Sponsored projects are funded in a variety of ways. We have listed the different types of awards below.
Grant—A grant transfers money, property, services or anything of value to the recipient. Most federal agencies provide grants for university research projects. Grants typically involve little interaction between the recipient and the grant-making agency.
Cooperative Agreement—A cooperative agreement is like a grant, in that it involves transferring money, property, services or something of value to the recipient. However, it also includes substantial involvement with the grant-making agency. So, for example, a cooperative agreement between the U.S. Forest Service and a researcher in the School of Forest Resources and Environmental Science may include Forest Service researchers working on the project, as well as Michigan Tech researchers.
Contract—Through a contract, service are acquired that directly benefit the contracting agency. It also requires substantial involvement between the recipient and the contracting agency.
Cost Reimbursable—Under this type of grant or contract, the agency reimburses the university for actual, approved cost up to a negotiated maximum amount.
Fixed Price—A contract or grant with a negotiated price, which is paid regardless of the actual cost.
Additional Award Information—The following links provide information in regards to Terms and Conditions, Administration, and Responsibilities of Sponsored Project Administration.