Name That Fund

Gift Fund Basics

• Excludes student aid charges in object codes:
• 6140 - Students in Professional Positions, Salaries+Wages
• 6410 - Undergraduate Tuition, Fee+Stipend Grants, GENERAL
• 6430 - Grad Tuition+Fee Grants
• 6431 - Training Grant payments, Non-Harvard Grad Tuition+Fees
• 6440 - Grad Stipend Grants, GENERAL
• 6461 - Other Undergraduate Grants^Prizes+Awards, Students
• 8922 - Admin Fees to Expense, Internal, GENERAL
• Departments should not transfer funds to or from a gift fund
• Cross validation should used to open the fund for use by another tub/org

Maximizing Funds

Gift vs. Grant

How to tell the difference?

Gift vs. Grant

• Gift
• Donor does not receive anything of value in exchange for the funding
• Donor expresses the goal of an activity; no time period usually associated with the use of the funds
• Unspent funds are not usually returned to donor
• Donor may request information on how funds are spent but spending is not subject to prior approval
• No deliverable to the donor

Gift vs. Grant

• Grant
• Sponsor may be entitled to receive data, publication rights, intellectual property rights
• Sponsor determines protocols & methods; specifies time period associated with the use of the funds
• Potential penalties for failure to deliver
• Sponsor may restrict distribution of information
• Detailed line item budget required, including overhead
• Unspent funds returned to sponsor
• Deliverable due to the sponsor

Maximizing Funds: Endowments

What are the characteristics of an endowment fund?

Endowment Fund Basics

• Original gift is generally held in perpetuity and inviolate, only the income generated from its investment may be spent, unless specified by the donor in the terms.
• Important object codes:
• 3720 Surplus/deficit balance
• 3880 # of Units of endowment principal
• 3881(Historical Dollar Value) Principal balance
• 3882 (Non Historical Dollar Value) Principal Balance
• 4410 Treasurer’s Distribution
• 4530 Internal Interest
• 5930 AEA
• 9510-9520 New Gifts