Funding requirements
All grant recipients must sign an agreement with State Growth. This confirms State Growth’s and the local council’s responsibilities according to the application. The main provisions of this agreement cover the following.
- State Growth will commit to an agreed payment timetable based on the terms of the agreement and the amount funded for the approved project. For example, a project grant could be funded at key milestones (negotiated for each project), and/or at the project completion.
- State Growth may select a project at random for financial and/or compliance auditing.
- The local council is responsible for the project and the management of all associated activities and risks. State Growth’s role is to provide funding.
- Funding for the project, including what is received from State Growth, must be included in the local council’s annual reporting.