Frequently Used Terms
501(c)(3). Section of the Internal Revenue code that defines nonprofit, charitable, tax-exempt organizations.
990-PF. Financial report filed annually by a private or corporate foundation in accordance with federal and state tax laws. Items listed in the 990-PF include foundation assets, receipts, expenditures, compensation of officers, and grants.
Challenge Grant. A grant that is paid on the condition that the recipient organization is able to raise additional funds from other donors.
Contract. A contract involves a promise, or set of promises, the performance of which is recognized in law as a duty and obligation and for breach of which the law provides remedies. Each contract document contains a statement of work or description of the service to be provided, or in the case of a gift agreement, the donor's payments and uses for the donated funds by the university.
Executive Summary. Often, the executive summary is the primary part of the document considered by busy executives. An executive summary would include: the project title, contact person, organization's official name and address, a one-sentence statement of the problem the project addresses, project mission statement, a very brief project summary description, and a two- or three-sentence description of the results expected from the successful completion of the project.
Grant. Allocation of money by a foundation, corporation, government, or organization for general or specific purpose(s). The relationship between a sponsor and a grant recipient has not explicitly been defined by law. A grant generally is constructed to allow greater discretion than a contract in the conduct of the research and to provide less specificity in the definition of the intended outcome of the research.
Letter of Inquiry (also known as concept paper, white paper, and pre-proposal). A brief, preliminary letter describing an organization and proposed grant request, usually sent prior to a full proposal.
Proposal. Any written request or application for a research program in an academic unit or a sponsored program that provides pricing or cost estimates is considered a proposal, subject to the provisions of federal cost accounting standards. Formal proposals are prepared and submitted to a potential sponsor and outline the scope of activities. Some proposals are submitted in response to a Request for Proposal (RFP).
Sponsored Project. A sponsored project is any externally funded research or other scholarly activity that has a defined scope of work or set of objectives that provides a basis for sponsor expectations.
