Rotary Foundation District Grants and Global Grants. The Host Sponsor and International Sponsor affirm that the Organizations are reputable and responsible and act within all laws of the project country. All grant funds will be received and managed by the Host Sponsor or the International Sponsor and will not be managed by the Organizations. Grant funds will remain in the designated Rotary Grant bank account until they are needed to pay a vendor or reimburse a purchase. All payments to vendors and reimbursements to Organizations will be supported by receipts, paid invoices, vouchers or written agreements. The Organizations may contribute funds toward the project, but The Rotary Foundation does not match these funds. The Organizations’ project-related documentation may be subject to independent financial and operational review by The Rotary Foundation. In their separate club or district qualification memorandum of understanding, the Host Sponsor and International Sponsor have agreed to: Ensure that all grant activities, including the conversion of funds from one currency to another, comply with local law Ensure that the project adheres to The Rotary Foundation’s stewardship measures and grant management practices Ensure that all people involved in a grant conduct their activities in a way that avoids any actual or perceived conflict of interest Report to the district any potential or real misuse or mismanagement of grant funds Cooperate with any financial, grant, or operational audits Maintain a standard set of accounts, which includes a general ledger and a complete record of all receipts and all disbursements of grant funds Disburse grant funds in accordance with the Terms and Conditions for Rotary Foundation District Grants and Global Grants Maintain records for items that are purchased, produced, or distributed through grant activities Maintain a dedicated bank account to be used only for receiving and disbursing grant funds Have a minimum of two Rotarian bank account signatories from the sponsoring clubs or districts for disbursements Maintain a separation of duties for handling funds so no one person is solely in control of them Maintain a written plan for transferring custody of bank accounts in the event of a change in signatories Retain bank statements to substantiate the receipt and use of grant funds Retain grant documents in a location known by and accessible to club and district officers Retain grant documents for a minimum of five years, or longer if required by local law CONFLICTS OF INTEREST A...
