Hello Gwena:
The Free Dictionary Online (by Farlex) indicates:
AWARD
1. To grant as merited or due: awarded prizes to the winners.
2. To give as legally due: awarded damages to the plaintiff.
====================
REWARD
. Something given or received in recompense for worthy behavior or in retribution for evil acts.
2. Money offered or given for some special service, such as the return of a lost article or the capture of a criminal.
3. A satisfying return or result; profit.
4. Psychology The return for performance of a desired behavior; positive reinforcement.
----------------------------------------------
I will try to make this clear.
An AWARD, is often not Financial but it can be. For example, The Nobel Peace Prize is an Award, which comes along with a large sum of money to Scientists, and those who contribute to peace in the world.
A REWARD, frequently is a promise of money. For example, in American culture, particulary that associated with the pursuit and capture of criminals, a specific amount of money might be offered for the criminals capture. Thus, one criminal's capture might get you a cash reward of $500.00 and another might get you a reward of $25,000.00.
Sometimes also, in police work, one can see notices for a Cash Reward, like $10,000.00 leading to the capture and arrest of a "wanted" criminal.
In contrast, an AWARD often tends to be something like a paper certificate, a sports trophy to signify a Championship Status, or other such "honorarium".
I recall, that in some Professional Golfing events, the tournament winner has sometimes been AWARDED a brand new car or something.
I have been pondering this, and I realize suddenly that the distinction is not always clear.
I think though that I can sort it out to your satisfaction. A REWARD is usually cash or property that is promised up front, without any indication as to a superlative ability on the part of the person receiving the Money.
An AWARD may include money, but it is usually a way to officiallly recognize some special gift, talent, contribution or ability that the recipient has demonstrated.
I would be curious to see other answers on this subject also.
.--Warm Regards, Bruce