Our understanding of the term “restricted funds” means that those funds are restricted by the donor for a specific purpose or with a specific time limit. In the past, we received a grant from a particular foundation to use for two outdoor learning environments at area elementary schools. Those funds were properly classified as FASB 2 on the Financial Statements. If we approach this foundation for another grant to use as a match for the SIF Shape III, would those funds be restricted or unrestricted? And if they are restricted, does that make them ineligible for use as a match for the SIF Shape III grant, even though we intend to use them only for the SIF Shape III grant? If restricted, how do we obtain a grant to use as a match, when by the very nature of receiving the grant for a specific purpose classifies it as restricted?
Our understanding of the term “restricted funds” means that those funds are restricted by the donor for a specific purpose or with a specific time limit. In the past, we received a grant from a particular foundation to use for two outdoor learning environments at area elementary schools. Those funds were properly classified as FASB 2 on the Financial Statements. If we approach this foundation for another grant to use as a match for the SIF Shape III, would those funds be restricted or unrestricted? And if they are restricted, does that make them ineligible for use as a match for the SIF Shape III grant, even though we intend to use them only for the SIF Shape III grant? If restricted, how do we obtain a grant to use as a match, when by the very nature of receiving the grant for a specific purpose classifies it as restricted?
The use of restricted funds in this context are funds that are already restricted for a certain purpose. If you receive a new grant that is for meeting your SHAPE NC III SIF match requirement, even though it is restricted funds in an accounting sense, it is still new money that has been received with the intent to support the SHAPE NC project. We are only interested in knowing if there are restrictions of any current funds you have or new funds you may receive that would NOT allow you to use those funds for the SHAPE NC project.
