May a county or city appropriate moneys to these private entities? Grants to Private Entities And, the purposes for the requests vary greatly-from seeking limited funding for a specific activity, to requesting funding to support the general operations of an organization, to asking for funding for major capital projects. Requests also come from a variety of other sources, though, including corporations, loosely affiliated community groups, and even individuals. The requests often come from local non-profit agencies, some with religious affiliations. Local government officials typically field a myriad of similar requests around budget time. A small company asks the unit to subsidize the company’s capital expansion. A homeowners’ association requests money to improve its privately owned and maintained water system. The local Rotary Club asks that the local government become a dues paying member. A local non-profit agency, trying to survive in the tough economic climate, seeks funds to finance its general operations. A religious organization wants funds to organize a community festival. Click here to learn more about the requirements.Īt the local government’s budget hearing, representatives from several private entities make requests for grants from the unit. For the purposes of this section, " investing entity" means this state, a political subdivision, the governing body of a municipality or the governing body of a school district.UPDATE August 2013: In 2012 the General Assembly imposed additional accountability requirements on nonprofit corporations that receive over $5000 of public funds within a fiscal year from grants, loans, or in-kind contributions. Monies invested in accordance with all of the conditions prescribed in this section are not subject to any security or collateral requirements.Ĭ. On the same date that the investing entity's monies are deposited pursuant to paragraph 2 of this subsection, the selected eligible depository receives an amount of federally insured deposits from customers of other financial institutions equal to or greater than the amount of the monies initially invested by the investing entity through the selected eligible depository.ī. The selected eligible depository acts as custodian for the investing entity with respect to such deposits.ĥ. The full amount of principal and any accrued interest of each such deposit is insured by the federal deposit insurance corporation.Ĥ. The selected eligible depository arranges for the deposit of the monies in one or more federally insured banks or savings and loan associations wherever located, for the account of the investing entity.ģ. The monies are initially invested through an eligible depository in this state selected by the investing entity.Ģ. If an investing entity invests in deposits pursuant to section 9-492, subsection C, section 15-1025, subsection B, paragraph 7, section 35-313, subsection A, paragraph 14, section 35-323, subsection A, paragraph 2 or section 48-2979, subsection D, the investing entity in each case shall invest those monies in accordance with all of the following conditions:ġ. Investment of government monies in deposits conditions definitionĪ.
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