Section 555.70  Matching Funds

a)         An Applicant must provide a dollar-for-dollar match for funds received under this Program.  Match expenditures must equal or exceed grant funds expended.  Local match shall:

1)         Be under the control of the Applicant;

2)         Be identified in the Applicant's grant application for the applicable fiscal year;

3)         Be expended during the applicable grant award period;

4)         Be supported by documentation of eligible Applicant's expenditures.

b)         Sources of Eligible Match:  The following monies shall be considered Matching Funds and may be used as a match for State grant funds:

1)         Local hotel/motel taxes;

2)         Membership dues;

3)         Interest on local monies;

4)         Cash contributions;

5)         Federal dollars deposited directly to the Grantee for tourism promotion purposes that do not require a match; and

6)         In-kind contributions necessary to complete the project for which the cash value is easily documented and that shall include costs funded through this program.  In-kind contributions shall not exceed 25% of the match requirements.

c)         Ineligible Match:  The following monies shall not be considered Matching Funds and may not be used as a match for State grant funds:

1)         State or federal funds other than allowed in subsection (b)(5) above;

2)         Monies used as match for other State or federal grants; and

3)         Penalties, fines, late payment fees, or interest charges.