|Factor||Gift Indicator||Grant Indicator|
|Purpose||The donor may specify an area of interest or a goal to be funded with their gift.||The sponsor specifies how the funds should be used.|
|Value Exchange||No implicit or explicit value is exchanged other than recognition.||No implicit or explicit value is exchanged other than recognition and/or reporting.|
|Reporting||The institution has little or no obligation to report to the donor on how the gift is used or invested. The institution is not prevented from providing such reports, but rather uses the opportunity for donor stewardship. Reporting is limited to details of how, when, and to whom funds were disbursed as well as statements of earnings when applicable.||The sponsor requires performance of specific duties such as research, budget reports, progress reports, and return of unused funds.|
|Proposal Process||Initiated by donors, relationship managers or faculty members.||Initiated by sponsor, relationship manager, or faculty members.|
|Document||Letter of Donation/ Gift Agreement||Award letter and/or Grant Agreement|
|Deadline/Terms||Typically no time period is associated with the use of funds.||Typically requires a specific time period for conducting projects.|
|Excess Funds||N/A||May be required to return to sponsor.|
|Penalty for non-performance||No penalties for failing to use the funds.||Penalties may exist for failing to use the funds or to deliver the items on a timely basis.|
|Processing a Gift||Processing a Grant|
|All gifts must be processed through the Central Gifts Office.
For more information please refer to Procedures.
|Sponsored awards and charitable grant proposals must be routed through Research, Innovation & Impact. For more information, please visit the Research Gateway.|