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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
slide5

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

slide10

Need to Review:

  • 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:
  • 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:
  • 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:
  • 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
  • Gifts:

University of Minnesota Foundation:

Jan Gerstenberger (624-8374) jgersten@umn.edu

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

Minnesota Medical Foundation:

Carmela Kranz (626-8481) kranz001@umn.edu

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

  • Grants/Contracts:

Sponsored Projects Administration:

Pamela Webb (624-1648) pwebb@umn.edu

Kevin McKoskey (624-5066) kevin@umn.edu

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

  • External Sales:

External Sales:

Greg Miller (624-4837) gam@umn.edu

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