49Funding agreements

#### 49 Funding agreements (1) The terms and conditions on which a grant of financial assistance is to be made to an organisation under this Division are to be set out in a written agreement (the funding agreement) between the organisation and the CEO. (2) Without limiting subsection (1), the agreement must: (a) specify the one or more periods to which the grant relates; and (b) specify the amount of financial assistance to be paid in each of those periods; and (c) specify the times at which each amount of financial assistance is to be paid; and (d) include a description of the research project concerned; and (e) include the name and title of the person leading the research project concerned; and (ea) require each researcher involved in the research project concerned to declare any conflicts of interest, potential conflicts of interest, or perceived conflicts of interest, to the Australian Research Council; and (eb) require that the organisation gives the CEO a report, after the end of the final period to which the grant relates, detailing the nature of the employment of researchers employed by the organisation for the purposes of the research project concerned; and (f) include terms or conditions relating to the organisation giving the CEO regular independent auditor statements relating to the organisation’s compliance with some or all of the terms and conditions set out in the agreement. CEO may enter into funding agreement (3) The CEO may, on behalf of the Commonwealth, enter into a funding agreement. Notification to Board or Minister of breach of term or condition (4) If the CEO is satisfied that the organisation that is a party to a funding agreement has breached a term or condition of the agreement, the CEO must: (a) if the agreement relates to a funding approval given under subsection 47(1)—give the Board: (i) a notice in writing to this effect, including specifying the term or condition and the reasons for the CEO’s view; and (ii) a copy of the agreement; and (b) if the agreement relates to a funding approval given under subsection 48(1)—give the Minister: (i) a notice in writing to this effect, including specifying the term or condition and the reasons for the CEO’s view; and (ii) a copy of the agreement. (5) Subsection (4) does not apply if the breach is of a minor nature.