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.
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 College of Forest Resources and Environmental Science may include Forest Service researchers working on the project, as well as Michigan Tech researchers.
Through a contract, service are acquired that directly benefit the contracting agency. It also requires substantial involvement between the recipient and the contracting agency.
Other Transaction Agreement
This type of agreement is used by federal agencies for obtaining or advancing research and development prototypes, these funding mechanisms are not considered contracts, grants or cooperative agreements.
Under this type of grant or contract, the agency reimburses the university for actual, approved cost up to a negotiated maximum amount.
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.