UCSB encourages its staff to seek extramural awards to carry out programs or projects which are within the organization’s mission and strategic plan. Contracts and Grants, or extramural funding, are defined as specified funds which are restricted to the purposes established in a formal and legally-binding, written agreement between the University and the sponsor.
Extramural Funding: This is a general term for money that comes from outside the University that is used to support a program or project. It may come from federal, state or local governments, business, private foundations, or individuals.
Contract: In this context, a contract is generally an agreement to provide a product or service which is of direct benefit to the awarding agency. Contracts provide for payments to the University which cover allowable project costs or payment of a fixed price for satisfactory completion of the project.
Grant: A grant is an agreement to accomplish something for the public good in exchange for money, property or services. Most federal agencies use a grant document for research awards to universities.