Definition of 'Block Grant'
Money that is awarded, or granted, by a national government to state and local officials. Block grants are earmarked for a specific project or projects, and typically there are guidelines as to how the money can be spent. In addition, state and local governments add their own guidelines and will sometimes distribute a portion of the grant to other organizations, which likewise have their own guidelines and rules regarding how the money is used and for what purpose.
|
