How Funding Works
1. Initial Concept
Review funding opportunities to see if your project idea is eligible for funding.
2. Connect with Program Manager
Contact a Program Manager by phone or email to confirm your eligibility and discuss next steps
3. Complete an Application
Complete an application - this can be a multiple step application process, depending on program.
4. Funding Approved
Congrats! You've been approved. Now you must meet the funding recognition and reporting requirements.
The members of IAF Board of Directors will meet to review applications and make funding decisions. Our directors are farmers and food processors from a variety of sectors who bring valuable expertise to the table. Rest assured your application will be considered by a knowledgeable panel of industry peers.
Our commitment to improving client service includes the following Service Standards for decisions:
- For projects over $10,000, clients can anticipate a decision letter 35 business days from the date the application is submitted.
- For projects under $10,000 (Small Projects), clients can anticipate a decision letter 10 business days from the date the application is submitted.
Your Program Manager will be available for any other questions or concerns that arise in the meantime. Good luck!
Congratulations! You’ve just received word that your project was approved. Here’s what you can expect next.
You will receive confirmation that your project is approved with the details of the decision and any terms and conditions.
Please note You will need to obtain permission before making any announcement about your project or undertaking any communications.
Satisfying Terms & Conditions
The next step involves satisfying any terms and conditions. As each project is different, so too are the terms and conditions. It is your responsibility to satisfy these requirements. Usually this includes:
- Signing the decision letter and returning it within 30 days (not required for projects that receive $10,000 or less in funding).
- Providing written confirmation of funding contributed to the project from other sources.
- Providing a revised budget (if different from the application). Note: Significant budget changes may require further approval.
- Providing a revised work plan (if different from the application). Note: Significant changes may require further approval.
- Satisfying any additional “subject to” items designated in your decision letter.
Once you have accepted the offer and all terms and conditions have been satisfactorily met, the contribution agreement will be prepared. This agreement is a legally binding document that explains the responsibilities of each party. A reporting and payment schedule will be attached, which outlines when your reports are due and the payment associated with each reporting period. You will receive a copy of the agreement, which must be signed and witnessed and returned to us. Once signed by IAF, we will return one copy to you after all signatures have been affixed.
Contribution Agreements are typically sent to you within ten business days from the date all project conditions are met.
Your First Payment
Your first payment cannot be authorized until we have received your signed contribution agreement.
Your IAF Contact
Your Program Manager will be your contact for the duration of your project, with the exception of communication and marketing material matter. To have communication, marketing or announcement materials approved, please contact communications(at)iafbc.ca for details and requirements.
As your project application forms part of your legal agreement with IAF, changes to your project must be approved in advance. Be sure to talk to your Program Manager as early as possible, as certain types of changes must be requested in writing and require some time to consider & approve.
Types of changes requiring approval include
- Requests for an extension
- Changes to funding partners or amounts they are contributing to your project (particularly if their contribution will be less than originally anticipated)
- Unexpected delays that may impact project results, deliverables or timelines
- Budgetary changes (over 10% of a line item)
- Requests for additional funding
- Project withdrawals or early termination
We try to be as flexible and supportive of our clients as possible, and are usually able to accommodate reasonable requests for project changes. However, certain types of changes – like those listed – that are not approved may be considered a breech of your legal agreement and can result in loss of project funding. In extreme cases, we may ask you to return funding that you have already received.
Project Reporting Requirements
Once your project is underway, you will need to provide regular reports on the progress and financial status of your project.
The reporting requirements for your project are tied to your payment schedule and are outlined in your contribution agreement. Once the requirements for a particular stage are satisfied (these may include progress reports, annual reports and work plans), you will receive an interim or final payment.
Larger projects or projects of longer duration may be required to provide several progress reports as well as a final report. Smaller projects may only require a final report at the end of the project. All projects require a final report.
Your Program Manager will provide you with electronic reporting templates to make reporting easier. Contact your Program Manager if you have any questions, need assistance to complete your report, or are unable to meet your reporting deadline.
Our commitment to improving client service includes the following Service Standards for decisions and payments:
- 30 business days from the date the Project Report is completed to the date it is reviewed and approved
- 15 business days from the date the Project Report is approved to the date the cheque is mailed