be used as a match for Grant Funds: 1)         Costs incurred or funds expended outside the grant term identified in the Grant Agreement unless those costs are approved by the Director as otherwise being compliant with this Part and consistent with the purposes of the Statute; 2)         Funds from any other Department funded grant program, regardless of whether the other grant funds were awarded and expended to further the Project; 3)         Funds used to match any other State and/or federal grants; 4)         Penalties, fines, late payment fees or interest charges; and 5)         Purchase of alcohol beverages.