General Accounting

Gifts and Grants

The University has a fiduciary obligation to sponsors and donors. The appropriate classification of external funding sources facilitates the assignment of responsibility, the proper recognition of achievements, and the appropriate reporting of results.

A gift is any item of value given to the University by a donor who expects nothing in return other than recognition and disposition of the gift in accordance with his or her wishes.

Any funding provided by a governmental authority, either at the federal, state, or local levels, is not treated as a gift.

 

Characteristics of a Gift

To be considered a gift, item(s) being given or contributed:

  • must be devoid of contractual requirements and with no deliverables (gift may be for a stated purpose, with the use of the funds restricted to that purpose);
  • must be irrevocable with no specified period of performance;
  • does not require formal fiscal accountability beyond general stewardship and communication as a courtesy to the donor; e.g., progress reports, reports of expended funds and balances; and
  • qualify for tax purposes as a charitable contribution by the donor.  

Please contact the Development Office for additional information.

 

Characteristics of a Grant or Contract

To be considered a grant or contract, the following requirements must be met:

  • submission of a formal proposal by the University is required;
  • contractual agreement binding the University to a specified line of scholarly study or educational training within a specified period of performance;
  • documents must contain provisions regarding intellectual property rights, and/or the disposition of tangible, or intangible results from the project;
  • documents require formal accountability (budgets and financial reports) for all funds received and expended; and
  • documents may be cancelled by either party for failure to perform.

Please contact the Office of Sponsored Programs for additional information