The North Carolina Recoverable Grant Agreement (NC RGA) is a financial assistance program offered by the state of North Carolina to various entities such as nonprofits, small businesses, educational institutions, and local government organizations. This grant program aims to provide recoverable funding to support initiatives that foster economic development, job creation, infrastructure development, or improvements in communities across the state. The NC RGA is designed to provide financial aid in the form of grants that are recoverable under specific conditions. Unlike traditional grants, the funds awarded through this program are expected to be repaid over a defined period or upon achieving certain predetermined milestones. This unique feature distinguishes the NC RGA from other grant programs and ensures the sustainability of the economic or community development projects being supported. There are different types of North Carolina Recoverable Grant Agreements tailored to specific needs and goals. Some key variations include: 1. Economic Development Recoverable Grant Agreement: This type of agreement primarily focuses on providing recoverable grants to businesses or organizations involved in economic development initiatives. The funds are typically utilized for expanding existing businesses, establishing new ventures, or attracting businesses to the state. Repayment terms and conditions are agreed upon during the grant application process and may vary based on individual project requirements. 2. Community Development Recoverable Grant Agreement: These agreements are aimed at supporting nonprofits, local governments, or community organizations striving to enhance the well-being and living conditions of communities across North Carolina. The recoverable grants are often utilized for infrastructure projects, affordable housing initiatives, community revitalization efforts, or other community development programs. Repayment terms depend on the nature and scale of the project but are typically structured to promote long-term community improvement. 3. Education and Research Grant Agreement: This specific type of recoverable grant agreement is focused on supporting educational institutions, research centers, or organizations involved in educational research and innovation. The funding is directed towards promoting educational access, improving the quality of teaching, conducting research, or developing innovative educational technologies. Repayment terms are usually tailored to suit the nature of the educational project or research being undertaken. 4. Environmental and Sustainability Grant Agreement: This agreement type caters to projects that aim to promote environmental conservation, sustainability, or the development of renewable energy sources. The recoverable grants are often offered to organizations or businesses committed to mitigating climate change, protecting natural resources, or adopting sustainable practices. Repayment terms may vary depending on the specific environmental goals and objectives of the project. In summary, the North Carolina Recoverable Grant Agreement program is a unique financial assistance initiative that provides recoverable funding to support economic, community, educational, and environmental development projects. Different types of grant agreements are available depending on the specific focus area, allowing organizations and businesses to access financial support while maintaining the long-term sustainability and impact of their projects.
North Carolina Recoverable Grant Agreement
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The Agreement includes: this letter ? the Grant schedule (attachment A) ? the Grant terms and conditions (attachment B) ? your application ? the grant opportunity guidelines applicable on the date you submitted your application.
There are two types of sponsored research awards: research grant and research contract. The difference between a contract and a grant relates to the legal concept of default and whether the researcher is legally bound to produce results.
During Step 5, you will complete the program's Household Composition Reverification Form, which verifies the individuals who are part of your household, including whether there has been any change to the household since the time of the initial application and whether any additional individuals are anticipated to join ...
The IRS has advised the Department that payments from the Business Recovery Grant Program are subject to federal income tax and should be included in the business's gross income or gross receipts.
The grant agreement defines what activities will be undertaken, the project duration, overall budget, rates and costs, the EU budget's contribution, all rights and obligations and more.
Signing the grant agreement is the last step of the grant preparation phase. It shows that both you and we formally approve the agreement and its annexes. The grant agreement enters into force on the day of the last signature.
Essentially, a contract is a legally binding document in which the parties make promises to deliver a product or service in exchange for consideration (usually money.) A grant on the other hand is when one party grants funds to another party to do something, in reasonable hopes that the task can be accomplished.
Summary / Background. Signing the grant agreement is the last step of the grant preparation phase. It shows that both you and we formally approve the agreement and its annexes. The grant agreement enters into force on the day of the last signature.