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In this article we present an analysis of institutional key words. These are words that are used in institutional communication with a meaning that is peculiar to the organization or institution in which they are used. The meaning of the key words is organized as a cognitive structure which has three characteristics: key word meaning is shared knowledge of competent institutional actors; key word meaning combines propositional knowledge (knowing that) and action knowledge (knowing how); the specific combination of knowledge elements serves a purpose in the institutional communication. As an example we have analysed the key word 'annual report' as it is used among a team of educational advisers in the Netherlands. This key word appeared to refer not only to a certain text, but also to the procedure of how to make this text, to the addressee of the report, and finally to specific aspects of what can and what cannot be said in an annual report. The discussion in the team could be explained as one between competent institutional actors and actors who did not know the full institutional meaning of the key word.