A grant is a project/program that is funded by a sponsor and is also called a sponsored project or program. The proposal can include the statement of work, hypothesis, and/or defined set of deliverables. Sponsors often do not require the University to countersign grants because the Terms and Conditions are agreed upon by submitting an authorized signed proposal. The Sponsors require programmatic, technical, or detailed financial reports.
A sponsored project/program entails:
- Specific commitments regarding the commitment of effort and other deliverables, and/or milestones;
- A budget to cover the cost of the project including direct costs associated with the project and indirect costs that are incurred at the institution in order to accommodate the project;
- A defined period of performance as a term and condition of the award;
- A competitive application or bid process.