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Gift vs. Grant
In general, awards made to an institution by a sponsor
are done so as either Gifts or Sponsored Agreements.
Gift Awards:
In most cases, a gift award will not include terms or conditions that
specify how that funding must be used or administered. As a result, the
funding received may be used at the discretion of the recipient. In addition,
most gift awards will not require that unexpended funds be returned to
the Sponsor at the end of the award period.
Sponsored Agreements:
In contrast, Sponsored Agreements are awarded as grants, contracts,
and cooperative agreements, and are usually awarded in response to a
proposal submitted in a sponsor-required format. These awards will contain
one or more of the following items in its terms, conditions, or requirements:
- A statement of work or scholarly terms defining what is to be accomplished
with the use of the funding
- Formal Deliverables such as annual progress reports, financial
reports, or performance objectives
- Specific terms regarding fiduciary responsibility or payment
(and return) of funds
- Specific terms regarding disposition of property at the conclusion
of the award
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