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In addition, as a routine part of each grant agreement, grantees are required to agree to comply with SEVEN's OFAC policy. Any potential grantee declining to agree to compliance forfeits the grant. 2.Grant agreement: All grants are governed by a standard grant agreement, outlining the purpose of the grant, required reporting schedule including financial reporting, and the terms under which SEVEN operates, including the appropriate IRS clauses. 3. Extensive reference checking: Each grantee undergoes extensive reference checking prior to the final grant being awarded. 4. Ongoing reporting and regular check-ins: All grantees are required to submit quarterly reports, detailing their progress, which include detailed financial reports. More detailed reports are also due at regular intervals for the program. Grantees are selected at random annually for an internal audit, during which they are required to supply more detailed information. A program officer from SEVEN also speaks to grantees at regular intervals, at least once per quarter, to monitor progress, discuss financial reports, etc. 5. In person meetings and site visits: Where possible, SEVEN conducts an annual in person meeting or on site visit with grantees. 6. Pioneers of Prosperity: The Pioneers of Prosperity program utilizes a specific set of screening and ongoing monitoring criteria. Participating businesses submit two rounds of questionnaires; share their full financials, including tax returns for the country(ies) in which they operate; include an onsite team visit with interviews of various stakeholders in the business; and a final screening process that includes interviews with area experts. The winners receive grants to support training objectives within their firms. Each grantee must submit a grant utilization plan. Once the plans have been approved, vendors are submitted and screened for OFAC compliance. Funds are then wired directly to vendors."}],"grant_monitoring":{"claims_monitoring_procedures":true,"requires_financial_reports":true,"requires_narrative_reports":false,"conducts_site_visits":true,"conducts_field_audits":false,"requires_grant_agreements":true,"may_suspend_future_funding":false,"may_require_repayment":false,"monitoring_description":"Schedule F, Part I, Line 2: The Social Equity Venture Fund maintains records to substantiate the amount of its grants, the grantees' eligibility for grants, and the selection criteria and process used to award grants. These include a database with submissions; a master database with grant information, reports, and disbursements; and copies of all materials used from a program's inception, through submissions received, through to the end of the grant lifecycle. We also utilize a confidential, external judging process for each program, and retain records of the criteria given to judges, as well as the evaluations submitted by those judges. We have retained these records over the lifetime of SEVEN. The organization's process for monitoring the use of grant funds outside the US is as follows: 1. OFAC compliance: In collaboration with Hanify & King, SEVEN developed an OFAC compliance process. Each potential grantee and their relevant stakeholders are put through the OFAC compliance process, which includes collection of relevant information; screening through the Bridger Insight System; as well as periodic rescreening during the life of the grant. In addition, as a routine part of each grant agreement, grantees are required to agree to comply with SEVEN's OFAC policy. Any potential grantee declining to agree to compliance forfeits the grant. 2.Grant agreement: All grants are governed by a standard grant agreement, outlining the purpose of the grant, required reporting schedule including financial reporting, and the terms under which SEVEN operates, including the appropriate IRS clauses. 3. Extensive reference checking: Each grantee undergoes extensive reference checking prior to the final grant being awarded. 4. Ongoing reporting and regular check-ins: All grantees are required to submit quarterly reports, detailing their progress, which include detailed financial reports. More detailed reports are also due at regular intervals for the program. Grantees are selected at random annually for an internal audit, during which they are required to supply more detailed information. A program officer from SEVEN also speaks to grantees at regular intervals, at least once per quarter, to monitor progress, discuss financial reports, etc. 5. In person meetings and site visits: Where possible, SEVEN conducts an annual in person meeting or on site visit with grantees. 6. Pioneers of Prosperity: The Pioneers of Prosperity program utilizes a specific set of screening and ongoing monitoring criteria. Participating businesses submit two rounds of questionnaires; share their full financials, including tax returns for the country(ies) in which they operate; include an onsite team visit with interviews of various stakeholders in the business; and a final screening process that includes interviews with area experts. The winners receive grants to support training objectives within their firms. Each grantee must submit a grant utilization plan. Once the plans have been approved, vendors are submitted and screened for OFAC compliance. 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Amount: 64,230. Description: information technology. Amount: 30,765. Description: travel. Amount: 96,819. Description: depreciation. Amount: 3,986. Description: insurance. Amount: 2,242. Description: symposium. Amount: 40,320. Description: dues and subscriptions. Amount: 18,349. Description: return to grantor. Amount: 559,598. Description: payroll taxes. Amount: 25,174. 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