diff --git a/docs/opportunity_grants/about.md b/docs/opportunity_grants/about.md
index 156be4d..cbe8ac9 100644
--- a/docs/opportunity_grants/about.md
+++ b/docs/opportunity_grants/about.md
@@ -22,6 +22,20 @@ Team size: 1-2
 - Collect receipts from recipients for reimbursement
 - Work with treasurer to ensure that Opportunity Grants reimbursements are sent
 
+## Grant policy
+
+### What Opportunity Grants cover
+
+Opportunity Grants are intended to help with the costs of attending DjangoCon US. Grants are awarded as a dollar amount to help with:
+
+- Travel to and from the conference
+- Lodging / accommodation
+- In-city transportation during the conference
+
+### Unclaimed or surplus funds
+
+There is no fixed rule for handling unclaimed or leftover grant money (for example, when awarded funds go unclaimed or a recipient's documented expenses exceed their initial award). The Opportunity Grants chair and the treasurer decide how to handle any surplus on a case-by-case basis each year.
+
 ## Notes
 
 For the past several years, we've collected Opportunity Grant applications in a Google form. We then export the spreadsheet to [Grorg](https://github.com/djangocon/grorg) for scoring.