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 February 2023. However, the third-party facilitator only transferred the funds to the end Beneficiaries at the end of March 2023.
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 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 March 2023 in the next Measurement Period.
Enterprise & Supplier Development Services are available to assist Members with insight into Enterprise Development Contributions.