Fiscal Operations Manual
Section 100: Revenue (External) - Depositing & Recording
Effective: 01/01/2003
Revised: 03/11/2016 

 

WARNING:  THESE ARE NOT CURRENT POLICIES!!

Please see current Fiscal Policy Manual for current policies

 

Funds are received at the University in one of five ways in this category.

1) Financial Accounting and Analysis (FA&A) in Business Affairs receives a check in the mail for a gift to the University. FA&A is responsible for determining which college or unit the gift is for and the purpose of the gift.

Gifts cannot be deposited into Education & General (E&G) funds. Checks received as gifts directly by an OSU unit should be routed to FA&A for deposit. Special indexes have been established for each unit for the deposit of gifts. These indexes all begin with “M”. Gifts cannot be deposited into an “FS” or “FA” index as those indexes are only for deposits from the OSU Foundation (OSUF) or the Agricultural Research Foundation (ARF). Any donations by OSU employees must be made to OSUF or ARF directly to avoid possible conflict of interest issues.

OSU will assess a fee on all cash and equivalent donations received by OSU at the same rate charged by OSUF as their Gift Acceptance Surcharge. The current rate is 5%. Donations, regardless of restrictive use, will be charged the gift fee. The fee will be collected from the fund to which the donation has been added and used to support University operations. In those rare occasions when a donor has requested that no indirect fees are to be paid from the gift, the department may choose to pay the gift fee out of their unrestricted funds.

The fee will not be charged on:

  • Interest earnings posted on gift funds or residual funds from fixed price sponsored agreements that have been moved to gift funds at the conclusion of the project.
  • Endowment earnings.
  • Restricted grant, contract, or cooperative agreement funds.

Cash contributions received from outside sources specifically for the purpose of collaboration or support of an externally funded sponsored program may be set up in a separately identified restricted fund or an “M” gift index. The determination will be made at the time of the receipt of the contribution. A gift fee is not applied to these funds.

Tangible property (In-kind Gifts) donated to the University must be booked as revenue. For additional information please refer to PRO 207: Gift.

2) Grants and Contract funds are invoiced by the Office for Sponsored Research and Award Administration (OSRAA). When the checks are received, they are processed by the accounting staff in OSRAA.

3) Agencies with grants often make payments on invoices or electronic letter of credit draws via ACH transfer. The payments are made electronically to the State Treasurer, who makes the information available on a secure web page. The daily ACH transfers are retrieved and printed by OSRAA and given to the appropriate individual to record in FIS Banner.

4) The OSU Cashiers Office is notified by the State Treasurer’s Office of funds received by wire transfers. They notify OSRAA by email so the payment can be recorded in FIS Banner.

5) Project income generated from a grant or contract activity is deposited into the grant/contract project index. A revenue account code, different from that of the sponsor, is used. If you have project income, please consult with an appropriate OSRAA representative.

Reference: Grants, Contract & Gift Accounting (GCG) Policy & Procedures Manual