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