Funding Dictionary

501(c)(3)

The US Internal Revenue Service (IRS) tax code defines tax-exempt organizations, and IRS code 501(c)(3) defines the rules that charitable tax-exempt organizations must follow. See for lots of gory details! Many grants...

Accounting

Accounting is both the body of knowledge and the practice related to recording the many financial transactions of businesses and other organizations such as governments and non-profits. Accounting covers issues such as...

Active Investor

An active investor plays some role in the ongoing business, in addition to investing cash into the business. It could be that they are an advisor to the company, either formally or informally. It could be that they sit...

Agile

Agile is a philosophy and/or specific methodology of software development, and product development in general, that promotes incremental development and emphasizes adaptability and collaboration. Agile is relevant to...

Angel investor

An angel investor is an individual who provides cash, and sometimes assistance as well, to young companies run by people the angels don’t initially know well – that is, they aren’t “friends and family.” In the US they...

Assets

Assets are anything of value owned by an individual, business or other organization. In business, the value of assets is that they can either be turned into cash – now or in the future (such as accounts receivable...

Award

In grant-speak, the award is the financial assistance you receive, not a trophy or a medal! It may be a no-strings-attached grant or it may be a contract. It can also be used as a verb, as in “we awarded a grant to ABC...

Bad Debt

There are two meanings of the phrase bad debt. In financial terms, bad debt is a debt that has not been repaid according to agreement and is not recoverable. For example if a customer receives a product or service then...

Balance Sheet

The Balance Sheet is one of the three basic accounting financial statements used to summarize how well a business is doing financially. It shows at a particular moment in time what the business owns, what it owes, and...

Barter

While most exchanges of goods or services involves money going in one direction and the goods or services in the other, barter is a two-way exchange of goods or services of approximately similar value. For example, a...

Basic Research

While most businesses don’t receive grants for basic research – they tend to go to universities or specialized research organizations – this is pure pursuit of knowledge for its own sake rather than to solve a problem.

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