Payment Procedures | Irwin Andrew Porter Foundation

The following is a general guideline for how the Irwin Andrew Porter Foundation disburses grant monies once a grant has been awarded by the Board. It is a general guideline only and may vary on a case by case basis.

Grants not contingent on special circumstances (matching funds, meeting certain conditions or obtaining additional information etc.) are paid in the following manner:

For a one year grant, 80% of funds are disbursed along with notification of the grant award. The final 20% of the award is paid upon timely receipt of a final report that is satisfactory to the Foundation.

For a two year grant, 100% of the first years grant is disbursed along with notification of the grant award, 80% of the second years funds are disbursed upon timely receipt of an interim report that is satisfactory to the Foundation and the final 20% upon timely receipt of a final report that is satisfactory to the Foundation.

For a three year grant, 100% of the first year’s grant is disbursed along with notification of the grant award, 100% of the second year’s funds are disbursed upon timely receipt of a one year interim report that is satisfactory to the Foundation, 80% of the third year’s funds are disbursed upon timely receipt of the year two interim report and the final 20% upon timely receipt of a final report that is satisfactory to the Foundation.

In general, no monies are disbursed on any grant that is contingent on special circumstances until those conditions have been met. Twenty percent of the grant amount is always withheld until the foundation has received a satisfactory final report.

Grant monies not used for the designated project or budget period must be returned to the Foundation. Requests for extensions or reassignment of the use of the funds may be considered by IAP on a case by case basis.