What is Grant?
Definition
A grant is a financial award or allocation of funds given by a foundation, government agency, corporation, or other entity to support specific projects, programs, or initiatives without the expectation of repayment. In charitable giving, grants are typically awarded to nonprofit organizations, educational institutions, or individuals to achieve particular charitable, educational, or social objectives.
Significance
Grants play a crucial role in the philanthropic sector by providing essential funding that enables nonprofit organizations to carry out their missions and create social impact. They represent a strategic form of charitable giving that often involves careful evaluation of proposals, specific reporting requirements, and measurable outcomes. For donors, grants offer a structured way to support causes while maintaining oversight of how their charitable dollars are used, and for recipients, grants can provide substantial, reliable funding streams that allow for program development and organizational sustainability.
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