Partnership Grants

APPENDIX B: Financial Requirements, Reports and Records

1. Expenditures 
  • Expenditures for the grant must be made in accordance with the approved grant budget specified in the grant agreement.
  • Any expense not specifically approved in the budget will not be allowed without advance approval in writing by the Grants Office.
  • Work on the grant must be completed within the dates set forth in the grant agreement. Work done outside the grant period is not eligible for grant assistance. 
2. Documentation
Within thirty (30) days after the grant is completed, a final report form including supporting documents must be submitted to the Grants Office. Supporting documents include photographs (as applicable), receipts/invoices for grants over $10,000, in-kind labor forms (optional), and a copy of the final product(s). Final work products should be uploaded to the grants portal, preferably as a pdf. The final report form and related documents can be found in the grants portal and on the Heritage Partnership Program grants website.  
 
It is important to submit these reports promptly because grantees with overdue reports are not eligible to apply for grants until past due reports have been approved by the Grants Office.
 
3. Records Retention
Grantees must keep project financial records on file for a minimum of six years. An audit may be made at any time by the Minnesota Historical Society, its designated representative, or any applicable agency of the State of Minnesota.
 
4. Nongovernmental Organizations: Fiscal Review Requirements
The State of Minnesota Grants Policy (#08-06) requires a review of the financial stability of nongovernmental organizations applying for grants of more than $25,000. To comply with this requirement, these organizations must submit an acceptable financial record as part of their application materials. Any items of significant concern must then be discussed and resolved to the satisfaction of Minnesota Historical Society staff before a grant is awarded. 
 
Failure to supply an acceptable financial record with your application may result in disqualification. The record you submit must be the most recent available and no more than three (3) years old. If your organization is too new to have any of these records, you may need to delay application until your organization has sufficient organizational history has transpired.
 
Acceptable records: 
  • Form 990
  • Form 990-EZ
  • Audit
  • Year End Financial Report
 
Records that CANNOT be accepted:
  • Form 990-N (no financials are part of this document)
  • Budget (this is a future projection, rather than showing past performance)
  • Bank Statement (current moment snapshot of financial picture)
  • Balance Sheet (current moment snapshot of financial picture) 
5. Payments and Reporting

Grantees with overdue final reports are not eligible to apply for another grant until paperwork is closed out.

Awards greater than $10,000 but less than $50,000
  • A check for 90% of the grant award will be released to grantees once the grant agreement documents have been fully executed and grantees have received authorization from the Society’s Grants Office to begin work, unless a condition placed on the grant requires the payment to be reimbursable.
  • The final report form, including the completed budget table showing actual expenditures, must be submitted to the Grants Office within 30 days following the assigned end date for the grant. The remaining 10% of the funding will be released upon receipt, review, and approval of the final report.
Awards $50,000 and up
  • For large grants, a payment schedule appropriate to the needs and scale of the grant will be negotiated with the grantee and included in the grant agreement. Agreements may include an advance payment at the start of the grant period with interim payments tied to the grant schedule or reimbursable expenditures.
  • Grantees must submit progress reports in order to receive interim payments. Requested materials are grant-specific and will be listed in the grant agreement with the payment schedule.
  • The final report form, including the completed budget table showing actual expenditures, must be submitted in the grants portal within 30 days following the assigned end date for the grant. The remaining 20% of the funding will be released upon receipt, review, and approval of the final report.

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