(a) Fund Disbursement. Funds shall be disbursed to the grantee only as needed to discharge obligations incurred in accordance with the Board approved eligible project costs. Request for disbursement shall be made on a form supplied by the Council staff and supported by adequate proof that such an obligation has been incurred for the project purpose and is due and owing.
(b) Fund reversion. - (i) If the Council staff determines that the project has not been completed within the timeline established in the grant agreement between the grantee and Wyoming Business Council, Council staff shall notify the grantee in writing at least thirty (30) days prior to presenting the matter for Council review.
- (ii) If the Council staff determines that the project is complete, but the full amount of the grant or loan has not been expended, the Council staff shall notify grantee of this determination. Thirty (30) days following the notification, the unused portion of the grant or loan shall revert to uncommitted status.
- (iii) Projects that have not been started within one year: Council staff will notify grantee of a pending expiration prior to the one year anniversary unless contingency for delay start was noted during the award. The grantee can submit a written request to continue the project. Council staff may request new and/or updated information and documentation. Council staff may recommend and the Council may grant an extension of time in which to start the project.
- (iv) Projects with contingencies: Grantee is required to provide timely updates on the status of the contingencies. If the contingency timeline lapses without conditions met, then the award will expire. The grantee has the option to submit a new application or can request an extension or modification of the contingency terms through the Council staff. Council staff may recommend and the Council may grant an extension of time or modification to the contingencies.
- (v) Procurement Standards. All grantees must follow the state procurement regulations that exist in statute for cities and towns. If a non- municipal grantee has produced a procurement policy, then Council staff or qualified consultants reserves the right to review that policy prior to fund disbursement.
(c) Project Monitoring. - (i) Reporting. Within fifteen (15) calendar days at the conclusion of each calendar quarter during the term of the grant or loan contract construction services period of the grant agreement or cooperative agreement, the grantee shall supply Council staff with a progress report. Each progress report shall set forth in narrative form the work accomplished under the grant or loan during the quarter and shall include a financial status report. At the end of the project, the grantee shall furnish Council staff with a final infrastructure report of the project. The grantee shall likewise furnish the Council staff with a cumulative financial statement, reflecting the total expenditure pursuant to this grant agreement. Council staff may at any point during the grant period request the grantee to provide updated financial information from the Community Facility Business Plan.
- (ii) Audits and inspections. The Council staff may, at its expense, conduct an audit of the records of the grantee and inspect the construction and operation of the project.
- (iii) Record retention. Grantee agrees to retain all records related to the project for four (4) years following the Council staff's date of notice to grantee of closeout of the grant.
(d) Project Evaluation. - (i) Evaluation Reports. After the conclusion of the construction services period and through the remaining period of the grant, grantee shall submit periodic narratives evaluating program outcomes against established measures. Council staff shall stipulate the frequency and content of the report, tailored to the specific nature to each grant or loan, in agreements between the Council and grantee.
- (ii) Evaluation results. The Council shall use the evaluation report information to measure program outcomes, to promote learning from experience and to improve program performance. Council staff may make evaluation results available to grantees and other practitioners as appropriate.
- (iii) Written comprehensive report. At the expiration of the grant agreement, the grantee shall furnish Council staff with a comprehensive report of the project. The grantee shall furnish Council staff with any updates to the cumulative financial statement, reflecting any additional expenditures if any, pursuant to this grant agreement.
085-1 Wyo. Code R. § 1-16