Unveiling the Secrets of Gift and Grant Funding

The classification of external funds as a grant or a gift are important fiscal and fiduciary responsibilities of the University. Correct classification and handling of external funds (grants or gifts) is essential for the reputation, fiscal, fiduciary and stewardship responsibilities ... Major gifts are significant contributions from individuals, families, or organizations and are typically secured through personal relationships ... an award is a gift or a sponsored grant or contract. Correctly classifying gifts and sponsored grants and contracts is important for several reasons. Not ... However, unrestricted grants are not considered gifts because the sponsor does not express a specific intent for the funds to be treated as a gift, or because ... If you answer “No” to all of the following questions, then the funding likely is a gift and should be processed through University Advancement. 1 ... Grants and contracts will assign an account/fund number to the award so that the expenses benefiting that project can be identified for audit purposes. The accurate classification of funding is important to develop positive relationships with external funders, avoid delays in releasing the funds, ... (OUD) handles the funds. When these external entities provide support for sponsored programs such as contracts and grants, the Office of Sponsored Programs (OSP) ... If it comes from the government, it's a grant. · If it comes from an individual, it's usually a gift. · If it comes from a foundation or ...