The CIP grant requires matching expenditures equal to or greater than 25% of the total grant amount (CIP Funds Requested). For example, if you are requesting $75,000 you must contribute at least $18,750, showing a total project cost of $93,750. When awarded, grant recipients will be held accountable for maintaining the required 25% match of the awarded grant amount. In the event the grant recipient's match is reduced below 25%, the Department may proportionally reduce the amount of the CIP grant funds.
Vendor and equipment quotes, and/or contractor estimates, etc. MUST be uploaded below in Section E. Attachments of Supporting Documentation.
How to Calculate CIP Grant Amount & Matching Funds:
If Total Project Cost is < (less than) $93,750: Calculate by:
Total Project Cost divided by 1.25 = CIP grant amount, remaining is matching funds
Example: Total Project Cost = $65,000
$65,000 / 1.25 -- $52,000 (CIP Grant Amount)
$65,000 - $52,000 (CIP Grant Amount) = $13,000 (Matching Funds)
If Total Project Cost is > (greater than) $93,750: Calculate by:
Total Project Cost minus (-) $75,000 (maximum CIP grant amount) = Matching Funds
Example: Total Project Cost = $200,000
$200,000 - $75,000 = $125,000 (Total Matching Funds)