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Updating a Grant Contract
MaximilianEyle
Posts: 14 ✭✭✭
Hi there,
I work for a small private foundation in Upstate NY. We are in the early stages of updating our grant contracts so I thought I would reach out to see if anyone has any suggestions about this process:
- Aside from consulting an attorney, would you recommend any other best practices or resources?
- Are there any non-obvious clauses that you would suggest adding?
- In general, how often do you find it necessary to go back and update these documents?
Any advice would be most welcome, thanks in advance!
Maximilian Eyle
Communications & Grants Specialist
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@MaximilianEyle
We typically do not change anything unless we have to. This past March, our auditors said we need to adjust our grant award letter template for any conditional grants going forward. A change that's as simple as including that if the conditions of the grant are not met, that the Foundation specifies a right of return. I had to research standard ASU 2018-08 to get more info, but we added more info (we had it, but had to be more specific). This applies only to conditional grants.
So, besides the attorneys (I wouldn't), talk with your auditors or accountants.
Heidi