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To prepare a successful Letter of Intent (LOI) for funding, start by thoroughly reviewing the PCORI Funding Announcement (PFA). Ensure your research idea aligns with the program's requirements, as approximately half of LOIs are rejected for non-responsiveness. Pay close attention to project duration and budget limits, which vary by PFA; some may allow five-year studies with budgets up to five million, while others may have shorter durations and lower budgets. Additionally, engage in applicant town-halls hosted during the LOI and application periods to gather insights and guidance.