(b)

1. (1) An eligible applicant’s five percent (5%) match for the grant award may be in the form of:

   1. (A) Cash;
   2. (B) In-kind donations; or
   3. (C) A combination of both.

2. (2) Matching funds may be in the following forms:

   1. (A) Cash matches include but are not limited to:

(i) Funds appropriated in full by the local governing body;

1. (ii) Funds invested by an economic development organization or chamber of commerce; or

   1. (iii) Funds invested from a nonprofit or for-profit entity; and

   2. (B) An in-kind match must be based on fair market appraisal value estimates that are documented and provided by the applicant for verification, including, but not limited to:

      1. (i) Professional or skilled labor donated at a rate estimate provided by an entity or individual if the individual is licensed or considered a professional in the field for which the donation is being made and approved by the commission; and
      2. (ii) In-kind donations must be a part of the project and included on the cost estimate section of the grant application to be eligible as a match.

2. (3)

   1. (A) All cash matching funds must be available immediately at the time a grant agreement is executed as documented through bank statements.

   2. (B)

      1. (i) In-kind donations must be supported by a notarized affidavit executed by the donor attesting to the donor’s intent to provide the in-kind donation and describing the form of the in-kind donation.
      2. (ii) The affidavits described in subdivision (b)(3)(B)(i) of this section must be submitted with the application.