What is Project Acquittal?
Acquitting a grant means accurately reporting on the funded activities and the expenditure of the funding. Grant acquittal reports are required on completion of your project, and are used to confirm the following:
- that the funding has been used for the purpose intended in the funding application; and
- to demonstrate the terms of the funding agreement have been met.
Acquittal is a formal condition of funding. If you do not provide a satisfactory grant acquittal report in the time and manner detailed in your funding agreement, further payments to cover the project may not be made, and you could be ineligible to apply for further grants.
Why is Acquittal Required?
Grant acquittal reports are required to ensure the obligations of both parties have been met. They are also used to evaluate the funded activities and to monitor the effectiveness of grant categories to meet future community expectations.
What is a Grant Acquittal Report?
Grant acquittal reports detail how the grant was spent, and what the outcomes of the funded activity were.
When is a Grant Acquittal Report Required?
The initial funding agreement will detail if a grant acquittal report is required, and specify when the report needs to be provided. Grant acquittal reports are typically required within eight weeks of project completion; however, you should begin documenting information when the project is near completion. In some cases, regular reports are required at key milestones during the project delivery.
Information to be included in a Grant Acquittal Report
Grant acquittal reports typically required the following information:
- Project Completion
- Information demonstrating the project was completed, including design and procurement activities, specifications and photographs.
- Statement of income
- Details of any income and expenditure.
- Documentation detailing the actual costs of the project.
- Surplus funds
- Details of any unspent grant money.
- Any unspent money is required to be returned to the funding source.
- Audited statement
- An audited statement/report complying with Auditing Standard ASA 700 – Forming an Opinion and Reporting on a Financial Report – prepared by an approved auditor.
- Asset Report
- An Assets and Real Property register, including the locations of all assets, purchase/lease cost and amount grant funded.
- Acknowledgement Report
- Inclusion of logos in project media, web page, social media, signage and media releases
- Evidence of media and photo opportunities
- Formal events (i.e. official openings, turning of the sod etc.).
Need more assistance?
If you are not sure what reporting you need to submit as part of your annual reporting, or what information to provide, please contact the liaison officer as listed in your funding agreement.