IRDF Loan & Grant Policies and Procedures
effective 7/2/2009
A.
Policies for submitting loan applications.
1. As is the case for grants also, the applicant can begin the
application process for a loan by visiting the offices of FSILG Cooperative,
Inc (FCI) in W20-020A or calling 617-452-4053..
2. The IRDF Board of Allocation recommends a guideline of $100K
for the minimum loan amount.
3. The IRDF Board of Allocation and MIT will always seek to have
the loan written at the minimum allowable interest rate. The rates change
periodically, and in the first quarter of 2008, the rate was approximately
4.5%.
4. Generally the loan term
is 30 years, and payments are due quarterly.
5. The loan application
should be made out for the entire project. Because most renovation projects
also involve educational areas or at least affect the building envelope, it is
recommended that an Educational Project grant also be investigated along with
applying for a loan.
B.
Policies for submitting grant applications.
1. The FCI is the normal agent and conduit for assisting chapters
in application submittals. In the event of a dispute, however, appeals may be
made to the IRDF Grant Advisory Committee.
2. Educational Operating Grant applications should be submitted
within 6 months of conclusion of the submitter’s fiscal year end.
3. Educational Area allocations are maintained by the FSILG
Cooperative Inc. (FCI) and current copies kept in each chapter’s locker. Any
request for a change must be directed to the FCI, who will investigate.
Approved changes become effective in the subsequent fiscal year.
4. For all renovation and community upgrade projects, “before” and
“after” photographs are deeply appreciated. Please forward them to
rferrara@mit.edu.
5. For Educational Project Grants, no additional funds will be
granted in the event of a cost overrun. Typically, though, loan amounts can
increase. Educational Project grants are generally approved before the work
starts, and funds given on contractor receipts.
6. For Educational Project Grants which are associated with an
IRDF loan, the IRDF Grant Advisory Board may request – depending on
circumstances - that the grant amount be deducted directly from the loan
principal.
7. In each MIT fiscal year, the IRDF Grant Advisory Board will
establish a level of funding that will be available for project grants. The
funding amount will be determined and announced to the community no later than
October 1. All requests for projects grants must be submitted to the Grant
Advisory Board by November 1. The Grant Advisory Board will notify the
applicants by January 1.
Since there is a limited amount of funds available each year, some grants may
be denied. The Grant Advisory Board may also put a cap on a project or limit
the percent of reimbursement for the project. Applicants must be in good
standing to be eligible for project grant funds.
In making its recommendations to the Institute, the IRDF Grant Advisory Board
will weigh each of these criteria in evaluating each IRDF Project Grant request
by an FSILG:
1. Past contributions by alumni to the IRDF fund.
2. Past project grants awarded to the FSILG.
3. Fundraising efforts and IRDF publicity by the FSILG.
4. Community involvement of the FSILG.
5. Overall benefit to the MIT community.
6. Financial needs of the FSILG.
Based on these criteria and the amount of available funds, project grants may
be fully funded, partially funded, deferred, or rejected in MIT’s discretion.
Partially funded and deferred requests will be automatically reconsidered for
the following fiscal year if the applicant desires. The IRDF Grant Committee
may reduce contribution expectations for newer FSILGs with small alumni bases.
Please note this policy is not applicable to IRDF annual Educational Operating
Grants or IRDF Community-wide Grants.
C.
Furnishing and Equipment policies.
1 There is a maximum per chair and per desk grant allowance. The
FCI can recommend very good quality desks and chairs meeting these cost
targets. If they wish to procure other desks or chairs, the chapter must pay
for amounts beyond this.
2. The above limits do not apply if the furnishings are for an
architecturally significant area, such as a town house library. Also, virtually
all furnishings, such as couches, end tables, etc. may qualify for
reimbursement in an architecturally significant educational area such as a
library. Each situation should be reviewed by the FCI beforehand.
3. All furniture must comply with California Fire Code regulations
#133. The FCI can assist in directing applicants to furniture with this rating.
4. Desks, chairs, and other furnishings are expected to last a minimum of 10
years. Replacement of these will not normally be granted within a 10 year time
frame.
5. For computer monitors, the screen size should not exceed “24 to
be eligible for reimbursement.
D.
Procedures of the Grant Advisory Committee.
1. The FCI will maintain a register of Educational Area
changes and will forward them to Mike Parkin of Facilities to upgrade the
Facilities database. Each request for a change will be investigated and
approved or denied by FCI. Appeals may be made to the IRDF Grant Advisory
Committee..
2. "No action yet" is added to the Grant activity
register for every FSILG which has not yet submitted anything in the current
grant period. This register will be distributed electronically at least
quarterly to all members of the IRDF Grant Advisory Board and IRDF Board of
Allocation.
.
3. The FCI should in all cases recommend MIT partners as vendors
and require compliance with California Fire Code regulations.
4. The FCI will maintain a furniture tracking database to assist
in monitoring furniture purchases and the 10 year replacement cycle.
5. Periodic (2 or more per year) meetings should be held with both
the MIT Vice President of Finance and the IRDF Board of Allocation.
6. Annual Reports showing all significant IRDF cash flows should
be distributed to the two IRDF Boards, at least annually at the conclusion of
the fiscal year.
7. Theresa Lee of the Alumni Fund and
Bob Ferrara biannually send “Thank You”
letters quarterly to donors who give at least $100.
8. The IRDF Grant Advisory
Board will do periodic reviews of the IRDF web site, which should include
pictures of projects.
9. Formal requests for IRDF funding for community-wide project
(e.g. CO monitoring, Network Upgrades) shall be generally documented using a
template similar to that used for FCI assistance for grant preparation. As of 7/1/2009,
the following have been approved:
FCI assistance for grant preparation.-
$15K annually
FCI insurance Management – 7.5K annually
SLI support - $35K annually
CO monitoring – one time in 2007 with $80K cap
Fireplace conversion – one time in 2007 with $80K cap
Phase 1 of Network Upgrade – one time in 2008 with $85K cap
Phase 2 of Network Upgrade – 100% of base standards
Fire Radio conversions – 100% of approved standard