Grant [Money and Finance] Law and Legal Definition
Pursuant to 31 USCS § 6501 (Title 31, Money and Finance; Subtitle V, General Assistance Administration; Chapter 65, Intergovernmental Cooperation), (A) "grant" means “money, or property provided instead of money, that is paid or provided by the United States Government under a fixed annual or total authorization, to a State, to a local government, or to a beneficiary under a plan or program administered by a State or a local government that is subject to approval by an executive agency, if the authorization--
(i) requires the State or local government to expend non-Government money as a condition of receiving money or property from the United States Government; or
(ii) specifies directly, or establishes by means of a formula, the amount that may be provided to the State or local government, or the amount to be allotted for use in each State by the State, local government, and beneficiaries.
(B) "grant" (except as provided in subparagraph (C)) also means money, or property provided instead of money, that is paid or provided by the United States Government to a private, nonprofit community organization eligible to receive amounts under the Community Services Block Grant Act (42 U.S.C. 9901 et seq.).
(C) "grant" does not include--
(i) shared revenue;
(ii) payment of taxes;
(iii) payment instead of taxes;
(iv) a loan or repayable advance;
(v) surplus property or surplus agricultural commodities provided as surplus property;
(vi) a payment under a research and development procurement contract or grant awarded directly and on similar terms to all qualifying organizations; or
(vii) a payment to a State or local government as complete reimbursement for costs incurred in paying benefits or providing services to persons entitled to them under a law of the United States.
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