Grant Glossary

Award: grant funding; the money given by a funder in response to a proposal

Conflict of Interest (COI): a federal form that must be completed with each funding request that insurances the PI has no financial gain when receiving money from federal or private funders

External Grant: funding established by a funding source outside the college that provides opportunities to secure resources through proposals

Fringe: benefits that are paid to all employees of the college, regardless if they are paid by the Commonwealth or funds received in a grant. If the project involves hiring staff, the grant must appropriately include the fringe rate

Funder: a source of money or resources provided in response to a proposal

Grant Project: the activities funded by an award

Indirect Cost: represent the expenses of doing business that are not readily identified with a particular grant, contract, project function or activity, but are necessary for the general operation of the organization and the conduct of activities it perform

In-Kind Contribution: the value of non-cash contributions provided by the college. Such contributions may be in the form of property, equipment, supplies, and the value of goods and services directly benefiting and specifically identifiable to the project or program

Cost-Sharing: a portion of the project costs not covered by the funder, and therefore covered by some other source

Matching: a specific type of cost sharing, typically used when a sponsor requires the grantee to "match" the sponsor funding according to a specified ratio

Internal Budget: an internal document that provides financial details of how the grant funds will be spent during the life of award

Private Sources: foundations established by individuals or corporate donors as tax-exempt charitable entities whose duty it is to provide grants according to clearly defined guidelines

Proposal: a request for internal or external funding, and the resulting document, such as a letter or application, and all supporting materials and attachments. See a sample proposal template here

Public Sources: city, state or federal government agencies distributing tax dollars