Benefit in Kind refers to items which are sometimes included within the project budget as 100% Match Funding. Items of expenditure are classified as ‘Benefit in Kind’ when there is no cash element to the purchase. E.g. If a project is allowed premises rent free, then the normal market value of the rent in the same premises may be included as ‘Benefit in Kind’.
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This may be included as part of a claim by submitting an invoice to the Project from the Landlord for the applicable amount of rent – but also detailing on the invoice that nil payment is required as the rent is a ‘Benefit in Kind’.
A project may only include ‘Benefit in Kind’ items in grant claims for processing if it originally formed part of the project budget.
Voluntary Time e.g. for Board Members attendance at meetings / events etc. can be included on the designated Timesheets (template form included in Finance Section) at a maximum rate of €20 per hour. Again, this may only be included as part of a claim for processing if Voluntary Time forms part of the original budget.
Both Benefit in Kind and Voluntary Time are elements of Match Funding and should be included in the ‘Non Grant Spend’ column on ‘Grant Claim Form 1’, and in the ‘Match Funding Amount’ column on the Details of Expenditure Form – under the relevant budget heading section.
