Australia-Korea Foundation

Grant acquittal requirements

It is a condition of AKF grant funding that recipients fully acquit the funds received. Grant moneys should be acquitted within 28 days of the completion of a project through the submission of a completed Acquittal report including a financial statement of expenditure through SmartyGrants.

As part of the acquittal process, grant recipients need to indicate how the money spent can be linked back to the activities for which funding was originally requested. All unspent funds must be returned to the AKF.

Lower risk grants may have their financial statement of expenditure certified by an official from the organisation that received the grant. Higher risk grants should be certified by a qualified accountant. As a general rule, all grants greater than $50,000 should be certified by a qualified auditor. The cost of certification can be included in the grant funding provided.

Funding recipients are required to keep all receipts and records for five years and to make these available upon request.

The final written report must include:

The AKF may seek a verbal report from grant recipients at Board meetings in addition to the above grant acquittal requirements.

An interim report may be required where a project extends over more than six months.

All AKF acquittals are to be submitted online through the SmartyGrants system. There are two types of acquittal forms: