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Difference Between Grant/Contracts and Gift Accounts

The purpose of this letter is to identify conditions which distinguish grants and contracts from gifts. The conditions imposed by the sponsor/donor determine when funds are to be deposited into a grant, contract, or gift account. Department heads are responsible for the routing of grant contract, and gift funds to either the Foundation or OSP.

Grants and contracts require the University to deliver a product, service, of technical/ financial report to the sponsor or contain one of the following conditions:

1.Adherence to prescribed protocols for the activities to be undertaken

2.Sponsor's right of ownership of intellectual property

3.Restrictions on University publications

4.University confidentiality of findings and/or
5.Budgetary conditions on the use of funds

Grants and contracts should be made directly to the University.

A gift is a contribution which does not require the delivery of a product, service, or technical report or any of the conditions outlined in the above paragraph. Gifts may be unrestricted or restricted. Unrestricted gifts may be used for University purpose. Restricted gifts are limited by the donor for use by certain units, individuals, or for specific purposes. Gifts may also require financial reports to the donor, and by restriction, have budgetary conditions as to use of funds donated.