The Net Proceeds Committee is made up of the 5 Directors listed here and they will consider each application using the following criteria:
- Close off for all applications is usually the 10th of every month.
- To be considered an application needs to have had the following completed:
- At the cut-off date, all correct, completed applications will be put forward for consideration at the appropriate funding meeting.
- If the complete, signed original application has not been received at our office by the cut-off date, it will not be considered.
- Please check the Grants Portal regularly from the 20th of the month (except July, when there is no meeting) to track the progress of your Request, as you will be required to accept our Funding Offer (if approved) within a given timeframe (a minimum of two days).
- You can expect to receive an outcome by month end.
- There is no meeting in July.
The following criteria are considered by the Net Proceeds Committee:
- The application must meet First Sovereign Trust Limited’s Authorised Purpose.
- The amount applied for must be available from net proceeds that are available for distribution at the time the application is made.
- The application, if approved, must benefit the community.
- Where it is apparent that an applicant has received funding from another source for the same purpose, the applicant must repay any portion of the funding that exceeds the total amount required for the stated purpose.
- Grants cannot be retrospective (i.e. to reimburse funds already spent).
- Grants must not be made on a promissory basis.
- First Sovereign Trust shall take reasonable steps to ensure that grants are used for the purpose stated by the recipient in the application. Receipts must be submitted to prove that the funds were utilised for the purpose stated on the application. The Net Proceeds Committee may decline applications for Organisations that have overdue Accountability Reports outstanding.
- Applications that would provide pecuniary benefits to its principal officers, employees, gaming machine service contractors, representatives or associated person will not be considered.
- Repeat applications that have met and followed the First Sovereign Trust Limited rules and guidelines on being granted net proceeds may be considered provided all other criteria have been met.