Charitable organisations applying for support or partnership through the Power to Make a Difference programme must be registered charities (with the department of Inland Revenue), which are well managed and accountable to donors for funds received. Beneficiaries of funds from the Power to Make a Difference programme will be required to account for the use of the funds through periodic expenditure reports. Funds must be used only for the purpose requested and must not be applied to other purposes without the written permission of Republic Bank Limited.
Charitable organisations seeking funding from the Power to Make a Difference programme must submit comprehensive proposals/plans for consideration and recommendation by the Bank's panel of professionals and its executives. In making decisions regarding contributions to or partnerships with charitable organisations the Bank reserves the right to request a visit to the institution to satisfy itself of the relevance of the project to the programme's focus and the eligibility of the organisation to receive funding.
All applications will be acknowledged, however all proposals will not be successful in securing funding. Charitable organisations application will be advised of the results of their application within two (2) months of the date of receipt. Disbursements are made according to Republic Bank's financial year which runs from October to September. Funds allocated for a project which is intended to be executed in the financial year, but is not, will be lost for instance funds approved for a project to be executed in fiscal 2012/2013, but which is not done, will not automatically be carried forward to fiscal 2013/2014. The charitable organisation will be required to reapply for consideration in the next or future years.
Successful organisations will be required to submit to the Bank periodic reports on the progress of the projects/programmes along with periodic expenditure statements. All funds provided by the Bank must be accounted for by the charitable organisation. Additionally funds allocated for one project cannot be reallocated by the charitable organisation to another project without the written permission of Republic Bank Limited.