Gift: A voluntary transfer of things of value from individuals, industry, foundations and other sources to the University for either unre-stricted or restricted utilization in the operation of the University, for which the University has made no commitment of resources or services, other than the possible agreement to the designation of the use of the gift by the donor. Gifts usually take the form of cash, checks, securities, real property, or personal property. No one should make a gift to the University where he or she stands to receive private gain from the gift and the University should not accept such a gift or provide such assurances.
Grant Revenues: At the close of the fiscal year, all unpaid annual fund pledges that do not have a payment schedule date greater than June 30 will automatically be written off.
Contracts: Restricted payments received by the University from various entities, made in accordance with the terms of contracts entered into by the University to conduct specific programs. Also called Exchange Transaction, contracts provide quid pro quo to the funder. Such things as the fact that the University will not own the results of the research at the end of the project, the funder will receive goods or services from the University, or the funder controls the research done at the University are some indications that a contractual agreement exists. Contracts can not be entered into the gift system.
Expendable: Gifts, grants, and contracts, given or paid to the University, which are to be expended in support of various programs or projects.
Non-Expendable: Gifts or bequests, given to the University, to establish or increase Endowment Funds and to become non-expendable/non-lendable principal of the Endowment Funds.
Unrestricted Gifts or Bequests: Given to the University, wherein the donor has not specified how the gift or bequest is to be utilized.
Restricted Gifts, Grants or Contracts: Given or paid to the University, wherein the donor or granting and contracting organization has specified that the gift, grant, or contract is to be used to support specific programs or projects.
Operating Funds: Money applied directly to meet regular, ongoing expenses incurred in the general operation of the University. Operating Funds may be designated to specific purposes or other times unrestricted as to use.
Capital Funds: Resources earmarked for (1) building construction, renovation or remodeling; (2) equipment; or (3) books and other non-disposable items.
Endowment Funds: Endowment Funds are monies to be kept intact and invested; a portion of the earnings from which are applied to purposes designated at the outset by the donor. The proportion of earnings applied in this manner and the proportion reinvested for growth of principal are determined by the Board of Trustees.
Quasi Endowment Funds: The Board of Trustees, upon recommendation of Administration, can decide to retain and invest funds. There are two types of quasi endowments: unrestricted and restricted. Concerning the unrestricted, the Board has the right to decide at any time to expend the principal of such funds and to designate how the income is to be spent. As to the restricted, while the Board decides to establish an endowment account with the funds, neither the principal nor the interest may be used for any purpose other than that designated by the donor.
Matching Gifts: Gifts made by businesses that match the voluntary contributions of employees or other eligible participants.
Pledges: Pledges are legally enforceable promises to give. The donor specifies that he or she will give a specific amount to a specific purpose sometime in the future.