Payment Release for Grantees Policy

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Type: 
Investment
Document ID: 
POL-INV-10
Version: 
2.0
Approved By: 
Board
Date Approved: 
12/04/2000
Date Effective: 
04/01/2015
Date Revised: 
10/02/2014

1.0 RATIONALE

The Ontario Trillium Foundation (OTF) is accountable for the public funds it distributes to grantees. Accountability requires careful review of the appropriate information in conjunction with verification and documentation of the decisions. The success of grants is dependent on a grantee’s ability to manage their programs and funds in a timely manner consistent with the terms of their Grant Contract, and any subsequent budget planning for multiple-year grants, or amendments to the Grant Contract and budget approved by OTF. Consequently, OTF releases funds to grantees only when program staff have deemed the grantee is ready to proceed with the implementation of the grant and receive the payment, based on a satisfactory review of the information provided.

2.0 PURPOSE

To ensure that public funds are spent accountably, OTF strives to ensure the responsible use of funds by its grant recipients.

3.0 POLICY

Payments are flowed to grantees who meet the terms of their Grant Contract with OTF. The first payment will be released after the signed Grant Contract has been submitted to OTF. For Grow grants, payments are subject to successful completion of six-month reviews by program staff. 

OTF will hold back a proportion of the grant until the grantee has submitted the final report and OTF has reviewed the report to verify the satisfactory completion of the grant:

  • For single year grants, 10% of the total grant will be held back.
  • For multi-year grants, 10% of the budget for the final year of the grant will be held back.

4.0 DEFINITIONS

Grant Contract: The legal agreement between the OTF and the grantee and any subsequent amendments.

5.0 KEY WORDS

Cheque; Payment; Release of Funds; Hold Back; Budget

6.0 TARGET AUDIENCE(S) 

Staff, Volunteers, Applicant Organizations, Grantees

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