Gifts

Award Management

A gift or donation is defined as any item of value given to the ºÚÁÏÉçÇøÍø by a donor who expects nothing of significantÌývalue in return, other than recognition and disposition of the gift in accordance with the donor's wishes.

In general, the following characteristics describe a gift:

  • No contractual requirements are imposed and there are no "deliverables" to the donor. However, the gift may be accompanied by an agreement that restricts the use of the funds to a particular purpose.
  • A gift is typically irrevocable. While the gift may be intended for use within a certain timeframe, there is no specified "period of performance," or "start" and "end" dates as associated with sponsored projects.
  • There is no formal fiscal accountability to the donor beyond periodic progress reports and summary reports of expenditures. These reports may be thought of as requirements of good stewardship, and, as such, may be required by the terms of a gift. They are not characterized as contractual obligations or "deliverables."
  • ºÚÁÏÉçÇøÍø agrees to use restricted gifts as the donor specifiesÌýand does not accept gifts that it cannot use as the donor intends. ºÚÁÏÉçÇøÍø approval for changes in the purpose of a gift fund may be required.

Typically gifts are deposited into and expended from a Gift Fund (Fund 34).

For more information, contact the .