Current through Register Vol. XLI, No. 50, December 13, 2024
Section 82-7-9 - Matching Funds9.1. General. -- Applicants are required to match grants on an equal dollar-for dollar (1:1) match basis from federal, foundation, corporate, and local private contributions. No funds from any state government source may be counted toward the match amounts. 9.2. Cash Match. -- All funds used for this matching requirement must be in cash.9.3. Limit on Request. -- An applicant may not request funds in excess of fifty percent (50%) of the total project costs.9.4. Operational Funds. -- An applicant may not use funds which are operational in nature or not designated to the project phase will not be allowed as matching funds.9.5. Bond Issue Revenue. -- An applicant may not use revenue from bond issues that have not been passed at the time of application as matching funds. In addition, cash proceeds from bond issues must be expended by the end of the grant period in order to qualify as matching funds.9.6. Fund Raising Costs. -- Fund raising costs are not acceptable as matching funds.9.7. Matching Funds for Phased Projects. -- The applicant may designate matching funds only to the project phase presented in the application and may not use them in a previous or succeeding application, or in any other arts or historic preservation grant.9.8. Expended Matching Funds. -- An applicant's matching funds, excluding those used for debt retirement, may have been expended prior to the start date of the grant award agreement if the matching funds: (a) are clearly a part of the project described; (b) can be documented upon request; and, (c) were not expended prior to July 1, 1997 or five years before the application date, whichever is the shorter period.9.9. Mortgage Interest. -- The interest paid on the mortgage is considered to be the "cost of doing business", and may not be used as matching funds. 9.10. Building or Land as Match. -- Unless owned by the applicant as set forth in this subsection the value of any building or land may not be used as matching funds. To be considered as matching funds, buildings or land owned by the applicant, must have been purchased or acquired within five years of the date of application; the buildings or land must have been intended for the grant purposes at the time of purchase or acquisition; and, only the purchase price or documented value at the date of acquisition, not the current market value, may be used as matching funds.9.11. Loans. -- Loan proceeds may not be counted as matching funds. Only unencumbered equity may be counted as matching funds.