R357-47-107. Funding Distribution and Reporting

(1) The office shall establish a maximum amount for this grant before approving and distributing grant funds. (2) After GOEO approval of an Economic Assistance Grant application, no more than 90% of grant funds will be disbursed to a business until after: (a) a contract between the business and the state is executed; and (b) the business invoices the office for the funds; and (3) Upon completion of an Economic Assistance Grant project: (a) the final delivery of funds shall be distributed as reimbursement for dollars spent by the business within the scope of the project; and (b) the remaining funds will be disbursed following submission and approval of: (i) an invoice up to the remaining balance of the award amount; (ii) a final report including: (A) a description of the completed project; (B) assurances that all monies paid to the business were used toward completion of the project as outlined in the contract; (C) how the project's key activities and commitments were accomplished; (D) the project's success meeting the deliverables and performance measures described in the contract; and (E) any other information requested by the office.