The approved Grant will be disbursed on a reimbursement basis, upon achievement of the key performance indicators (KPIs) as submitted in the relevant proposal(s) and approved by HPB. Scheme participants are allowed to submit for reimbursement on a 6-monthly basis (mid year and final year claims). Scheme participants have to engage an external auditor at their own cost to audit the claims before submission to HPB.
The Applicant is required to indicate two types of KPIs in each proposal:
- Activity KPI(s); AND
- Outcome KPI(s).
For milestones completed in the first 6 months of the qualifying period, scheme participants will be able to claim up to 64% of the cost of each approved activity under the Activity KPI(s). The remaining 16% of the cost of each approved activity under the Activity KPI(s) will be disbursed at the end of the 1-year qualifying period upon satisfactory fulfilment of the Outcome KPI(s). Costs incurred under the Ingredient Thematic Promotion category should also be included in the submission of claims every 6 months.
The following documents will need to be submitted (in softcopy) within 2 months from the end of the claim cycle*:
- All Quarterly Sales and Progress Reports, including Distributor Reports
Special Purpose Audit report by External Auditor - The special purpose audit shall be conducted by an independent certified public accountant, registered with ACRA, in a public accounting corporation, accounting firm or accounting LLPs. The external auditor shall express their independence and compliance with ethical requirements for the special purpose audit on the face of the report to be submitted to HPB. External auditors will be engaged by scheme participants at the scheme participants’ own costs.
- HPB’s prescribed grant claim form
- Statement of claims showing a summary of all the cost items that scheme participants are claiming for
- Any other documents required by HPB
HPB will disburse the claim within 3 months of receiving the full and error-free set of claim documents.Successful applicants should refer to the Grant Letter received for more information and submission requirements.
*The term “claim cycle” refers to every 6-month period.