HOW TO MANAGE AN ANNUAL GRANT
MCI, CEP, PS, APS, RAPS, AE-AR, AE-CL, FAY, AE-TT, AA
TIMELINE FOR ANNUAL GRANTS (more detailed instructions are below)
|July 1:||Grant award letters are mailed to all applicants. If you do not receive a letter by July 15, call the appropriate program director.|
|September 30:||Deadline for sending in a Revised Budget. Note: all grantees must send in a Revised Budget to get a grant contract. Send in the Revised Budget well before the deadline. Projects which end earlier than September 30th need to send in the form prior to the project end date. You should receive the contracts shortly after you have submitted the Revised Budget.|
|October 30:||Deadline for sending back both signed contracts. Return the signed contracts before the deadline.|
|1st funds request:||You may request 40% of your grant award at the same time that you return your two signed contracts. This request is an advance and an Itemized Expenditure Sheet is not required.|
|Subsequent funds requests:||With all subsequent funds requests, you must fill out the itemized expenditures page showing how grant funds and matching funds were spent. NOTE: Most grant recipients only request funds twice, 40% at the beginning and then the remainder when the project is over to avoid the paperwork. However, up to three total funds requests may be submitted.|
|Grant Closeout:||Grants must be closed out no later than 30 days after the project end date or June 15, whichever comes first. This includes submitting final Request for Funds Form, the Final Financial Report of Expenditures, the Grant Evaluation Form, and documentation of Tennessee Arts Commission credit.|
EXAMINE YOUR GRANT AWARD LETTER
Annual Grant awards are announced by a Grant Award Letter mailed on or around July 1. This letter contains very important information and instructions on how to manage your grant. Make sure to read it thoroughly and carefully. It contains the amount of your grant award and important due dates and instructions. Find the section in the Award Letter that provides information on the Revised Budget Form.
REVISED BUDGET FORM
The Revised Budget Form does exactly what the title suggests – it shows what your new budget is based on your actual grant award. Your award letter will note the exact amount of grant funding you will receive. It will more than likely be less than what you requested in your application.
- Have your grant application handy when filling out the Revised Budget Form. Refer to pages B1-B6. This will help ensure that you input your new budget figures in the correct categories on the Revised Budget Form.
- The project ending date must be the date that was indicated in the original grant application.
- You may NOT move funds to a different category (or line item) in the Revised Budget. For example, if in your grant application you requested $5000 in Commission funds for Contracted Artist Fees and showed a $5000 match in Space Rental, those categories cannot change. The amounts will change based on your actual grant award, but the categories must stay the same.
- Only show a 1:1 match on the Revised Budget Form. DO NOT OVERMATCH. If your grant award is $5000 you should only show a $5000 match.
- Arts Education grants do not require a match, but if you showed one in your application, you must adjust the match accordingly in the Revised Budget.
- The Commission must receive the Revised Budget Form before we can issue you a contract so complete and return it a.s.a.p.
- AA, AE, APS and RAPS: the Revised Budget shows your request and match only and not your entire project expenses.
- MCI, CEP and PS: The Revised Budget shows the exact amount of your grant award PLUS the exact amount of the match, not the entire organizational budget. Please try to use as few categories or line items as possible.
- When submitting a revised budget form, send one with original signature and two copies.
GRANT CONTRACT PACKET
Once we receive your Revised Budget form, we will then send you your Grant Contract Packet. The packet will contain two copies of the Grant Contract. Sign both AND return both to the Commission. First time recipients, to expedite the processing time of grant payment requests, sign the IRS W-9 form and ACH Direct Deposit Form and return with your contracts. In approximately 4-6 weeks, you will receive one of the contracts back with all required signatures.
In order to receive funds, you must complete and submit the Request for Funds Form.
- Funds are generally drawn down in stages. You may request 40% of your award immediately, when you send back the two signed contracts. Fill out the Request for Funds Form for 40% of your total award. You do NOT have to include check numbers if this is your first request.
- Your second and (if necessary) third Request for Funds are drawn down on a reimbursement basis. Provide check numbers in the itemized expenditure section of the Request for Funds Form showing how both grant funds AND matching funds were spent. Most people only request funds twice, 40% at the beginning and then the remainder when the project is over, to avoid the paperwork. However, up to three requests may be submitted.
- Keep records of check or invoice numbers for all grant and match expenditures, as you will have to report this information when closing out the grant.
- Your final request for funds (regardless of whether it is your 2nd or 3rd) must be submitted no later than 30 days following the project end date or June 15, whichever comes first.
- When submitting a Request for Funds Form, send one with original signatures and one copy.
GRANT CLOSEOUT INSTRUCTIONS
Grants must be closed out no later than 30 days after the project end date or June 15, whichever comes first.
Operational Grants (MCI, CEP, & PS) DO NOT WAIT UNTIL THE END OF THE FISCAL YEAR TO CLOSE OUT YOUR GRANT! When possible, closeout your grant prior to the ending date listed in your grant application.
Closing out your grant in a timely and efficient manner is vital to your continued success as an Arts Commission grantee. Your organization’s funding history – that is, your record of turning forms in on time and itemizing spent funds – is shared with grant review panelists each time you submit a new application. A favorable funding history improves your application’s overall rating.
- Complete and submit one original and one copy of your final Request for Funds Form.
- Complete and submit the Final Financial Report of Expenditures Form. Provide check or invoice numbers where indicated; sign and date the form; submit one original.
- Complete the Grant Evaluation Form. Submit one original and one copy.
- Submit proof of TAC credit: a brochure, poster, newspaper article, program, etc. that shows the Arts Commission logo and gives credit to the Commission for funding. See LOGO USAGE AND CREDIT MATERIALS section of How to Manage a Grant for further information.