Financial Resources and Management System Sample Clauses

Financial Resources and Management System. As of December 31, 2007, Matching Grant costs totaled $8,071,243. USAID costs totaled $3,636,906 ($113,094 under budget). TNS and other counterpart costs totaled $4,435,336 ($685,336 over Grant Agreement requirements). TNS’s financial management system has proven quite adequate to the task. A member of TNS’s U.S.-based financial team works with financial managers in the target countries to reconcile expenditures and matching needs. The required counterpart funding levels have been achieved, with country and activity managers proving adept at raising matching funds in-country. Initially, internal budget allocations were made to ensure that program performance targets would be met. As quick progress was made towards achieving overall LOP targets, TNS increasingly based its funding allocation decisions on expected program impact and on the value and need of specific activities to meet overall country program strategy objectives – particularly for competitiveness seminars and volunteer consultants. In terms of additional resources mobilized and program sustainability, the following summarizes TNS’s progress. Youth Entrepreneurship Training – Throughout the grant, local partners have provided in- kind contributions in the form of space and volunteer time and solicited additional local institutions to do the same. In El Salvador, the Citigroup Foundation’s focus on women has resulted in ongoing funding for annual women’s entrepreneurship training. Currently, TNS is also working with CONAMYPE to jointly raise funds that will allow the program to continue after the grant termination. In Kenya, Nike, Inc. has funded a program for girls/young women YE. In Swaziland, TNS is leveraging USAID/RCSO support to raise private funding for a very large, comprehensive Global Development Alliance YE effort. Business Plan Competitions – Given the potential for wide coverage and concrete results, many local and international companies have stepped forward to provide cash and in-kind contributions. Additionally, TNS has obtained separate funding from the Google Foundation, the World Bank and Cargill to continue this activity.
Sample 1
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