Grant Administration
Have or administer an existing JSMF grant? You're in the right place.
Active Grant Policies: Grant Award Contract and Payment Policy
The agreement section of the contract is signed by the foundation's president and requires an authorized grantee institutional officer's signature for acceptance of and agreement to the terms of the award including oversight as fiduciary agent of annual fund expenditure reporting. The final page of the contract is the JSMF Grant Payment Authorization Form (PDF | Word) used by the foundation annually for processing grant installments.
JSMF requires that the grantee complete the entire Grant Payment Authorization Form. The top section of the form asks for instructions to deliver shares to the grantee institution's Depository Trust Company (DTC) account. This information will be used when JSMF pays grant installments in securities which will be transferred to each grantee's depository account by Bank of America, the foundation's financial institution. Needed information contained on the form includes the grantee's broker/dealer name, DTC and account numbers, and a grantee contact person's name and phone number who should be advised of this financial transaction in case questions arise. As directed by the foundation, Bank of America will transfer a sufficient number of shares to the grantee institution's DTC account to satisfy the scheduled grant amount. For purposes of determining satisfaction of grant payments, the value of the BA shares transferred will be based on the New York Stock Exchange average of BA's high and low share price on the day transferred multiplied by the number of shares transferred.
The bottom portion of the form asks for instructions to mail the check in cases where JSMF elects to pay grant installments in cash.
PLEASE NOTE:
- JSMF may elect to pay grant installments in shares of Boeing Company (BA) Common Stock or in cash. JSMF makes the cash versus stock gifting decision. The mode of payment will be determined by the foundation at the time the scheduled payment becomes due.
- The grantee institution cannot choose the mode of JSMF grant payments. If stock is given, the grantee decides whether or not to sell the stock.
- If the grantee decides to keep the stock, the cash equivalent must be made available to the principal investigator to expend on the project as proposed/funded.
- If the grantee institution does not have a brokerage account and needs a list of potential U.S. brokers, you may contact Jeffrey M. McDonnell at J&J Management Services, Inc., phone: 314.862.1040 ext. 2.
- If grantee institutional officers have questions regarding the sale of stock, wishes to have its institutional brokers sell the stock, or wishes to inquire about bank fees associated with this procedure, please communicate directly with Bank of America's investment contact, Beth Kinzel at 314.898.9321.
JSMF will not reimburse the grantee for any shortfall in grant funds resulting from brokerage commissions, broker fees or stock market price changes after BA shares are transferred. JSMF will not be privy to any information after the shares are transferred and will consider the gift installment paid.
Once the shares are successfully transferred or cash payments are made, the grantee institution contact person identified on the payment form will receive an emailed letter from the foundation’s accountant which conveys payment details (i.e., stock delivery gifting date, fair market value, number of shares transferred, etc.)
If you have questions, you may contact JSMF Grants Manager, Mrs. Cheryl Washington. Consult the grant contract for contact information.