(a)

1. (1) Grantees may not expend funds until they receive a grant contract.
2. (2) All project expenses must occur during the grant period established in the contract.

(b) Funds will be disbursed in two (2) payments:

1. (1) Fifty percent (50%) of the award will be disbursed within four (4) weeks of the issuance of the grant contract and receipt of the signed grant acceptance form; and
2. (2) Upon the applicant’s completion of an interim Grant Progress Report (six (6) months following initial award) and successful review by the Black History Commission of Arkansas, a second installment of fifty percent (50%) of the total funds will be released.