Prize competitions are an alternative funding mechanism or "incentive" to traditional grants and contracts. Depending on the type of prize, prizes may be given in recognition of research and development accomplishments that have already been achieved or for goals not yet achieved. Prizes are awarded as a result of a competition, which may be by an individual or a team. Prize awards offer monetary and nonmonetary benefits (e.g., recognition) to competition participants. Prizes can come from federal and state agencies, companies, private individuals, and foundations.
For prize competitions that aim to incentivize research and development, prize awards will generally be awarded to the University. Most competitions will also have terms and conditions that require Office of Contracts and Grants (OCG) involvement. For researchers who plan to apply for a prize competition, please reach out to your OCG Proposal Analyst for help interpreting eligibility requirements, terms and conditions, or other issues that may impact competition entry or success. Prize competitions require a proposal and are treated as sponsored programs. Prize competition awards are not charitable contributions and cannot be considered gifts.
Prize awards that are given in recognition of research and development accomplishments that have already been achieved or for goals not yet achieved – such as the National Medal of Science, National Medal of Technology and Innovation, or the Nobel prizes – are typically given to individuals and will likely not require OCG involvement.