R357-19-3. Matching Funds Exceptions

  (1) A Business Resource Center (BRC) must with its annual state funding proposal provide documentation detailing matching funds used to cover the center's operating expenses. This documentation should be in the form of a spreadsheet that details matching funds and lists funding sources and other relative financial information and should include the following:

  (a) Past use of funds awarded from the State of Utah.

  (b) Budget -- Expected use of funds.

  (c) Expenses -- Include sources of matching funds. At a minimum, matching funds should be designated as (1) host institution funding, (2) other State funding, (3) all other funding.

  (d) An explanation of whether matching funds will be cash or in-kind. In-kind contributions should listed by type.

  (2) Exceptions to the requirement that a host institution contribute 50% of a business resource center's operating costs may be granted in the following circumstances:

  (a) The host institution may provide more than 50% of the BRC's operating costs through cash or in-kind contributions.

  (b) A host institution may enter into a partnership or agreement with another local entity to contribute cash, employee's services, or facilities for the operation of the BRC where the purposes and goals of the third party are consistent with those of the host institution and the host institution retains control and oversight over the BRC. In this circumstance the contributions of the third party may be considered toward meeting the 50% matching funds requirement.