What do the Grant Agreement Policies mean?

When Legacy Global sends an individual or an organization a grant, there are specific legal requirements. The following article describes the Grant Agreement policies and what they mean to you as the recipient!

Section 1, Purpose of the Grant

The money can only be used for its intended purposes. You must use the money as described in the letter and budget you submitted. If you need to change something, you must contact Legacy prior to alternative activity.

Section 2, Funding

In some circumstances, only certain purposes or parties can use charitable money. Legacy may ask questions to make sure money can be sent to support your work.

Section 3, Separate Fund

When you receive the money, keep it separate and use it only for the intended purpose. You can either open a separate bank account and/or keep a written record of the money.

Section 4, Reporting for the Grant Agreement

You must send a written report to the program fund or directly to Legacy within one month after each year you receive or spend money received from Legacy. Late or incorrect/incomplete reports might prevent you from receiving more money.

After spending the funds, you must send a final report about how you fully spent the money. Reports should have two parts: a description of what you accomplished and a record of the details.

Section 5, Narrative Account

In the report, describe what you did, or what you accomplished with the money. You can include pictures and testimonials to show the impact of your work. Pictures, testimonials, and written descriptions may be used by the program fund or Legacy and made publicly available. Brag about what you’ve done here. Tell us about the great work you are doing to improve your community.

Section 6, Financial Account

In the report, you must include a statement showing how you spent the money. It should be in U.S. dollars and only include the money received from Legacy. Keep receipts for all the expenses. Legacy may ask for financial statements directly from your bank or financial institution. A simple list of what you spent and what things cost with a picture of any receipts should work.

Section 7, Record Maintenance & Inspection

Keep records of the money you receive and spend, and provide those records to Legacy as described above.

Section 8, Tax Reporting of the Grant

If you receive money but don't qualify to receive charitable funds, you may have to fill out a tax form. You should inform Legacy if anything changes.

Section 9, Prohibited Activities

You can not use the money for activities such as influencing elections, politics, or illegal or terrorist organizations, or for personal (non-charitable) benefit.

Section 10, Return of Unused Funds

Any funds not used must be sent back to Legacy along with any income earned.

Section 11, Compliance of the Grant Agreement

Legacy must stop sending money if your progress or your reports do not meet legal requirements.

Although these grant agreement policies may be lengthy, they are necessary to make sure that funds are used appropriately and legally. Following these policies ensures that all parties are protected (including you) and that you may continue to receive funding. If you have any questions, ask Legacy at support@legacyglobal.org.