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Glossary of Terms

501(c)(3): A code, applied to organizations by the IRS, denoting tax-exempt status.

Grant: A sum of money used to fund a specific project or purpose. The Foundation funds work that meets its specific grantmaking priorities and supports the foundation’s guiding principles. The Foundation does not provide funding to individuals.

Grantee: A qualified non-profit organization that has received funding from the Foundation. The Foundation does not provide funding to individuals.

Non-profit Organization: An organization that has received a 501(c)(3) letter ruling from the IRS.

Proposal: A request to the Foundation for funding. The Foundation does not have any set requirements or guidelines for proposal submissions.

Scholarship: The Foundation only funds the Jack Maddox Distinguished Scholarship Program that provides a total of five merit-based scholarships per year to Lea County high school juniors that are preparing to attend college. Eligible applicants must apply through the Scholarship Program.