Range of Awards
Inspiration Grants range from a minimum of $500 to a maximum of $2,500.
Most grant awards are for LESS than the maximum. The majority of Inspiration grants awarded range from $500 to $1,500; please plan your request accordingly.
Matching Funds May Be Required
Depending on the amount of the request and the total size of the expense budget, matching funds may be required. Requests from individuals for $1,000 or less do not require any matching funds; however, having some matching funds can be considered a plus for a request even below $1,000.
Requests for more than $1,000 require matching funds for the amount of the request that is more than $1,000; that is, one dollar of additional revenue should match every dollar in excess of $1,000.
For example, a project with an expense budget of $2,000 is eligible for a grant request of $1,500 and should show $500 in matching revenue from other sources.
Personal funds can be used for matching revenue if necessary.
Payment of Awards and Reporting
Awards are paid in two installments, with 75% paid at the beginning of a project and 25% due upon completion once an acceptable final report has been received.
For purposes of the Internal Revenue Service, Inspiration Grants to individuals must be treated as personal income and will be reported as revenue at calendar year-end on a Form 1099 to the applicant. Please consult with your tax adviser on the consequences of such income, which may be defrayed by the cost of expenses depending on your individual situation and circumstances. It is the award recipient’s responsibility to plan for and deal with any resulting tax liability.