I. General
All gifts, grants, and contract payments received by Duke University or its affiliated support corporations should be recorded using a G/L account in this series. "Gifts" can include currency, marketable securities, real or personal properties, trusts, pooled income funds, gift annuities, and insurance policies & bequests.
Gifts may be unrestricted or restricted, expendable or non-expendable, depending on the terms specified by the donor making the contribution. Grants and contracts are expendable and restricted for the support of specific programs or projects. Because the University is required to use the funds according to the terms of the donors and granting or contracting organizations, extreme care should be taken in selecting the appropriate fund and G/L account.
Departments do not have to select the G/L account when depositing gifts, grants and contract payments. For guidelines on Deposits to the University refer to GAP 200.026, Deposits to the University.
Only Alumni & Development Records (ADR) and the Bursar’s Office (Bur) will have the ability to directly post entries to gift and non-governmental grant general ledger account codes.
II. DEFINITIONS OF TERMS
The intended meaning of certain terms within this procedure is defined below:
| Gift: | An unconditional contribution received by the University for either unrestricted or restricted use in the operation of the University, and for which the University has made no commitment of resources or services, other than possible agreement to the designation of the use of the gift by the donor. The contribution is a nonreciprocal transfer; therefore the University has no obligation to report results to the donor, or to provide them with a financial accounting of the usage. |
| Grant: | Refers to revenues received by the University for the support of University programs and projects. Grants normally fall into two categories. |
| Non-specific grants: | Those received by the University in support of specific programs or projects, but which did not result from a specific grant proposal. No specific resources or services are committed, and no accounting for the use of the funds is required. |
| Specific grants: | Those received by the University resulting from approved grant proposals for specific programs and projects. The University commits resources or services as a condition of the grant; the grantor may require an accounting of the use of funds and reporting of results. |
| Clinical Trial: |
An organized medical study of a new or existing drug, medical device or biological treatment on human subjects, for the purpose of identifying the potential beneficial effect on treating human illness and/or determining safety and efficacy. In order for a grant or contract to be considered a Clinical Trial, the following aspects must all be true:
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| Contract: | An agreement between the University and another entity to provide an economic benefit for compensation paid. The agreement is binding and creates a quid pro quo relationship between the University and the entity. |
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Expendable: | Refers to gifts, grants and contracts, which are given to the University to be spent. |
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Non-Expendable: | Refers to gifts or bequests, which are given to the University to establish or increase endowment funds. These gifts can not be spent. Only the income earned on the gift can be spent. |
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Unrestricted: | Refers to gifts or bequests to the University where the donors have not specified how the gift or bequest is to be used. |
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Restricted: | Refers to gifts or bequests to the University where the donors have specified that the gift is to be used to support specific programs or projects. |
Only Alumni & Development Records (ADR) and the Bursar’s Office (Bur) will have the ability to directly post entries to gift and non-governmental grant general ledger account codes.