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Strategic Aerospace and Defence Initiative (SADI) Contribution Agreement Template
Schedule 6 - Reporting Requirements
1. Work Phase
1.1 Project Kick-off Meeting
The Recipient shall host a kick-off meeting approximately one month following the signing of the Contribution Agreement to introduce the key personnel involved with the Project and to review the Contribution Agreement, its expected outcomes and benefits, the recipient's plan for the Project and the Project status.
1.2 Progress Report
Within forty-five (45) days of the end of each Claim Period, the Recipient is required to provide a report on the progress of the Project. The report shall include information in support of the Recipient's claim submission.
The report shall include:
- A description of the activities and collaboration performed and milestones reached during the Claim Period in comparison to those outlined in the Statement of Work.
- An updated Master Schedule with a discussion of any significant schedule variances.
- A discussion of any significant variations in the previously estimated Project cost and cash flow forecast.
- An update on the major risks, issues and mitigation measures and the potential impact on the Project.
Final Progress Report:
Within forty-five (45) days of the end of the Project Completion Date, the Recipient is required to provide a summary report on the Project. The progress report for this final Claim Period shall provide a summary for the entire Project, addressing the following areas:
- Project Completion – The Recipient will demonstrate that the Statement of Work has been completed and the milestones reached.
The Recipient will also summarize how the Project's goals and objectives were achieved. - Benefits – The report will summarize the benefits achieved during the Work Phase and expected during the Repayment Phase, including innovation, competitiveness and collaboration.
- Repayment forecast – The report will provide a three year forecast of expected repayments and/or revenues. If applicable, a summary of the market, sales or business plan associated with the Project's outcomes should also be provided.
- Commercialization Efforts – The report will describe the efforts being undertaken to commercialize the product(s) or processes developed during the work phase and/or to continue their development.
1.3 Attestation Letter
At the Project Completion Date, the Recipient is required to provide an Attestation letter to certify that all expenses have been paid and that all eligible expenses are in compliance with the Agreement.
1.4 Work Phase Site Visits
The Parties shall meet at the Recipient's facility, at least once annually, depending on the risks and/or as determined by the investment officer at ITO, to review progress against the Statement of Work and expected outcomes.
At least two (2) weeks prior to the date set for the visit, a mutually agreeable agenda for the meeting shall be set which should include a review of any significant changes in the company structure and management team, financial strength and a review of the Project itself. The Project review shall cover the technical progress of the activities described in the Statement of Work, the company's cash flow forecasts, the Project risks and mitigation strategies, and, annually, the benefits achieved to date in regards to innovation, competitiveness, and collaboration. The Recipient shall also present its future R&D plans, the market overview for the products, services and processes generated, and its forecasted repayments and repayment risks.
1.5 Payable At Year End (PAYE) Set-up form
During the third week of March of each year the Recipient is required to provide an estimate of the Contribution amount that will be required for the fiscal year that is to end on March 31 so that funds for that fiscal year can be set-aside for the Recipient's upcoming claim(s) for work until that date.
1.6 Work Phase Close-Out Meeting
A Work Phase Close-Out Meeting will take place following the Project Completion Date to review the completion of all tasks and to transition the Project to the Repayment Phase. This meeting should include a presentation of the Recipient's organization structure, management team, the Project's technical achievements including any success stories, the benefits generated (e.g. jobs, innovation, intellectual property, competitiveness, environment, manufacturing in Canada, investment in Canada, collaboration achieved), the Recipient's future R&D plans, a review of the latest financial forecast, the market overview for the products and processes generated and the Recipient's forecasted repayments.
2. Repayment Phase
2.1 Repayment Forecasts
The Recipient shall provide a forecast of its expected Annual Repayments Due as defined in Schedule 3. In January, the forecasts are to be provided for the Recipient's current fiscal year and for the upcoming fiscal year. Updated forecasts are to be provided in April and again in August.
2.2 Repayment Status Meeting
Repayment Status Meetings shall be held at least once annually. At least two (2) weeks prior to the date set for the meeting, a mutually agreeable agenda for the meeting shall be set and include the repayments achieved to date, the overall estimate of total repayment phase benefits expected to be achieved and an explanation of any repayment schedule or performance variation.
3. Throughout the Life Cycle of the Project
The Recipient will cooperate in periodic requests to participate in program evaluations, case studies or other efforts undertaken by the Minister or his agents, to assess the overall value and effectiveness of SADI. Such efforts may be used to communicate publicly the results and benefits of SADI.
The Recipient shall provide the Minister with a copy of its audited annual financial statements or where audited financial statements are not available, other financial statements certified by the Recipient's Chief Financial Officer (CFO) or another alternative acceptable to the Minister, within four (4) months of the Recipient's fiscal year end.
3.1 Annual Performance Benefits Report (APBR)
On an annual basis, by March 31, Recipients are required to complete the APBR form, using the supplied template, to provide information regarding the status and achievement of Project performance benefits. The form will be sent to Recipients by December 30 each year.
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