The NSF, created by Congress in 1950, is an independent federal agency with an annual budget of $6.06 billion. The work of the NSF aims to broadly promote the progress of science to advance health, prosperity, welfare and defence of the US. The NSF issues limited-term grants with an average duration of 3 years to fund specific research proposals. Grantees of these awards are both individuals and groups of researchers as well as larger research centers.
(Source: NSF-Website)