Grant
It is defined as a written agreement under which the College conducts research, teaching or other services and provides technical/financial reports during and at the end of the period of the service.
Contract
It constitutes a more stringent and specific written agreement under which the College conducts research or other services; specific obligations are generally imposed on all parties to the contract. Deliverables are required.
Subaward
It involves a written agreement whereby a portion of the project work is transferred to another organization under a Contract, Grant or Cooperative agreement.
Financial Policy for Sponsored Projects
This policy describes the shared responsibility for the administration of all awards granted to the College. Awards with specific (duration of award, scope of work) requirements are treated as contracts and grants. Awards with no restrictions are treated as gifts.
On submission of proposals and acceptance of awards, 6VµçÓ°Íø agrees to provide the technical/scholarly expertise and the administrative support to manage each Sponsored project in compliance with various fiscal (OMB A-21) and administrative regulations. This document addresses specific responsibilities of various individuals/offices that constitute a team which shares oversight of sponsored projects. At 6VµçÓ°Íø, the team comprises the Principal Investigator, the Department's Administrative Assistant, the Office of Sponsored Research and the Office of the Assistant Controller. Ultimately, accountability for compliance with the sponsoring agency's requirements and 6VµçÓ°Íø's policies rests with the Principal Investigators.