Pinellas Community Foundation

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

Pinellas community foundation (pcf) follows a board-approved grant making due diligence policy that governs all grantmaking activities. when a grant is made to an entity that is not a recognized 501(c)(3) organization, pcf exercises expenditure responsibility in accordance with internal revenue code section 4945(h) and the pension protection act of 2006. for each such grant, pcf completes a pre-grant inquiry, signed by the ceo, to obtain documentation demonstrating the grantee's legal status, governance, financial condition, and capacity to carry out the specified charitable purpose. a written agreement defines the charitable purpose, permitted uses of funds, reporting requirements, and expenditure period. grantees are required to maintain separate accounting records for the funds and to provide regular progress and expenditure reports, which are reviewed by pcf staff. in the current fiscal year, pcf awarded one expenditure-responsibility grant to a newly formed llc selected through a public, open, and competitive process that applied the same published eligibility and evaluation criteria to all applicants. the written agreement and subsequent monitoring confirm that funds are used solely for charitable purposes. pcf has reviewed expenditures and performance reports and engaged an independent firm to conduct an agreed-upon procedures review of the grantee's financial controls and processes. ongoing monitoring continues for the duration of the grant.