Unexpended funds

Homes Tasmania provides funding to you via a Grant Deed. Any funds that are not spent, or are not committed to be spent, for the purpose of the Grant Deed are referred to as ‘Unexpended funds’.

Unexpended funds do not include net fundraising income.

Unexpended funds can be addressed at different times during the contract term, specifically:

  • expiration of the Grant Deed
  • termination of the Grant Deed
  • at specified time(s) agreed in the Grant Deed.

Processes

Identifying unexpended funds

Unexpended funds are identified during the annual grant funding accountability report process, which you will complete each financial year.

Further information regarding this reporting process can be found on the Reporting obligations page.

Identified unexpended funds must be returned to us when addressed during the contractual lifecycle, unless we approve an application from you to retain those funds.

Retaining unexpended funds

If a Grant Deed is renewed, you may carry over unexpended funds to the next Grant Deed without seeking approval if the amount is less than or equal to the lesser amount of:

  • five per cent of the total grant amount paid under the Grant Deed, or
  • $10 000 (ex GST) per annum over the term.

If you wish to retain unexpended funds that exceed this amount, you must apply to us before or during the annual reporting process.

Applying to retain unexpended funds

You should discuss your proposal to retain unexpended funds with a contract manager before you apply.

The request is made by submitting an Application to retain and use unexpended funds. The application must include the following:

  • the amount of funds requested to be retained
  • how the retained funds will be spent, including any variations to service delivery agreed in the Grant Deed, if applicable
  • the expected benefits and outcomes
  • a plan, budget and timeframes for achieving those benefits.

We will respond in writing within 20 business days of receiving your request confirming whether all, part or none of the funds can be retained.

If your application is approved, a variation to the current funding arrangement will be made through the execution of a Deed of Variation – Grant Deed. You can find further information on the Contract variations page.

Returning unexpended funds

When you are required to return unexpended funds to us, including where your application to retain unexpended funds is not approved, we will issue you an invoice to be paid within 20 business days.