Thread: matching funds ????
08-19-2005, 10:14 PM #1
- Join Date
- Jul 2005
- Marion, Mississippi
matching funds ????
Wait just a minute........
We were told in the Grant seminar that Matching Funds were not required to be "in place" at time of award.
She said that funds could be gotten "before closeout" and this was fine.
I'm seeing a couple of folks who are under the impression that the money has to be added in at time of direct deposit. According to the Grant lady from Atlanta, this is not true.
She said to "spend ALL Grant monies before drawing down from your matching funds".
If we were misinformed, this poses a problem. (small one) If this information is true, then everyone needs to know about it, don't ya' think?
08-19-2005, 11:28 PM #2
- Join Date
- Nov 2000
- WC IL MABAS Div. 44
You are correct. The matching funds are not needed up front.
In the past I have always showed the matching funds being used as I requested funding from the grant. For example the last time we were awarded it was a 10% match. Each time I would need to pay for a purchase I would request 90% of the invoice from DHS and pay the other 10% out of our account. We always maintained our share all the way along. Like the grant lady said you could spend all of DHS's money first and spend yours last also. Just make sure you spend just over the required match from department funding before closing out the grant. It all works out in the end!Proudly serving as Vice-President of the Illinois Delegation of the IACOJ
08-20-2005, 02:28 AM #3
You're right. We experience it first hand. No money in this years budget for 05 matching funds, but it will be added into the 06 budget that starts in January. So, we'll hold off on buying some of the stuff and pay for 100% of it in 06 when the new budget kicks in. We did the same last year, except we ordered in November, got out stuff in December, and with the 30 day invoice paid for it in January.
08-20-2005, 12:43 PM #4
- Join Date
- Feb 2002
- Cypress, TX
As the others said, the matching does not have to be used until the end, as long as the percentages equal out. Many departments do not have the matching funds because of small budgets, so if awarded they will be doing fundraisers like mad or hoping to make room in the 2006 budget to get the money.
For those that need alternatives, you can take out loans, especially if your award got reduced, or you want to add something like a light tower or CAFS and don't have the money for it sitting around. As long as the total spending of your money is more than your matching requirement, it's all good. The entire amount of the loan would be considered your money from DHS's perspective.
09-21-2005, 06:09 PM #5
So basically if one knows that after they've completed thier project, and there's still $$$$ left, then they can use thier matching funds to pay for an approved fire prevention and safety project?
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