Waco Foundation

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

Each grant recipient is sent a copy of their award letter and contract outlining the terms of the grant award and instructions on how to request disbursements. the senior director of community investment and operations schedules a meeting with the recipient if further explanation is required. the signed contract must be returned to waco foundation before the first draw can be made. typically, to access the funds, the organization must submit a check request and expense documentation of when, where and how the money was spent. the senior director of community investment and operations reviews and approves the check requests and documentation; and any discrepancies between how the money was spent and what funds were allotted for are immediately addressed. the senior director of community investment and operations maintains the grant files. depending on the length of the project, organizations may be required to complete an interim evaluation report six months after the grant has been awarded (an interim report is not always required for shorter term grants). all grantees must submit a close-out report upon final draw. the trustees receive copies of interim and close out grant reports, explaining how funds were used. in addition, the board reviews a list of grant checks written and are apprised of any requests for reallocation or recission of funds.