Settlement occurs after the Maryland Board of Public Works approves the loan or grant application. VCAF loans and grants are settled by representatives of Maryland Military Department (MMD) and the Office of the Attorney General. The process will ensure legal transfer of funds and ensure necessary documentation is in order.
The Company’s Regional VCAF Representative will guide your Company through the settlement process to ensure that all required forms and supporting documents are complete and current prior to submission to the MMD.
The Regional VCAF Representative, in coordination with the Company representative, will ask the VCAF Committee chair to officially submit a “request for settlement” to the MMD. Upon receipt of the request, the MMD will coordinate a settlement date with the target date being as close as possible to the Company’s requested settlement date.
The VCAF Committee chair will ensure that the company’s settlement package meets the requirements of the MMD – this will include providing updated time sensitive documents (cross fiscal years, new company president, etc.) to the MMD.
The following documents, which are included in the original application package, may have to be updated prior to time of settlement:
- Complete and current copy of the Company’s Bylaws
- Non-Discrimination Certificate (if not part of Bylaws, Company Order, or Company Resolution) (See: Sample PDF)
- Certifications of the President and Secretary document (See: Sample PDF)
- All financial data forms (current financial statements, 990’s, etc.) (See: Sample PDF)
- A copy of the Specification (can be condensed version) (See: Sample PDF)
- A minimum of three competitive bids (copies of official proposals from vendors – can be cover letter with cost data) (See: Sample PDF)
- A letter from the Company’s local government regarding whether or not 508 funds are available for the project (See: Sample PDF)
- A letter from the Company’s local government regarding whether or not local government funds are available for the project (in addition to 508 funds) (See: Sample PDF)