THE PROJECT AND OPERATING GRANTS ARE AWARDED BASED UPON A TALLY OF THE MEMBERSHIP VOTES AT THE ANNUAL MEETING. A DETAILED LEGAL AGREEMENT IS DRAWN UP FOR EACH PROJECT GRANT. THE PROJECT GRANT AGREEMENT INCLUDES SPECIFIC TERMS FOR THE TIMING AND REPORTING REQUIREMENTS RELATED TO THE DISTRIBUTION OF FUNDS. FUNDS MUST BE SPENT AS SPECIFIED IN THE APPROVED PROJECT GRANT AGREEMENT. REGULAR REPORTING AND MONITORING OF THE PROJECT AND ALL RELATED EXPENDITURES CONTINUES THROUGH THE GRANT PERIOD. THE OPERATING GRANT RECIPIENTS CAN USE THE SMALLER OPERATING GRANT AMOUNTS FOR THEIR OPERATING EXPENSES. APPROXIMATELY 6 MONTHS AFTER RECEIVING THE OPERATING GRANT AWARDS, IMPACT100 NON-PROFIT ADVISOR CONTACTS THE NONPROFIT FOR AN UPDATE ON THE USE OF THE AWARD. ALL GRANT APPLICANTS ARE THOROUGHLY VETTED BY VARIOUS COMMITTEES TO ENSURE THEIR NONPROFIT ACTIVITIES COMPLY WITH OUR MISSION.
