Getting To Know All About You (err, Your Awards) – Part Four Gifts

Previously, we discussed several different types of sponsored projects and a few of the mechanisms at play when performing work under their auspices.  Next, we started a more in-depth examination of the award types with a look at the distinguishing characteristics of grants.  Last Tuesday, we looked at cooperative agreements.  Monday, we focused on contracts, and today we’ll finish up with a tour of perhaps the rarest of all awards: gifts.

Award Type: Gifts

Basic Purpose:  Charitable in nature, award is donated for variety of reasons (e.g. endowment, purchase of equipment).

Sponsor Involvement:  Very little, if any.

How Solicited:  Offered by or solicited from donors.

Benefits:  Sponsor doesn’t expect anything in return, save for recognition and the associated tax deduction.

Project Direction:  Solely at the discretion of the recipient.

Selection Process:  Provided at sole discretion of the donor.

Award Instrument:  Generally a Letter of Agreement or Memorandum of Understanding that outlines the purpose of the award.  Any instructions are given at the time of donation.

Period of Performance:  Generally not defined by the donor.

Cost Principles:  Generally Accepted Accounting Principles (GAAP)

Administrative Requirements:  None.

Rebudgeting Capabilities:  Very little, if any.

Technical Reporting Requirements:  Generally, results are not formally required to be transmitted to the donor.

Renewals:  Depends on the donor.

Final Deliverable(s):  None.

Fulfillment of Award:  Usually at the discretion of the recipient or as per the terms of the agreement at the time of the donation.