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(a) After the board sends an applicant the notification described in 3 AAC 233.080(d) , the executive director or the executive director's designee shall negotiate, as directed by the board and on the board's behalf, the specific terms and conditions of the resulting grant agreement with the successful applicant.
(b) A successful applicant does not have a vested right or other entitlement to a grant from the foundation until a mutually acceptable definitive written agreement is negotiated and is signed by the foundation.
(c) A grant agreement must contain the terms and conditions of repayment, require periodic and final financial reporting by the applicant on a form required by the foundation, and allow for inspection of the applicant's business and financial books and records and place of business by members of the board, the executive director, or representatives of the foundation.
(d) Repealed 8/14/99.
(e) A grant agreement must contain a requirement that the applicant not use grant money for lobbying or political activities.
(f) The board will require in the grant agreement a fair and reasonable return to the foundation from the revenue, economic value, or profits that the applicant derives from or as a result of the grant. The board will, in its discretion, require that a fair and reasonable return consist of a percentage of gross revenue, net revenue, receipts, before-tax income, or after-tax income that the applicant receives, directly or indirectly, as a result of goods or services sold, leased, licensed, or otherwise provided by the applicant, if those goods or services include or are based upon inventions or technology conceived, reduced to practice, or developed with grant money. The board will, in its discretion, specify other terms and conditions that the board considers necessary or appropriate.
History: Eff. 5/12/90, Register 114; am 8/14/99, Register 151
Authority: AS 37.17.010
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Last modified 7/05/2006