What is a grant and how does it work? – Government Grants Self Employed August 2020

A grant is intended to provide a specific amount or kind of financial support, usually for a specific purposes. It can be a loan, tax aid, income-tax assistance, job creation assistance, or an amount required to cover a specific cost, such as a travel expense.

The federal government often grants grant money to local governments in order to:

Promote community development and economic development.

Encourage economic development through the establishment of economic development, innovation, or economic development programs, and provide technical expertise when needed.

Provide incentives as specified in the grant.

Allow local governments, including the University of Florida, to participate in federal and state projects to address public safety, environmental protection, economic development and other community issues.

How is a grant evaluated?

A grant must be evaluated and awarded on the basis of merit and the ability of grantees to fulfill the objectives.

As a general rule, grantees may be awarded financial assistance for the cost of providing the service, if it is affordable, based upon performance, and if there is a potential for additional funds from the grantee.

The grant is evaluated based on several criteria, which include:

The cost of the service required and whether it can be supplied at or below cost.

Whether a business or other entity will provide the service.

The amount, types, duration and location of the service.

If there are questions regarding the need for the service, the need for other resources, the financial resources available, or the need for expertise, the grantee must consult with the grantee’s governing body.

What are the requirements for receiving a grant?

The minimum award amount for each category is based on the costs of providing the service, and provides an incentive for the grantee to continue providing the service with the ability to use the funds for other uses.

Award amounts may range from $50,000 to $90,000. Some grants may be made to nonprofit entities, such as universities, charitable organizations, professional associations, or businesses who have demonstrated expertise in the use of research and development (R&D) facilities.

The terms of these grants may include a term of service or commitment or a minimum or maximum payment. Grantees may be required to pay for any costs of providing services.

Any fees not included in the grant, such as administrative and related expenses and licensing costs, are required to be paid directly to the grant

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What is a grant and how does it work? – Government Grants Self Employed August 2020
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