Grant

A grant is a fund given by a person or organization, often a public body, charitable foundation, a specialised grant-making institution, or in some cases a business with a corporate social responsibility mission, to an individual or another entity, usually, a non-profit organisation, sometimes a business or a local government body, for a specific purpose linked to public benefit. A funding agreement is often used to reflect the funding and funded parties' understanding of the purpose for which the grant has been given. Unlike loans, grants are not intended to be paid back. Examples include student grants, research grants, the Sovereign Grant paid by the UK Treasury to the monarch, and some European Regional Development Fund payments in the European Union.