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GLOSSARY OF TERMS
501(c)(3): A code, applied to organizations by the IRS, denoting tax-exempt status.
Grant: A sum of money used to fund a specific project or purpose. The foundation funds work that meets specific grantmaking priorities and supports the foundation’s guiding principles. In keeping with its charter, the foundation does not provide funding to individuals.
Letter of Inquiry (LOI): A document submitted by an institution seeking a grant or funding for a project. The LOI describes the purpose of the project, summarizes the project’s goals, and includes financial information for the project.
Lobbying: The efforts to influence federal, state, or local legislation within the United States or international legislation. Private foundations such as the Bill & Melinda Gates Foundation are, by law, prohibited from lobbying.
Request for Proposal (RFP): An open invitation to submit a funding request for consideration.
Scholarship: Funding for a prospective student to pursue educational opportunities. The foundation funds a number of scholarship programs for specific graduate, undergraduate, and college preparatory studies. Eligible applicants must apply through the scholarship program; the foundation does not fund individuals directly and is not involved in the administration of the programs.
For more information on funding, please see the Grant Seeker Frequently Asked Questions. |