Community Foundation of Greater Memphis Inc

How it makes and monitors grants (Schedule I, Part IV)

The foundation monitors its grants in various ways depending on the source of the funding. there are 3 primary funding sources which are donor advised funds, program/discretionary, and scholarship funds. donor advised fund grants: grants from donor advised funds are overseen by a grant manager. the grant manager reviews the grant recommendation form to ensure accuracy and propriety and verifies the recommended grantee is a charitable organization under section 501(c)(3) of the internal revenue code. all grant requests are then subsequently approved for disbursement by the executive committee, and ultimately, ratified by the full board. the grantee's use of the funds is monitored by foundation staff until completion of the designated purposes. program/discretionary grants: the respective committee will set forth criteria for awarding each program-related grant. further, the committee will review and evaluate applications to ensure a charitable purpose. subsequent to the grant disbursement, foundation staff will oversee budgets and workplans to ensure appropriate use of funds. scholarships: scholarships are based on certain selection criteria, including the following: academic performance; extracurricular activities, including community services; letters of reference; work experience; career and educational goals; and financial need. an independent selection committee reviews all scholarship applications. scholarship funds are paid directly to the educational institution.