Awards are received by the university on behalf of the Principal Investigator (PI). While the PI assumes the responsibility for financial oversight and completion of the work, the university remains legally responsible for the award. Therefore, all awards must conform to university policies and procedures. Awards can be made by public or private sponsors, and they are typically conveyed via one of the following legal instruments:
| Funding Mechanism | Purpose | Awarding Entity | Control of Research | Intellectual Property Rights | Reporting Requirements |
|---|---|---|---|---|---|
| Grant | Funds intended to support research or project with a specific goal. | Government agencies, foundations, non-profit organizations | PI retains control over the project. | Generally owned by the institution. | Progress reports and final reports required. |
| Unrestricted Grant | Funds intended to support research without a specific goal. | Foundations, non-profit organizations, corporations | PI retains control over the project. | Owned by the institution. | No mandatory reporting requirements. |
| Contract | Funding intended to produce a specific deliverable. | Government agencies, corporations | Sponsor retains control over the project. | Varies depending on agreement terms. | Typically, subject to substantial reporting requirements. |
| Cooperative Agreement | Similar to a contract but involves programmatic collaboration between PI and Sponsor. | Government agencies, corporations | PI and Sponsor share control over the project. | Varies depending on agreement terms. | Typically, subject to substantial reporting requirements. |