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What Are Grants?

By Edited Nov 13, 2013 0 0

If you need money, grants can be a great solution. You have surely heard of Pell Grants for getting an education. While these are a great option for students, they aren't the only type of grant available. You will find that there are grants available in almost any area under the sun. Grants can be a great way to get your organization the money that it needs.

As you search for grants, bear in mind that you will have to meet certain qualifications to receive the grants. Most grants require that their recipients meet very specific qualifications in order to receive the funding... Learning which grants you qualify for will take time, effort and research.

You may be wondering where the money comes from in regards to grants. You will find that this varies depending on which grant you are applying for... Most of the funding comes from various organizations. The government (both state and federal) tends to offer grants as well as private and non-profit organizations. The type of grant will determine who can receive it. For example, some grants are given to individuals, the Pell grant, while others are given directly to non-profit organizations. Each grant will have specific requirements for receiving the money and money will often have to be spent in a specific way as determined by party that issues the grant.

If you want to receive a grant, you will have to ask. There are a couple of ways to apply for grants, but most commonly you will create a written proposal. When writing a grant proposal you will create a written document that explains your situation and how the money will be used if it is awarded to you. In other cases, you will apply for a grant by completing a specific application form.

When you receive a grant, you will need to account for your use of the money. This means that you need to keep records and save receipts. Each grant will have a specific procedure for accounting for the money received. Some require you to provide documentation to verify your spending and other organizations require you to write up a summary of the completed project and how the money was used. If you are applying for grants, make record keeping a priority to keep out of trouble.

If you need money, grants might be the solution for your organization. Do a little research and learn about grant writing, or consider hiring a professional to do the job for you.



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