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.