A Cost Reimbursable Award refers to an award mechanism by which the university is “reimbursed” when actual costs are incurred in carrying out the project. Typically, Grants and Contracts Accounting Services (GCAS) sends quarterly invoices to the respective sponsor. (Lower risk award)
Firm Fixed Price
A Firm Fixed Price Award provides one price for an award which is not subject to any adjustment. The proposed and awarded dollar amount for the service or research activity is fixed no matter whether the activity requires fewer or additional resources.
Letter of Credit
A Letter of Credit Award is an award mechanism from one of our major sponsors (i.e. NIH, NSF, Dept. of Education) which has a guarantee that the university will receive full reimbursement provided certain delivery conditions are met such as technical and financial reports. This type of award resembles a cost reimbursable award but has a guarantee of payment by a bank or third-party payment management entity.
A Cost Share Award refers to an award where a portion of a project or program cost is borne by the university. The “cost share” is the university's share in the cost of conducting the project/program. Cost sharing occurs when a sponsor requires, or when the university commits in a proposal, funds beyond those awarded by the sponsoring agency to support a grant or contract.
Other Types of Awards
A Program Income Award refers to earned income that is directly generated by a sponsored activity or earned as a result of a cost sharing award. The university requires principal investigators to identify and document program income on projects from both federal and non-federal sponsors.
Third Party Match
A Third Party Match Award refers to matching a portion of a project or program cost not borne by the sponsor. It is the third party’s (external to the university) share in the cost of conducting the project/program. See Cost Share, above.
Administrative Establishment (Advanced Account)
An Administrative Establishment is an award that is set-up in advance of the formal award notice from the sponsor. The award is set-up at the risk of the home department or school. In the event that the award is not forthcoming, the department or school will be required to inherit the cost. Find more information on Administrative Establishments.