Sponsored Project Administration - SPA
Gift vs. Grant
The terms grant and gift are often used interchangeably. However, a grant is more restrictive than a gift, and requires different monitoring and accounting procedures. The following guidelines are those developed by UVM to distinguish a grant from a gift.
- Intends to support a project with a specific set of objectives.
- Normally requires a formal written proposal that indicates total project costs.
- Requires periodic written reports of a descriptive, technical and/or financial nature.
- Must be budgeted and accounted for separately from other awards.
- Must be applied for and awarded through Sponsored Project Administration to assure compliance with UVM and agency policies.
- Normally requires no formal proposal and no reporting of a descriptive, technical, or financial nature.
- Is made and accepted without consideration of project costs, but rather as project or institutional support.
- Can be combined with gifts of a similar nature for similar purposes and does not need separate accounts or budgets.
- May be for a specific project or unrestricted institutional purposes.
Last modified August 30 2011 12:16 PM