Financial requirements and restrictions

You must accept the following conditions as part of your application:

1. Grand Challenges cannot manage awarded funds on the award holder's behalf. This will be the responsibility of the department that receives the funds.
2. Successful First Applicants must forward a Project, Task Award (PTA) combination to the Grand Challenges office by 30 September 2022 so that the necessary transfer of funds can be made.
   The PTA required for this award type is 156425 PS-Grand Challenges.
3. If an appropriate PTA has not been received by 30 September 2022, it will be assumed that the applicants do not wish to proceed with the activities described in their application, and the funding will be redirected to another Grand Challenges activity.
4. All costs associated with the proposed activities must be claimed and paid for by 31 July 2023.
5. Award holders will be expected to complete and forward expenditure reports (usually two) to the Grand Challenges office.
6. Award holders who are unable to complete their proposed activities are requested to contact the Grand Challenges team without delay and arrange for any unused funds to be transferred back to the Office of the UCL Vice-Provost (Research, Innovation & Global Engagement).  
7. Access to any transferred funds will expire immediately after 31 July 2023, and cannot be reinstated by Grand Challenges. Grand Challenges cannot meet costs incurred after this date, and the use of awarded funds cannot be deferred to a later financial year.
   N.B. Unused award funds are recovered by UCL Finance, and are not returned to Grand Challenges.
8. Applications from researchers who have had a small grant in the past, but have not used the majority of the funds previously awarded, will be regarded as low priority in the competition for grants.