The Friends of the Archbishop of Canterbury’s Anglican Communion Fund, Inc. (the Friends) grants to The Anglican Investment Agency Trust (the AIA), an English charitable trust, the sum of US$ 107,500 (the Grant) in support of the projects (the Projects) identified on the attached Schedule of Projects and in each case further described in an Application for Grant, a copy of which has been supplied to the Friends. Disbursement of the Grant will be subject to the execution and delivery of this Grant Agreement by the parties.

The AIA accepts the Grant and agrees, as a condition thereof, that:

1.    The Grant will be used only in support of the Projects, each of which involves exclusively charitable or educational activities that are described in Section 170(c)(2)(B) of the US Internal Revenue Code of 1986, as amended. The amount of the Grant devoted to each Project will not exceed the amount listed on the attached Schedule of Projects for the Project.

2.    The AIA will return or cause to be returned to the Friends any portion of the Grant that is not expended for the Projects as described in the attached Schedule of Projects and the associated Applications for Grants.

3.    The AIA will submit written report to the Friends upon final expenditure of the Grant funds confirming that the Grant was used as provided by this Grant Agreement and including reasonable detail as to the use and disposition of the Grant funds. If the Grant funds are expended over a period of time that extends beyond the calendar year following the year in which the Grant was made, the AIA agrees to furnish interim reports at the close of each calendar year which the Grant funds are outstanding, in addition to furnishing the report upon final expenditure of the Grant funds.

4.    The Friends may monitor the progress of the Projects financed by the Grant (including by making site visits), discuss the Projects, their implementation and finances with representatives of the AIA or others connected with the Projects and review records and other material, including financial records, connected with the Projects.

5.    To the extent that Projects are projects of The Archbishop of Canterbury’s Anglican Communion Fund or its grantees funded by the AIA, the AIA will ensure that the terms of its funding or other arrangements made by it enable it to carry out its obligations under the foregoing agreements.

This Grant Agreement constitutes the full understanding of the parties and shall be governed by the laws of the State of New York.