G/L ACCOUNTS
32XXXX: Gifts, Grants and Contract Payments
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:
Testing a device, drug or biological compound on
human subjects.
Has a protocol reviewed and approved by the Institutional
Review Board (IRB).
Focuses on clinical pharmacological, pharmacokinetic
and/or other pharmacodynamic effects and/or seeks to
identify the agent's safety and efficacy.
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.
Expendable:
Refers to gifts, grants and contracts, which are given to
the University to be spent.
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.
Unrestricted:
Refers to gifts or bequests to the University where the donors
have not specified how the gift or bequest is to be used.
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.
