Gift vs. Grant
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:
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A statement of work or scholarly terms defining what is to be accomplished with the use of the funding
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Formal Deliverables such as annual progress reports, financial reports, or performance objectives
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Specific terms regarding fiduciary responsibility or payment (and return) of funds
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Specific terms regarding disposition of property at the conclusion of the award
