AUDIT Q&A'S
Do we need to be accountable for funds received?
Yes, all grants funded by The Lion Foundation must be audited no matter how small or what the authorised purpose is.
Is there a time frame in which to spend the grant?
Yes, either 3 or 6 months from the date of receipt of funds. On request, your audit date can be extended to 12 months. IT MUST NOT EXCEED 12 MONTHS - all required audit materials must be received on or before the audit date.
What is an 'authorised purpose'?
An authorised purpose is an event, project, activity or item that qualifies for funding. What all authorised purposes have in common is that they benefit the community and do not result in commercial or personal gain.
Can we amend the authorised purpose?
Yes, but only in exceptional circumstances and this must be applied for in writing.
If the authorised purpose contains a time frame, do we have to comply?
Yes, it is important that the grant must be spent in the time frame stated.
What is a line of payment?
A line of payment comprises the following:
- Supplied quote at time of application
- Copy of paid invoice that matches quote
- Copy of bank statement proving payment of item or service.
- Audit summary or report.
What audit material is required?
For a Lion Foundation audit summary, you'll need to provide a signed copy of the Audit Summary Report, including copies of paid invoices and bank statements proving payment. Download an Audit Summary Report here.
Once the funds are granted, do we need to use the same quotes we provided?
Yes, however if the supplier is no longer in existence or unable to provide the service then you must request a change of supplier in writing and attach a copy of the replacement quote.
What if the grant is for wages?
Please provide Inland Revenue employer monthly schedules (IR 348-9) for every month funding is required, as well as copies of bank statements proving the payment of wages.
Should we notify the Lion Foundation if the position or person changes?
Yes, if the person is replaced, please forward a copy of the signed current employment contract. If the position changes, please forward an updated job description. All changes must be applied for and explained.
What do we do if the purchase price is less than originally quoted in the application?
You must return all unspent funds.
Can we reallocate the unspent funds on other items or activities?
NO, THEY MUST BE RETURNED. Funding for other items must be applied for separately.
What is a refund?
A refund is either a total or partial amount of the grant monies funded by The Lion Foundation. We will request a refund for unauthorised purposes e.g. items not requested at time of application, retrospective payments or 'double dipping' (applying to more than one Trust for the same purpose).
What does retrospective mean?
We will not accept an application for ANY payments made prior to notification of approval of funding e.g. deposits, set-up, planning or printing costs or reimbursement of payments. No exceptions.
What about airfares and accommodation?
All payments made by the applicant organisation must be made after approval of funds. So if you need to book airfares or accommodation, you'll need to get your application to us well in advance.
