General regulations on the use of, and accounting for, grant funds by supported organizations
Grant funds must be spent by grantees strictly in accordance with:
- time framework set in the Grant Agreement for the specific project;
- approved expenditure types and amounts;
- rules and standards for grant fund spending;
- project objectives.
Principal accounting and spending requirements for grant funds:
- Grants being transferred to organizations' settlement accounts must be entered under Account 96, Special-Purpose Funding and Receipts (subaccount corresponding to the grant number).
- Organizations receiving grants must use a separate accounting process to record expenditures covered by such grants.
- The recording and execution of grant-covered expenses must comply with the accounting standards currently in force in the Russian Federation.
- Grant funds are to be spent in rubles; for the purposes of expense calculation and financial reporting, a transfer exchange rate must be used.
- Equipment acquired with grant funds cannot be transferred (or sold) until the end of the grant period. Upon the expiry of the grant period this equipment cannot be used to earn any form of income (this condition is permanent).
- ISE-Center reserves the right to conduct audit of the grantee organization (within 3 years after the grant was awarded).
General Rules of Grant Funding
- Grant funding is provided according to the approved budgets, objectives, deadlines and rules. All operations having to do with grant funding, such as funds transfer, grant management, grant-related consulting and financial report acceptance, will be performed within ISE-Center.
- Grant funding can begin only after ISE-Center receives the Grant Agreement signed by the grantee.
- Grant funding is provided on a quarterly basis.
- All grant transfers must be initiated by the grantee sending formal request to ISE-Center. ISE-Center will accept requests sent by fax, but the grantee is obliged to send over the original document.
- Grant funds provided to grantee organizations are transferred only to their settlement accounts. If there are any changes in bank details, the grantee must provide ISE-Center with documents confirming such changes.
- Grant funds are transferred in rubles (converted at the Russian Central Bank's exchange rate as of the previous day).
Closure of Grants:
Closure of the grant must take place within one calendar month upon expiry of the grant term, if there are appropriate financial and content reports validated by ISE-Center.
In the event that the grantee is unable, for sound reasons, to complete work under the project or submit reports within a set dateline, the grantee must write to the respective Program Director requesting grant extension and providing an explanation.
If the grantee fails to submit appropriate reports in due time ISE-Center reserves the right to communicate the information to RF tax authorities and permanently blacklist the grantee.