Requirements

Award Agreements

After trustees make awards, applicants are notified and MMT prepares a Grant Agreement that is signed by officials from both MMT and recipient organizations.

In that agreement, recipients agree to conduct activities as described in the proposal and approved by MMT and to expend funds for the purpose approved. Some grant agreements include contingencies (e.g., matching funds must be raised, program/fundraising goals must be met, etc.) that must be met before payment is made.

In awarding funds, MMT believes it has entered a partnership with grantees to accomplish the purpose of the grant. Any modification in proposed activities, including expense/expenditure changes, must be approved in advance by MMT.  It is essential that recipients keep MMT informed of any developments (both positive and negative) that affect a recipient's ability to carry out the proposed project.

Because a Program Related Investment is a loan, the award agreement recipients sign differs substantially from a grant agreement. There are covenants typical of those in a promissory note, as well as requirements for an organization to maintain administrative, program and fiscal stability.

Tax exempt status is verified at the time of application and again after an award is made. Recipients must maintain that status throughout the award period.

Payment Schedules

Payments on grants without contingencies are usually made in the middle of the month after the signed grant agreement is received by MMT or shortly after the grant period begins.

If there are contingencies, payments are generally made within four weeks after contingencies are met.

Reporting Requirements

Recipients are required to submit periodic reports to MMT on the progress being made and account for expenditures. Reporting requirements and timelines are specified in individual grant agreements.

Reports typically include, at a minimum:

• Summary of program activities that have taken place to date in the context of proposed goals and objectives
• Unexpected opportunities or problems encountered
• Projections for the project at the time of the next scheduled report
• Plans and progress in arranging for future financial support, if the project is intended to continue beyond the period of the grant
• A financial report that contains:
  •  Current statement of the organization's overall financial condition
  •  Full accounting of the income and expenditures of the total project in which MMT funds are being used
  •  Clear statement of the specific expenditures of MMT funds in the context of the grant budget approved by the MMT