2024-063 - Accepeting Grant Funds From the Irvine Foundation

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IRS DETERMINATION This grant is specifically conditioned upon Grantee's status as an eligible grantee of the Foundation. The Foundation has obtained a copy of Grantee's IRS determination letter and/or verified Grantee's tax status on IRS Publication 78, evidencing the eligibility of Grantee to obtain support from the Foundation. The Foundation has also verified that no revocation of the determination letter has been published by the IRS. Grantee confirms that it is exempt from federal income tax as defined in Section 501(c)(3) of the Internal Revenue Code (the "Code") and that it is not a private foundation as defined in Code Section 509(a). Grantee also confirms that it has not had any substantial change in sources of support for any taxable year affected by this grant. Grantee shall notify the Foundation immediately of any change in (a) Grantee's tax- exempt status or its foundation status, or (b) Grantee's executive staff or key staff responsible for achieving the grant purposes. It. GRANTEE'S FINANCIAL RESPONSIBILITIES Grantee shall treat grant funds as restricted assets and shall maintain books to show the grant funds separately. Grantee shall comply with applicable laws regarding the prudent and productive investment of all grant funds not required to be expended for grant purposes in the near term, and all interest or appreciation accruing thereon shall be restricted to the grant purposes. Grant funds maybe commingled with Grantee's other liquid assets OR investments. All expenditures made in furtherance of the purposes of the grant shall be charged off against the grant and shall appear on Grantee's books. Grantee shall keep adequate records to substantiate its expenditures of grant funds. Grantee is expected to maintain complete and accurate financial records of revenues and expenditures relating to the grant for at least four (4) years after the Grantee has expended the last of the grant funds. In the event that the Foundation is audited by any government agency, it may be necessary, in rare instances, for the Foundation to examine, audit, or have audited the records of Grantee insofar as they relate to activities supported by this grant. Any expenses related to such activities will be borne by the Foundation. I I 1 1.1:12111011111I►10 To enable the Foundation to evaluate the effectiveness of this grant, Grantee shall submit to the Foundation a written report for any annual accounting period of Grantee during which Grantee receives, holds, or spends any of the grant funds. Please refer to the enclosed Grantee Reporting Guidelines for details on reporting to the Foundation. If more than one report is required, the final report shall outline Grantee's use of all grant funds and charitable activities from the date of the disbursement of this grant until Grantee expended the last of the grant funds. IV. EXPENDITURE OF GRANT FUNDS The grant is for the purpose(s) stated in this agreement. Grant funds maybe expended only in accordance with the terms set forth herein. Grant funds may not be expended for any other purpose without prior written approval by the Foundation. Grantee shall repay to the Foundation any portion of the grant funds which is not spent or committed for the purposes stated in this agreement. Permission to make any major change (line items added or deleted or transfers among line items greater than 20 percent of the approved line item amount) to the approved budget must be requested in writing, and approved by the Foundation in advance of the implementation of the change. The lames Irvine Foundation — Project Support Grant Agreement — Grant Number: 24-21619 Page 3 of 10 Resolution No.2024-063 Page 9 of 16