ABC Traders decides to use a third-party facilitator to distribute Enterprise Development funds to Beneficiaries. The money to the third-party facilitator was transferred two weeks before its Financial Year ended in December 2023. However, the third-party facilitator only transferred the funds to the end Beneficiaries at the end of January 2024.
When using the services of a third-party facilitator, when does Enterprise Development spend be considered a claim? Is it when the third-party facilitator receives the funds or when the end Beneficiary receives the funds?
An Enterprise Development contribution is only considered as recognised spend when it reaches the end Beneficiary. Therefore, in this instance, where the third-party facilitator distributed the funds outside the Measurement Period, ABC Traders may only claim the amount paid out in January 2024 in the next Measurement Period.
Enterprise Development Services are available to assist Members on how to engage with Third-Party Facilitators