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

What's New?

FY14 Financial Statements - to be updated soon with official Annual Report

FY14 Closing Memo

FY13 A-133

990

 

 

Contact Us

Controller
 

Mailing address:
Wellesley College
Controller's Office
106 Central St., GRH139
Wellesley, MA 02481-8203

Main Telephone:
781.283.2468

 

Main Office Fax:
781.283.3710

Payroll Fax:
781.283.3713

AVP for Finance, Controller and Assistant Treasurer
781.283.2247
 
Senior Accountant
781.283.2461
 
Accounting Specialist
781.283.2488
 
Sr. Cashiering/Payroll Specialist
781.283.2265
 
Accounts Payable Manager
781.283.2469
 
Associate Controller
781. 283.2250