What does the ‘Award’ phase signify in grantmaking?

The ‘Award’ phase in grantmaking signifies that funding approval is finalized. This phase marks a crucial step where the funding agency or organization confirms that a specific project proposal has been thoroughly reviewed and meets all necessary criteria for funding. It is the point at which the grant is officially awarded to the recipient, allowing them to begin the project as outlined in the proposal.

In this phase, the recipient is typically notified of the award details, which may include the amount of funding, any specific conditions associated with the grant, and the timeline for the project. Finalizing funding is essential as it transitions the grantmaking process from planning and assessment to actual funding and project implementation.