Grant Terms & Conditions

Power of Good Grants (herein “the Grant”) issued with funds from First Bank (“the Bank”) are subject to legally binding requirements as defined in these Power of Good Grant Terms and Conditions. By entering to be selected or through the award of grant funds and in order to be eligible for the Grant, the applicant agrees to these terms and conditions.

Purpose

At First Bank, community is at the heart of everything we do. Through our Power of Good Grants, the Bank aims to provide nonprofit leaders and educators throughout the Carolinas the support they need to continue the important work they do, day in and day out, with those who need it most in our communities.

Grant Application

Subject to the additional restrictions below, the Power of Good Grant is open to charitable organizations in North Carolina or South Carolina, which are classified as tax-exempt under section 501(c)(3) of the Internal Revenue Code as a “public charity” and not be classified as a “private foundation,” or an educators in North Carolina or South Carolina who are18 years of age or older at the time of entry. By applying through the First Bank website for a Grant, you are certifying that all the information within the grant application is correct and truthful to the best of your knowledge and reflects an actual need in the organization or school. Proof of such eligibility must available upon request. Only one application per organization is necessary as applications will be evaluated on a rolling basis. If an organization or school receives a grant rejection notification, they are eligible to apply for a Grant again the following funding round in support of another project or need that may arise. The Bank will not be responsible for incomplete, lost, late, misdirected or illegible entries. All entries become property of the Bank and none will be returned. In the event the Grant or its application is compromised by a virus, non-authorized human intervention, tampering or other causes beyond the reasonable control of the Bank that corrupts or impairs the administration, security, fairness or proper operation of the Grant, the Bank reserves the right in its sole discretion to suspend, modify or terminate the Grant. By participating in the Grant, each applicant agrees to fully release, forever discharge and hold harmless the Bank from and against all claims, costs, liabilities, losses, injuries and damages arising out of the Grant, including, but not limited to, any claims for personal injury, death or damage to or loss of property or to reputation or any other harm arising out of entrant’s participation in the Grant, the receipt, use or misuse of any prize, or any travel or activity that is related to the Grant or any award.

Eligibility

Employees and contractors of Bank any of its respective affiliated companies, subsidiaries, advertising or promotional agencies, and other agents, and the immediate family members of, and any persons domiciled with such employees or contractors, are not eligible to enter or to win. Individuals who previously won a prize from the Bank in any contest or through previous rounds of Grant funding are ineligible to enter for an additional Grant. The Bank will not be responsible for incomplete, lost, late, misdirected or illegible application, or for failure to receive applications.

Acceptance and Use of Grant

By accepting the Grant, the grantee agrees to acknowledge the Bank’s Grant in an appropriate manner in all publications, press releases, talks, interviews, audio recordings, films/video, and other media and activities related to or resulting from grant-funded activities. Any other use of the Bank’s name or logo is subject to the prior written approval of the Bank. Additionally, the Bank may include information relating to the Grant, including the name of grantee, on its website or in periodic public reports, press releases, or other public materials.

All payments with respect to the Grant will be used by the grantee only for purposes that are charitable and are in scope with the information provided in the grant application. Grant funds shall not be used for any purpose that discriminates based on race, religion, color, sex, sexual orientation, gender identity, age, national origin, ancestry, citizenship, veteran, political, or disability status, or promotes hate, violence, or illegal activities.

Grant funds cannot be used as collateral, to offset other financial obligations (including interest payments on lines of credit, and securing or servicing debt), or to meet cash flow needs outside general operating expenses (if receiving an unrestricted grant from the Bank) or the project budget as outline in the grant application. No substitution, transfer or assignment of the grant funds will be permitted. Any applicable taxes due are the responsibility of the grantee’s nonprofit or school.

Adjustment of Scope or Delay in Use

The grantee shall immediately notify the Bank in the event of significant changes to the scope or material delay of the Grant project or purpose as described in the grant application. Along with such notification, the grantee shall make a proposal as to how to overcome the delay or changed assumptions, as applicable, in the best possible manner. Such proposal shall be subject the Bank’s approval, however such approval not to be unreasonably withheld.

Progress of Project or Use of Funds

The Bank may monitor and evaluate Grant activities. This may include, for example, visits from Bank personnel, discussing the project and its progress with grantee’s personnel, creating content for the purposes of promoting news about the Grant and the grantee on the Internet or social media, and reviewing financial and other records and materials connected with the activities financed by the Grant. The grantee agrees to cooperate with the Bank and to provide any information reasonably requested by the Bank.

Payment of Grant

The Grant will be provided to the grantee after a period of due diligence, verification of identity, and confirmation of eligibility, and paid in one lump sum through the channel indicated by the grantee on the completed vendor packet forms that each grantee will receive with notification of their award. Grantees may waive their right to receive funds. The Grant funds are nonassignable and nontransferable. No substitutions are allowed by the grantee. The nonprofit or school that receives the funds is solely responsible for reporting and payment of any taxes on the Grant. Failure to comply with any term or condition as described herein, may result in a grantee’s disqualification, the forfeiture of their interest in the funds, and the award of the funds to a substitute. Except where prohibited, acceptance of any funds constitutes the grantee’s consent to the publication of their name, the name of the nonprofit or school, biographical information and likeness in any media for any commercial or promotional purpose, without limitation on the Internet, or for further compensation.

Denial or Termination of Grant Offer

First Bank reserves the right to disqualify applicants or grantees found tampering with or otherwise abusing any aspect of the Bank, this grant application, process, or award as solely determined by First Bank. The Bank also reserves the right to modify or terminate the Grant or to withhold future grant distributions at any time if it determines that grantee has failed to comply with any term of the agreement, has had its tax status revoked, or is not able to carry out or accomplish the Grant purpose. The Bank may also modify or terminate the Grant if it determines that continuing Grant payments would expose the Bank to liability or adverse tax or reputation consequences, or otherwise be inconsistent with the mission and values of the Bank. In the event of termination in accordance with this section, the grantee will not publicly disparage or otherwise denigrate the Bank.

Additional Details

The invalidity or unenforceability of any provision of these rules shall not affect the validity or enforceability of any other provision. In the event that any such provision is determined to be invalid or otherwise unenforceable, these rules shall be construed in accordance with their terms as if the invalid or unenforceable provision was not contained therein.