Decisions on the disbursement of funds from dormant accounts moneys are a matter for the Dormant Accounts Fund Disbursements Board, an independent body established under the Dormant Accounts Acts. The board engaged Area Development Management Limited to administer the initial round of funding on its behalf. To date the board has approved 420 projects for funding totalling approximately €42 million.
Four applications have been approved for projects in north Tipperary totalling €222,687. Details of these applications are as follows: the Autistic Outreach Unit, Ardcroney —€20,000, approved by the board in June 2004; Borrisokane Area Development Company Limited, Borrisokane —€3,000, approved by the board in August 2004; Borrisokane Area Development Company Limited, Borrisokane —€17,687, approved by the board in August 2004; North Tipperary VEC, Nenagh —€182,000, approved by the board in December 2004.
The drawdown of funding is subject to the satisfactory completion of legal contracts between the individual groups and the board. As part of this process, groups are required to submit necessary documentation such as agreed budgets, tax clearance certificates, evidence of insurance etc. to Area Development Management before payments are made. While contracts have been signed in respect of the first three projects listed above, Area Development Management awaits the receipt of certain documentation before it is in a position to make payments in respect of the approved grants.