In a legal sense, sponsored programs are liabilities of the university.
Awards come in the form of grants, cooperative agreements, and contracts.
A grant is a funding instrument through which the grantor is a patron of the project. A cooperative agreement implies substantive mutual involvement of the sponsor and the award recipient. Gifts are not considered here because there can be no quid pro quo for a gift. In fact, the Research Foundation is prohibited by its charter from accepting gifts. Gifts are made to the university through the Development Fund, which is not authorized to enter into contracts or other binding agreements with donors.