To consider and approve the decision making process and governance arrangements for projects to be match funded through the Council’s crowdfunding initiative.

The Council’s VCS strategy includes an action to develop a crowdfunding initiative in the borough and to provide match funding in the form of a grant.

The decision making process and governance arrangements for such decisions (match funding) need to be agreed by the Grants Determination (Cabinet) Sub-Committee.

Steve Hill, Head of Benefits Services presented the report which concerned an agreement that the Council has entered into with the crowdfunding portal, Spacehive, to pilot support to local VCS organisations who wish to raise funding for projects via the internet (crowdfunding).  The Council will make available match-funding through its Innovation Fund to successful organisations that submit an application and meet relevant criteria. Awards made would be reported and monitored through the Sub-Committee

The Chair invited comments from Elected Members. The comments of GSSC and GDSC Members in support of the proposals were noted.

DECISION

1.    That the process for awarding match-funding for crowdfunded projects through the Innovation Fund as detailed in paragraph 3.8 and 3.9 be agreed.

2.    That the Corporate Director Resources, be authorised, after consultation with an officer panel including an external grant funder, to determine all match funding issues and to report quarterly to the Grants Determination Sub-Committee.

3.    That the criteria for the Innovation Fund and related information set out in the fact sheet for the Innovation Fund as detailed in Appendix A be approved.