Definition of sponsored agreements and gifts
Grants and contracts (sponsored programs) may be distinguished from gifts as follows:
Sponsored programs are situations where the university agrees to specific conditions and/or to perform a defined scope of work as defined by the sponsor.
- An investigator-initiated project that specifies proposals for research, training, and/or service activities to an outside entity.
- The proposed project binds the University to a specific scope of work.
- A formal agreement for a specified term is established and signed by an officer of Virginia Commonwealth University (VCU) and the sponsoring agency.
- The project involves disposition of property, whether tangible or intangible, that may result from the project (e.g. equipment, records, inventions, copyrights, or rights in data).
- The sponsor requires invoices for cost reimbursement and/or a financial report is required.
Typically sponsored programs include the following conditions:
- Submission of detailed report of performance and a fiscal report subject to audit
- Return of funds or goods not consumed
- Confidentiality of results
- Delivery of anything of value to the sponsor
Types of sponsored agreements include:
- Clinical trials: Agreements that provide for the testing of a drug or device on a human subject.
- Contracts: Financial support for a specific task, with the project usually initiated by the sponsor. Terms and conditions, specific to the award, generally must be negotiated prior to acceptance of the contract.
- Cooperative agreement: A financial assistance mechanism used when substantial sponsor involvement with VCU is anticipated during performance of the activities.
- Grant: A financial assistance mechanism providing money, property, or both to VCU to carry out an approved project or activity. A grant is used whenever the sponsor anticipates no substantial programmatic involvement with VCU during performance of the financially assisted activities.
- Industry sponsored agreement: An agreement with VCU that involves interactions with the private sector.