The Endowment Secretariat will check for the completion and eligibility of the Executive Summaries. Review by Joint Screening expert panels (one in each program area) comprised of subject matter experts, business professionals, entrepreneurs and Board members from both India and the United States will by August - end select a small number of executive summaries based on the evaluation criteria below. These shortlisted teams will be requested to submit a detailed business plan, technical information and make a project presentation (Stage-2).
The finalist teams will be required to give written acceptance of the Terms and Conditions (T&C) specified in Annexure I. Applicants are encouraged to review these terms and conditions in advance of submitting the executive summaries and ascertain their ability to accept and comply with those terms and conditions. They would submit the Project Budget (Annexure VI), Financial Due Diligence information (Annexure VII) by email to email@example.com by 20 October. The Due Diligence process would be initiated only after receiving the signed copy of the Terms & Conditions (T&C) from all the partners.
The Endowment Secretariat will conduct the Due Diligence process of Indian and U.S. partners, either directly or through a third party. This process will be completed by 20 November, and will include a budget discussion with the Indian and U.S. partners together and site inspection (if required) for Indian and U.S. partners respectively. The due diligence team will be constituted in each country and will be comprised of financial and technical experts and/ or Board representatives/ nominees. The due diligence reports will be collected, collated, and presented by the Secretariat to the Board as part of the recommendations to the Board.
The Board will make the final decision based on the recommendations of the Joint Expert Panels and Due Diligence reports submitted by the Secretariat. The Board will select the final awardees. The number of awardees may vary from award to award, depending upon the merit and quality of the proposal and the availability of funds with the Endowment Fund program. The Board reserves the right to adjust elements of the selection process and inform applicants of any adjustments, and to reasonably interpret the language and definitions of this handbook in cases of dispute or confusion. The award announcements will be made by January.
The Endowment Secretariat will disburse the grant by mid-January based on the finalized milestone and grant release schedule. The project shall be implemented strictly in accordance with the Terms & Conditions (T&C) specified in Annexure I. The Awardees will be required to sign and accept the T&C prior to the release of the grant.