74:05:10:06.  Required matching funds for grants. A grant applicant must provide a minimum 40 percent share of the total proposal cost. The board may reduce this requirement to 20 percent if the applicant demonstrates undue hardship or other mitigating factors. Matching funds may include public or private direct contributions, loans from private or public sources including state and federal agencies, water development district grants, and federal grants including pass through grants, but not state grants, unless otherwise provided by the Legislature. If consistent with other matching funds requirements, in-kind contributions may also be considered as matching funds.

          Source: 17 SDR 7, effective July 22, 1990; 21 SDR 97, effective November 28, 1994; 23 SDR 12, effective July 30, 1996; 26 SDR 6, effective July 28, 1999; 28 SDR 95, effective December 19, 2001.

          General Authority: SDCL 46A-1-84.

          Law Implemented: SDCL 46A-1-82 to 46A-1-84.