When is it a Gift
If the study is the idea of a University employee, monies given could be a gift or a grant under the following circumstances:
GIFT
Funding would be classified as a gift if monies are given as a donation in which there are no reporting, deliverable, or refund expectations on the part of the agency or donor. Also:
- There is no annual or final financial report required (though the individual can report findings if they so desire).
- There is no specific outcome or information requested, such as specific scientific findings or research results.
- There is no scientific or progress report required.
- There is no specific time period in which the funding must be spent or the project must be completed.
- There is no expectation that unspent funding will be returned to the individual/agency.
There are two types of Gift accounts:
- Unrestricted Gift (Fund 58001): A donation with no defined purpose specific to a project, program, or type of expense.
- Restricted Gift (Fund 58000): A donation given for a specific project, program, or type of expense.
GRANT/CONTRACT
A project would be categorized as a grant/contract if monies are given toward the study and the study will produce a definite result, which must be submitted to the agency, and/or a product change (or actual product) will be marketed/produced as a result. If it has one or more of the following criteria, it would be considered a grant/contract rather than a gift:
- There is an annual or final financial report required to be submitted to the agency.
- There are specific outcomes or information that must be submitted to the agency, such as specific scientific findings or research results.
- There is a scientific or progress report required.
- There is a specific time period in which the funding must be spent or the project must be completed.
- There is an expectation that unspent funding will be returned to the individual/agency.
More information on whether awards are gifts or grants is available on the OSP website.
