Both gifts and grants may be given for specific research or operating support. However, grants often mandate a very detailed scope of work and time frame, and have expected outcomes.
Grants often also include a line-item budget that the campus must adhere to when spending funding, as well as detailed financial reporting back to the funder.
A funder may require that monies not expended during the timeline of the project, be returned to them.
Finally, a grant may specify that the funder...