Grant
In general terms, the word ‘grant’ refers to allowing permission for someone to do something.
It can also refer to money given to a person or organisation by a body such as the government for a specific purpose.
Functional Standards Common Glossary, published by the Cabinet Office, states: ‘Grant schemes are created to deliver a specific policy area, generally providing for a number of individual awards that sit within the scheme.’
‘A grant award is made to meet one of the objectives of the grant scheme. Grant awards can be made to organisations, registered and unregistered entities and individuals.’
And a grant agreement is: ‘an agreement that provides a legal framework and sets out details of the grant including what the funding is to be used for, what expenditure is expressly eligible and ineligible, together with details of the payment model, performance and monitoring regime, termination and clawback provision, and financial reconciliation.’
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines grants as: ‘…transfers made in cash, goods or services for which no repayment is required.’
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