2 FINANCIAL PROVISIONS

2.1 The grant shall be paid to either:
(a) the institution which shall administer the funds on behalf of the grantee in accordance with these conditions of the award, or
(b) a nominated bank account established solely for the administration of the grant to be administered by the grantee in accordance with these conditions of the award

2.2 Grant money will be paid annually in advance provided that:
i) payments for second and subsequent years of grant will be subject to receipt by the Secretary of an annual progress report deemed satisfactory by Council or its nominee, and
ii) 10% of the total grant amount will be withheld until the final report as prescribed under condition 6.3, and
iii) an additional $100 will be paid on receipt by the Secretary of a poster as prescribed under condition 6.5.

2.3 Grant moneys must be spent in accordance with the allocation to items specified in the approved budget unless the Council grants approval for transfer of funds between items.

2.4 GST payments associated with expenditure of the grant should be covered within the total granted funds as approved by the Council.

2.5 Grant moneys will be expended within the duration of the approved term of the grant unless approval of the Council is granted for funds to be carried forward.

2.6 Grant moneys not expended during the term of the grant or grant moneys not expended at the termination of the grant by the Council at any time, shall be repaid to the Australian Flora Foundation within three months of the termination of the grant.

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