For ILS workers who have not previously ventured into the world of funding it may appear as if they have walked into a strange new world with its own language. Getting to grips with this language is important and an essential activity for any project manager who is working on or hoping to work on an externally funded project. This section provides a summary of many of the important terms, based, in part, on the work of Adirondack (1998).

The people involved in finance

Accountant

Someone who will provide financial advice and/or manage your financial records and provide appropriate financial information in an appropriate format, e.g. for auditing purposes.

Auditor

Someone who will audit or check the ‘paper-trail’ and ensure that the project money has been spent in an appropriate way and as outlined in the contract.

Beneficiaries

Individuals who benefit from the funding, e.g. as customers in the ILS service or individuals who attend training courses or sessions funded by the project.

Donor, funder or sponsor

An individual or organization that provides money for projects or other ventures. Donors are individuals who give or raise donations, e.g. from individuals or organizations. A funder or sponsor is normally an organization that provides grants or funds (or other forms of support).

Project manager

The person who is responsible for managing the finances, maintaining the financial records and reporting the financial situation to their manager, management group or steering committee.

Reviewer

An individual who is involved in checking a grant application and ensuring that it matches the criteria of the funding organization. They will then evaluate the application and make a recommendation on its acceptance or otherwise.

The funding process

Assessment or review process

The funding application will normally be assessed by either a committee or number of individuals. Their role is to check the funding application against their criteria for funding and grade it. Funding applications that achieve the highest grade, i.e. that are the closest match to the funder's criteria, are those that are likely to be successful.

Budget

A summary of the project finances, including the costs of everything and also any income.