Grants and contracts are very different types of federal awarding instruments and therefore the management of these awards is different as well. Here are some of their unique characteristics:
- Awarded for the good of the public – this assistance oriented
- Subject to the terms and conditions of the Office of Management and Budget (OMB) Circulars
- The deliverable is scientific advancement and knowledge reflected in a technical/progress report
- Somewhat flexible budgetary terms along with some delegated authorities to the recipient
- May have the ability to extend the award time if goals are not fully reached
- Equipment ownership – normally resides with the institution
- Awarded for the good of the buyer – this is procurement and we are the seller of the service/good
- Subject to the terms of the Federal Acquisition Regulations (the FAR)
- The deliverable is specific such a piece of equipment or software, components or robots, etc.
- Very rigid budgetary oversight
- No extension of additional time – any change requires formal modification of the agreement
- Equipment ownership – may vest with the sponsor
Both types of awarding instruments are accepted at UVa!