Scheme Payment Plan

Scheme Payment Plan

I. Introduction

This Scheme Payment Plan outlines the disbursement schedule and conditions for the allocation of grant funds to recipients. This plan aims to ensure transparency, accountability, and efficient use of public funds.

II. Payment Schedule

The payment schedule for the grant funds is structured as follows:

Disbursement Stage

Percentage of Total Grant

Conditions for Release

Initial Disbursement

25%

Upon signing the grant agreement

Second Disbursement

25%

After submission of the first progress report and financial statement

Third Disbursement

25%

Upon completion of the mid-term review and approval of the interim report

Final Disbursement

25%

After final report and financial statement are reviewed and approved

III. Terms & Conditions

  1. Eligibility: Recipients must meet all eligibility criteria as outlined in the grant agreement.

  2. Use of Funds: Grant funds must be used solely for the purposes specified in the grant proposal.

  3. Reporting Requirements: Recipients must submit progress reports, financial statements, and other documentation as required.

  4. Compliance: Recipients must comply with all applicable laws, regulations, and guidelines.

  5. Audit Rights: The government reserves the right to audit the use of grant funds at any time.

IV. Compliance

Recipients are required to adhere to the following compliance requirements:

  1. Financial Reporting: Accurate and timely submission of financial reports.

  2. Progress Reporting: Regular progress reports detailing the use of funds and project milestones.

  3. Site Visits: Allow government representatives to conduct site visits and inspections.

  4. Record Keeping: Maintain detailed records of all expenditures and activities funded by the grant.

V. Reporting

Recipients must provide the following reports:

Report Type

Due Date

Content

Initial Report

Within 30 days of receiving the initial disbursement

Overview of initial activities and fund utilization

Progress Reports

Every six months

Details on the progress of the funded project

Interim Report

At the mid-term point of the project

Comprehensive update on project status and use of funds

Final Report

Within 60 days of project completion

Comprehensive overview of the project and financial summary

VI. Penalties

Failure to comply with the terms and conditions of this payment plan may result in:

  1. Withholding of Funds: Suspension of future disbursements.

  2. Repayment: Requirement to repay disbursed funds if misuse or non-compliance is identified.

  3. Legal Action: Initiation of legal proceedings to recover misused funds.

Plan Templates @ Template.net