Although not finally decided yet, the Waterfall Fund is likely to be a charity in its own right. The fund will be controlled by a committee that considers eligible applications on their merits, in light of the funding available and how much match funding the project has already brought in. Although not yet fully ratified, project assessments may be based along the lines of the following criteria:-
- The project should be Community based and located in Mull & Iona for the benefit of Mull & Iona residents. If the project is outside Mull & Iona it should have clear benefits for Mull & Iona residents.
- The project should improve community life in Mull & Iona for a significant number of people.
- The project should be addressing a specific community issue or need.
- There is clear evidence of need for the project i.e. no comparable facility/project exists nearby.
- The project has support from the local Community and other Organizations.
- Projects are self-sustaining once the initial project funding has been invested. This will include ensuring that the project can be managed and maintained after the funding period ends i.e. provide a sustainable impact in the community
- No Project should be for commercial gain, and should demonstrate value for money
- Demonstrate an attempt at securing 50% of total project costs from external match funding or fundraising.
- Applicants can demonstrate added value to the project, such as:
- The use of volunteers
- Training opportunities
- Minimising the environmental impact of the project and low carbon emissions
- Capacity building
- Building a local asset
- Quality design
- Adding value to the community
- Promoting Tourism
It is not expected that every funding criteria will be relevant to all projects, but the application must be able to demonstrate specific and measurable benefits for the local community.
The Waterfall Fund committee will reserve the right to make the final decision on any application received.