The donor does not impose contractual requirements in connection with acceptance or use of the funds. The funds are awarded irrevocably. Certain requests may be made by donors of private gifts, such as brief reports on how gift funds are used, courtesy copies of publications, or acknowledgment of the donor in publications. These requests are appropriate if they are not imposed contractually on the University, or do not otherwise impede the University's use of the gift funds. C. Characteristics of Private Grants and Contracts for Research Grants and contracts from private sponsors are usually intended for the support of specific research projects, i.e., to be used for the execution of a particular research design in accordance with a proposed budget of expenditures.
Provision is made for audits by or on behalf of the grantor.
The grantor is entitled to receive some consideration in exchange for the funds, such as a detailed technical report of research results, or a detailed report of expenditures. The testing or evaluation of proprietary products is involved. The research is directed to satisfying specific grantor requirements, such as a precise statement of work. A specified period of performance is prescribed, or termination is at the discretion of the grantor. Funds unexpended at the end of the period of performance are to be returned to the grantor.