Grants generally contain fewer and less rigid administrative requirements than do other funding instruments such as contracts. A cooperative agreement is a type of federal award that provides assistance to a particular project where there is going to be substantial federal involvement throughout the life of the project. Contract A contract is used by a sponsor to procure either goods or services for the direct benefit of the sponsor. Goods or services to be procured are specifically defined in the request for proposals inviting bids or quotes. Many contracts provide for substantial sponsor involvement in the performance of the contracted activity.
Contracts tend to be governed by fairly restrictive administrative requirements.
Detailed, often monthly Gifts Gifts are never used to fund sponsored programs. Gifts are awarded irrevocably. The University and its fiscal agents have established procedures and support services to assist the Principal Investigator in satisfying the administrative requirements applicable to sponsored programs. Members of the University's professional staff may act as Principal Investigator only with the approval of the Provost or the cognizant Vice President, as appropriate. This requirement applies to all Principal Investigators, Co-Principal Investigators and anyone else who has the program responsibility defined above.