A sponsored award (a category including grants and contracts) is the transfer of funds from a sponsor to an institution to carry out specific activities that align with sponsor’s mission or interests. Sponsors typically provide such funding on the basis of a specific project or research plan and budget, for a specified period of time, with funds unused at the expiration of the time period often reverting to the sponsor. Central Post-Award works with Local Research Administrators and investigators on financial management of sponsored awards. These resources will orient you to post-award financial management.
A cost transfer, also known as an expense transfer, is an after-the-fact reallocation of the cost associated with a transaction from one account to another account(s) and may involve a sponsored award or a DeptID. Learn more about this process in this brief overview.