Audit Requirement FAQs

Audit Requirements

The Infinity Foundation willfully adopt its obligations under the Gambling Act to ensure the transparent and legitimate funding of authorised purposes. 

Section 12 of the Gambling (Class 4 Net Proceeds) Regulations 2004, stipulates that the Infinity Foundation must recover a grant or any portion of a grant, by whatever means necessary, where;

  • A recipient has received other funding for the same purpose.
  • The grant has not been spent on the specific purpose for which the grant was made (i.e. the authorised purpose).
  • When adequate audit documentation cannot be obtained.
  • Where there is any indication of non-compliance with the requirements of the Gambling (Class 4 Net Proceeds) Regulations 2004.
  • The Infinity Foundation may also seek to recover funds not spent by the audit due date; if actual costs are less than those indicated in the application; or where there is any irregularity in the grant process.
  • Necessary means may include external collection agencies. 
What is the audit process?

All grants funded by Infinity Foundation are audited to ensure they were used for the approved purpose.

What audit material is required?

Infinity Foundation requires a signed copy of the Audit Consent form, including copies of paid invoices and bank statements proving payment. Click here for “Audit Consent Form“.

What if the grant is for salaries or wages?

For every month funding is provided, please provide Inland Revenue employer monthly schedules (IR 348-9) and copies of bank statements proving the payments.

Do we need to use the same quotes we provided?

No, however the money must be used for the same purpose approved in the grant.

What happens if the purchase price is less than our original quote?

Any unspent funds must be refunded.

Can we use the unspent funds on other items?

No, not if the original grant approval did not include the other items. In these instances the unspent funds must be refunded and a new application completed for any other items.

When is a refund required?

A refund is required where inadequate documentation is provided; funds have been used for unapproved purposes e.g. items not requested at time of application; payments are retrospective; or where another trust has paid for the same purpose.

What is a retrospective payment?

Retrospective payments are any payments made prior to notification of approval of funding. Retrospective payments are not eligible for grant funding.

How long do we have to spend the grant?

Grants should be spent within three months from the date of receipt of funds. In certain circumstances by request, your audit date can be extended, however this must be done prior to the three month window expiring.

What happens if I do not complete my audit requirements?

You will be sent an email reminding you of your legal obligation at the end of the three month period. In the event that the audit requirements are not met within a reasonable timeframe a full refund will be requested. Failure to comply with the audit requirements will result in all future applications being declined and the outstanding debt being forwarded to a Debt Collection Agency.