GRANTING AGENCY Meaning and
Definition
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A granting agency is an organization, typically a government institution or foundation, that provides financial support or resources to individuals or groups for specific purposes or projects. These agencies play a crucial role in assisting individuals, businesses, non-profit organizations, educational institutions, or researchers in fulfilling their goals and objectives by providing funding or resources that may otherwise be difficult to obtain.
The primary function of a granting agency is to review and evaluate project proposals or grant applications submitted by potential recipients. These proposals often outline the project's goals, objectives, methodology, budget, and expected outcomes. The agency assesses the applications based on predetermined criteria, such as the alignment with the agency's mission or objectives, the feasibility and potential impact of the project, and the qualifications and capabilities of the applicants.
Once the evaluation process is complete, the granting agency determines which projects or individuals will receive funding or resources, and the amount to be awarded. The agency may also impose certain conditions, reporting requirements, or timelines for the completion of the project. Granting agencies often provide ongoing support and guidance throughout the project to ensure its success.
By providing financial assistance and resources, granting agencies foster innovation, research, and development, address societal needs, promote education and cultural activities, support entrepreneurship, and contribute to the overall growth and progress of communities. These agencies are essential pillars of support within the funding landscape, enabling individuals and organizations to advance and fulfill their objectives for the betterment of society.
Common Misspellings for GRANTING AGENCY
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Etymology of GRANTING AGENCY
The term "granting agency" is a combination of two words: "grant" and "agency".
1. Grant: The word "grant" comes from the Old French word "graunter" meaning "to allow or consent". It further traces back to the Latin word "gratum" meaning "favor" or "pleasure". Over time, "grant" evolved to mean the act of bestowing, conveying, or providing something to someone, usually in the form of money or resources.
2. Agency: The word "agency" stems from the Latin word "agentia", which refers to "action" or "deed". It is derived from the Latin verb "agere", meaning "to do" or "to act". "Agency" indicates the capacity or power to act or exert force, and it can also denote an organization or department entrusted with a particular role or function.
