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A Gift? A Grant? OR An External Sale?. Why is this even a question?. Gifts, grants, and sales ALL benefit the University No standardized definitions and “transactions” don’t always fit into neat boxes No single characteristic or test

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A gift a grant or an external sale

A Gift?

A Grant?

OR

An External Sale?


Why is this even a question
Why is this even a question?

  • Gifts, grants, and sales ALL benefit the University

  • No standardized definitions and “transactions” don’t always fit into neat boxes

  • No single characteristic or test

  • Answers are a combination of the intent & expectations of the funder AND the responsibilities and goals of the University


Reasons
Reasons:

  • Historically, there are many reasons why it has been difficult to determine the proper classification of revenue received in academic departments

  • Costs vary depending on the classification of revenue

    • Indirect costs vs. no indirect costs

    • Unrestricted funds vs. restricted funds

    • Effort reporting vs. no effort reporting

  • External funding sources are not clear about the expectations that relate to acceptance of funding


Current matrix
Current Matrix

  • Existing grid draws the three way comparison on the following additional delineations:

  • Scope of project

  • Project timing

  • Reporting requirements

  • Regulatory compliance &

    monitoring requirements

  • Fiduciary/administrative

    responsibility

  • Basic Definition

  • Funders

  • Funding

  • Documentation

  • Document terminology

  • Financial benefit

  • Stipulations on use of funds


Past presentations and policy aids have tried to draw differences amongst gifts, grants, and external sales activities.


Need to Review: differences amongst gifts, grants, and external sales activities.

  • Fund classification work group formed October 5, 2007 at the request of: Richard Pfutzenreuter, Timothy Mulcahy, & Michael Volna

  • Charge to the group:

    • analyze revenue types

    • make recommendations on classification & treatment of revenue

    • determine whether one or more additional classifications are needed

    • determine where different forms of revenue should be administered


Work group
Work Group: differences amongst gifts, grants, and external sales activities.

  • Fund Classification group is comprised of:

    Pamela Webb Denise Seck

    Greg Miller Mark Bohnhorst

    Arnie Frishman Ed Wink

  • Group expanded to include foundations & Office of Technology Commericialization

  • The group has been meeting since October


Early findings
Early Findings: differences amongst gifts, grants, and external sales activities.

  • Rarely, is there a distinction between a gift & an external sale

  • Determination of whether an activity is a gift or grant is likely

  • Determination of an activity as a grant or external sale is also likely

  • Classification of revenue from an activity is easier with two matrices rather than one


Outcomes
Outcomes: differences amongst gifts, grants, and external sales activities.

  • Work Group will develop a series of questions to direct proper classification of revenue

  • Use of decision matrices for classification of revenue

  • Tools may not cover every situation

  • Recommendations will be reviewed by the steering committee

  • Policies will be modified based on steering committee determinations


For more help
For More Help differences amongst gifts, grants, and external sales activities.

  • Gifts:

    University of Minnesota Foundation:

    Jan Gerstenberger (624-8374) [email protected]

    website: http://www.foundation.umn.edu/facultyandstaff/corp.html

    Minnesota Medical Foundation:

    Carmela Kranz (626-8481) [email protected]

    website:http://www.mmf.umn.edu

  • Grants/Contracts:

    Sponsored Projects Administration:

    Pamela Webb (624-1648) [email protected]

    Kevin McKoskey (624-5066) [email protected]

    website: http://www.ospa.umn.edu/

  • External Sales:

    External Sales:

    Greg Miller (624-4837) [email protected]

    website:http://process.umn.edu/groups/controller/documents/main/osf_home.cfm


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