The Hendersonville Industrial Development Board considers requests from not for profit groups for financial aid and assistance. The policy for granting such requests is outlined below.
The purpose of the Industrial Development Board is, among other things, to enhance and improve the economic prosperity of the Hendersonville area by promoting industry, trade, commerce, tourism and recreation, agriculture and housing construction. Tennessee law authorizes the Board to make donations to third parties for projects consistent with this purpose. The Board adopts this policy as a guideline for making grants to third parties and to formalize the process by which applications for grants are considered.
1. The Board will not make grants to individuals and will not make grants to third parties for their commercial or profit-generating activities. The Board will only make grants to governmental entities and non-profit entities having either 501(c)(3) or 501(c)(6) status. The applicant cannot be a private foundation. The Board may make a grant in a lump sum or in installment payments.
2. The Board does NOT make grants:
a. for newsletters, magazines or books,
b. to organizations for projects that primarily benefit the organization's own members,
c. to sponsor special events, productions, telethons, performances or similar fundraising and advertising activities,
d. for legislative lobbying or other political purposes,
e. to retire accumulated debt,
f. for more than one fiscal year.
3. Prior to consideration, each applicant shall submit a request to on the Board's application from stating the grant request, the purpose for which the grant, if approved, will be utilized. Generally, the application will include:
a. Brief history (including date established) and statement of purpose of the applicant.
b. Brief overview of nature and scope of programs, services and people served.
c. A Board of Directors roster.
d. Current operating budger for the applicant.
e. Audited financial statements for the most recent fiscal year for the applicant and Internal Revenue Service Form 990 with all attachments (This requirement does not apply to entities that are in their first year of operations).
f. Internal Revenue Service determination latter confirming the organization's tax exempt status.
g. Affirmation letter, signed by an Executive Officer, stating that the organization's IRS determination letter has not been revoked and that present operations and current sources of support are consistent with the organization's continuing classification as set forth in the determination letter.
h. Copies of the applicant's Bylaws and Charter, or if the applicant is not a Corporation, its governing documents.
i. Brief description of the project for which funding is requested.
j. Brief description of project plans, goals, objectives, timetables and how results will be evaluated.
k. Specific statement of the economic impact that the project will have on the Hendersonville area.
l. An itemized budget for the project.
The written narrative of grant request, excluding attachments, should be limited to five pages.
4. In considering the grant request, the Board will consider, among other things, the following:
a. The overall effect of the project on the economic prosperity of the Hendersonville area.
b. The contribution to industry, trade, commerce, tourism and recreation, agriculture and housing construction of the project.
c. The project's overall impact of all citizens of the Hendersonville area.
d. The Board's financial status and its budget for grants.
5. If approved, the grant funds will be paid only upon execution by the entity of an undertaking authorizing Comptroller of the State of Tennessee and the Board's auditors to audit the books and records of the entity to ensure that the grant funds were used for the specific purpose designated by the Board.
6. On or before July 31 of each year, any applicant must file a report executed by an Executive Officer of the applicant stating the purposes for which the funds were used.
If you have any questions about this policy, please contact Administrative Director, JoAnna Blauw at email@example.com or 615-512-8284.