All funds provided to applicant are spent and accounted for in accordance with their Contribution Agreements. If there is a year-end surplus, it is identified, and applied (carried forward) to the next training period. Any funds remaining at the end of the ASETS will be returned to Funder.
Beginning Of Initiative
Sets out the terms and conditions upon which applicant will receive funding and deliver training pursuant to the ISET.
- Each applicant will undergo an activity and financial monitor for both the employment & training and daycare departments during the ISET.
- Additional follow up monitors may be conducted based on the outcome of the initial monitor.
- All monitor activity is measured against the annual operation plan and contribution agreement.
Annual Operational Plan:
Applicant must submit annual operating plans “AOP”. Annual objectives and projected outcomes are identified. Annual program plans are developed for each individual training activity and are accompanied by targets. Overall summary budget consolidates program plans as well as administrative and other training related costs.
Changes to the AOP:
AOP plans may need to be amended as circumstances in applicant communities change, and as the Initiative evolves along with the planning and implementation of the ISET.
All amendments to the AOP will be reported to MKO ISET. Substantive changes require approval for funding prior to the delivery of training and the changes required a revised AOP.
Other minor changes can be captured in monthly/quarterly reports.
Funding is disbursed monthly based on cash flows developed as part of the annual planning process.
Each sub-agreement holder must provide the required activity and financial reports on the prescribed schedule. These individual reports are rolled up into a single report and forwarded to the Funder by MKO ISET.
Once the funder reviews and accepts the report, funding is released by Funder to MKO ISET and then MKO ISET to the applicant.
(Note: only actual expenditures reported are reimbursed. The advance will be less surplus from the previous month).
The Contribution Agreement outlines specific audit criteria developed for the ISET by Funders. MKO ISET integrates all of the applicant audits into one consolidated audit.
This integrated audit is forwarded to funder. The funder then processes payment to MKO ISET. Delays in receiving SAH audits will result in funding delays for the next training cycle for all of the applicant.
Other Funding Facts:
- All funds provided to applicant are spent and accounted for in accordance with their Contribution Agreements. If there is a year-end surplus, it is identified, and applied (carried forward) to the next training period. Any funds remaining at the end of the ISET will be returned to Funder.
- Continued funding of training depends on community plans achieving results. These results are measured and reported regularly in several categories, including the number of clients assessed for participation, the numbers that have successfully completed their training, and are employed as a direct result of training.
- Results are captured in ARMS client management system.
- The applicant is to report any partnerships initiated/formed in the prescribed form during the ISET.
- Administration costs are accepted to a maximum of 10% for applicant, only if they are reasonable and directly related to the implementation of the training as part of the initiative.
- During the final year of the ISET, MKO ISET will withhold final payment of up to 10% of the total contribution until the end of the funding period has been completed, and all accountability requirements have been met.