Gift vs. Grant
In general, awards made to an institution by a sponsor are done so as either Gifts or 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