Finding Funding isn’t rocket science but it can be time consuming. The process of finding funding does not involve any golden nuggets, a pot of gold, or magic wand. Finding funding requires time, perseverance, and a little bit of luck.
Beginning the Research:
It is important to choose prospective funders by examining their mission statements and recent giving histories. Both foundations and federal agencies publish information on the projects they choose to support. It is important to verify a correct “fit” with the funder. The next step is to research the funders you’ve identified. Agencies and foundations use different buzzwords to evaluate proposals NSF – “Intellectual Merit” — FIPSE – “Replicable”. Know the agency’s culture, interests, and style. Take time to talk to the program officer – maybe even meet with them. Take their suggestions and try to incorporate them into the proposal. No doubt about it. This process takes a lot of time – so allow yourself enough of it to succeed!
Gift vs. Grant
The terms gifts and grants are often used interchangeably. However, a grant is more restrictive than a gift and requires different monitoring and accounting procedures.
A Grant…
Sponsored Programs are established when funds are awarded to the University by external sources in support of research, instruction, training, or services under an agreement that includes any one of the following:
- The award instrument is an agreement that binds the University to a set of terms and conditions and requires endorsement.
- The agreement obligates the investigator to a line of scholarly or scientific inquiry that typically follows a plan, provides for orderly testing or evaluation, or seeks to meet stated performance goals.
- The agreement establishes an understanding of how funds will be used or includes a line budget that identifies expenses by activity, function, or project period.
- The agreement requires fiscal accountability as evidenced by the submission of financial reports to the sponsor, an audit provision, or the return of unexpected funds at the conclusion of the project.
- The agreement creates an obligation to report projects results or dispose of tangible or intangible properties resulting from the project. Examples of tangible properties include equipment, records, technical reports, theses or dissertations. Intangible properties include rights in data, copyrights or inventions.
- The agreements seek considerations such as indemnification or imposes other terms that require legal accountability. NOTE: Investigators who expect to solicit funding from sponsors should consult with OSP especially when nonstandard agreements such as those offered by industrial firms, are anticipated.
A Gift…(via Development Office – Foundation Relations)
Gift accounts are established when funds from outside sources are for unrestricted use and are free of the constraints or obligations of sponsored projects as described above. Acceptance of a gift usually precludes any accounting and reporting by the University.
If you have any questions regarding the above terms, please contact the Office of Sponsored Programs at 404.894.6937 or the Office of Foundation Relations at 404.894.2481.