Agency: Department or branch of a federal, state, or local government. May also refer to a public charity, which is also sometimes called an organization.
Allowable Costs: An approved expenditure for a funded project, determined by the funder. This term is more often used in government grants, but is sometimes also used in private foundation grants. For many federal grants, the federal Office of Management and Budget (OMB), is the best guidance source for determining allowable costs that may be requested in grant budgets and charged to the grant account. OMB Circular A-21 defines allowable costs as those that:
- Are reasonable.
- Are allocable to the project.
- Are given consistent treatment by use of generally accepted accounting principles.
- Conform to any limitations or exclusions set forth by the sponsored agreement or OMB Circular A-21
American Recovery and Reinvestment Act (ARRA) of 2009: The economic stimulus package of $787 billion (Also known as the “Recovery Act”, was signed into law by the President on February 17, 2009; it is the economic stimulus package of $787 billion. “Making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes”.
Application Package: A group of specific forms and documents for a specific funding opportunity which are used to apply for a grant.
Application Package Template: One or more forms and documents which can be reused for multiple opportunity-specific application packages.
Assets: The amount of capital or principal — money, stocks, bonds, real estate, or other resources — controlled by a foundation or corporate giving program. Generally, assets are invested and the resulting income is used to make grants.