When is final payment given in a grant?

The final payment in a grant is typically given after a thorough review and approval process for both the final report and the financial statement. This requirement ensures that the grantor has adequate oversight of how the funds were used and that the project met its objectives. The final report usually outlines the outcomes and achievements of the project, while the financial statement provides a detailed account of how the funds were expended.

By requiring approval before disbursing final payments, funders safeguard against improper use of funds and maintain accountability for the investment they have made in the project. This process also provides an opportunity for the grantee to demonstrate the value and impact of their work, reinforcing trust and transparency between both parties.