SCORE chapters may apply for and receive grants from local governments and other third parties. The SCORE chapter must notify the SCORE HQ accounting team of any financial reporting requirements associated with a received grant. The SCORE chapter or district associated with the grant will be responsible for any performance reporting requirements. SCORE chapters must notify the SCORE VP of Finance before applying for or receiving federal funds other than their normal Small Business Administration allocation. Please also remember that all contracts including grant agreements must be signed by the SCORE VP of Finance.
The chapter is responsible for managing the grant including ensuring compliance. Please work with the SCORE HQ controller for any reporting requirements to prevent “double dipping”, i.e. having expenses paid by both the federal grant and reimbursed by a local grant. Usually this is done using an Activity Code in the Sage Intacct Accounting system.
If the chapter is a “Subrecipient” of a federal grant from a passthrough arrangement, all financial filings need to be approved by SCORE HQ before submission in addition to the above requirements. The chapter will be responsible for absorbing any additional auditing costs incurred by SCORE directly due to the grant. All reporting required must be first reviewed and approved by HQ staff before submitting.