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Love - Assignment Example

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Based on the fact that there are numerous sources of funds that can be used to finance projects, it is paramount for project managers to emulate effective legal requirements that are vital for the…
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Running head: Potential sources of funds Potential sources of funds 22nd February Introduction The success of a project significantly depends on its financial soundness. Based on the fact that there are numerous sources of funds that can be used to finance projects, it is paramount for project managers to emulate effective legal requirements that are vital for the acquisition of the funds. Sources of funds can be public or private. This paper seeks to identify two potential sources of funds that can be used by a project that aims at improving the living standard of juvenile adolescent males.
Chesapeake Bay Program Grants
The major objective of the Chesapeake Bay Program is to transform the lives of the young people as well as to improve their economic performance. In addition, the program seeks to expand the leadership abilities of individuals through adoption of programs that are focused at bringing change within the community. The program covers education institutions including colleges and universities. Chesapeake Bay Program awards an average of $1 million. In addition, the grant funds 20% of applications. Depending with the financial requirements of a project, Chesapeake Bay Program offers the funds for one year. Individual or institutions in need of grants can access the funds 6 to 8 months after the issuance of the request for proposal. The grant requires that a cost share of 25% of the total costs as stipulated by the project budget (2012-2013 Guidelines for Financial Support Grants). Online or mail applications can be used to apply for Chesapeake Bay Program grant.
Source Reduction Assistance Grant Program
Source Reduction Assistance Grant Program is another key source of funds. The program covers clubs and organizations, communities groups and local organizations that aim at eradicating the toxic substances used by young people. With an annul award of between $1.1 million-$1.7 million, the program funds 15% of the grant applicant. In addition, projects are funded in annual bases. According to Source Reduction Assistance Grant Program, recipients of the grant should provide 5% of the allowable project cost that can be inform of in-kind contributions such as equipments or in form of cash (Samuel, 2007). Application for Source Reduction Assistance grant can be done online or through mail after which the successful applicants receive Grants between May and August.
The table below indicates the evaluation of the project in reference to the requirements of sources of funds.
Evaluation
Response
Does the project fit the scope and objectives of the RFP?

Yes. Bonnie Brae residential center is a local organization that aims at transforming the lives of local people.
Is the approach of the project compatible with that of the funding source?
Yes. The funding sources advocates for match amount. This can be contributed by local agencies and other members of the community as outlined by the project proposal.
Will the project include the collaboration of the partners outlined?
Yes. Partners will include residential staff, law enforcement officers, members of the community and local support agencies.
Will the project staff have the necessary expertise to fulfill the requirements identified in RFP?
Yes. Qualified staff and clinical director will oversee the management of the project.
Are all of the costs necessary to implement the program allowed by this funding source?
Yes. Since the costs are incurred solely to provide health support in a residential health center.
Are the funds available sufficient to support your program?
Yes. The two sources of grants have adequate funds to cater for all the expenses of the project
Source- (Samuel, 2007).
References
Chesapeake Bay Program Grants. Retrieved from http://cfpub.epa.gov/fedfund/program.cfm?prog_num=8
Samuel D. (2007). Federal Income Taxation of Individuals: Cases, Problems and Materials. New York: Macmillan Publishers.
Source Reduction Assistance Grant Program. (2002). Retrieved from http://cfpub.epa.gov/fedfund/program.cfm?prog_num=115
2012-2013 Guidelines for Financial Support Grants. Chesapeake Bay Restoration
Fund Advisory Committee. Retrieved from http://dls.state.va.us/groups/cbrfac/guidelns.htm Read More
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