Legal Notices

This policy covers the principles and requirements relating to the payment of overhead expenses by The Peek Vision Foundation (“The Foundation”), including:

• the maximum % overhead payable by The Peek Vision Foundation
• the recommended % overhead payable by The Peek Vision Foundation

1. “Overhead expenses” are costs incurred by a grant applicant for its ongoing internal and operational activities that cannot individually be allocated to one of its projects or programmes. Such items might include:

1. administrative expenses, such as bookkeeping and office operations;
2. operational expenses, such as rent, utilities, technology support and insurance; and
3. oversight expenses, such as executive review and monitoring, professional services fees.

2. Overhead expenses apply in addition to all other itemised costs within a grant budget.

3. If The Foundation is providing a grant for an applicant’s core costs, for example to support organisational scale-up, overhead expenses are applied on top of such core costs as if the core costs were itemised costs.

1. The maximum % overhead payable by The Peek Vision Foundation is: 5%
2. The recommended % overhead payable by The Peek Vision Foundation is: 3%

1. Overhead expenses are reimbursed as follows:

• Rate % * Total Project Costs (incl. personnel, subcontracts, supplies, equipment etc.)

2. Rates and limitations apply to both the primary applicant organisation and any sub‐grantees and subcontractors. Each respective organization may receive indirect costs up to the rate applicable to them.

3. The rates provided above are the maximum rates allowed under The Foundation’s policy. A grantee or contractor with an actual indirect cost rate lower than the maximum rate provided above should not increase the funding request to the maximum allowed.

4. At the discretion of The Foundation, a large grant may be awarded a lower indirect cost rate to reflect reduced overhead required to adequately manage a large grant’s direct costs. Actual administrative and maintenance costs do not necessarily increase in direct proportion to grant funds.