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national average in the host country or an annual interest rate of 36%.
H. Interest and fees generated by microcredit fund capital from Rotary Foundation grant funding may be used
for administrative expenses that directly support the project. The remaining amount should be added into
the loan capital. Interest and fees collected must not be used to pay for the MFI’s administrative and
operations expenses outside of the grant project.

I. Grant funds must be tracked separately in the MFI’s accounting system.
J. Microcredit programs funded by the Foundation need to include training for the people who will benefit
that extends beyond the management of loan capital.
K. Clubs and districts that want to use global grant funds to support a microcredit project need to submit the
Global Grant Application Supplement for Microcredit Projects with their grant applications.

L. All microcredit projects will receive an interim site visit by a member of The Rotary Foundation Cadre of
Technical Advisers.
M. Grant sponsors need to submit a Global Grant Report Supplement for Microcredit Projects with each global
grant report.

N. The final grant report must include baseline data, data from the end of the project, and an explanation of
the exit plan.
O. If a microcredit project ends prematurely, sponsors must return the grant funds to the Foundation.

P. When the Foundation closes the grant, if the MFI will no longer use the funds for microloans in the
community, it must return the loan capital and any unused interest to The Rotary Foundation.
Q. The Rotary Foundation does not fund loan guarantee systems. (That is, Foundation funds may not be used
as collateral for loans that the MFI makes from other funds.)

11. SPECIAL CONSIDERATIONS FOR INDIA

A. In addition to all the other terms and conditions, grants that are paid in full or in part to a club or district in
India must follow the payment and reporting procedures below to comply with Government of India laws
and the Foreign Contribution Regulation Act (FCRA) read with Foreign Contribution Regulation
Amendment Act 2020.
B. For general information about the FCRA, go to fcraonline.nic.in. An FCRA-registered club or district is
responsible for furnishing an FC-4 return along with the financial statements to the Ministry of Home
Affairs, New Delhi, in a timely manner.

C. All grant payments will be remitted to bank accounts especially opened to receive funds in INR or to a club
controlled FCRA account. Grant funds will not be released to a bank account in India unless all general
payment conditions listed below have been met. Either the staff need to determine that enough funds are
available from contributions made within India or the sponsors need to provide documentation showing
that the bank account is registered under the FCRA. Otherwise, the payment will be placed in a queue and
paid on a first-come, first-served basis only when more contributions (within India) are made and enough
funds are available. Grant sponsors need to ensure that funds received in a FCRA-registered bank account
are not commingled with local funds. Funds won’t be released until all sponsor contributions have been
submitted to The Rotary Foundation and any payment contingencies have been met. Grant funds will be
paid to the account provided by the grant sponsors.

Terms and Conditions for Rotary Foundation Global Grants (April 2022) 12
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