Written by Erin Delehanty.
This month’s Finance Division Knowledge Base spotlight is on What’s the difference between a gift, grant and contract?
When trying to determine which entity is most appropriate to solicit and deposit funds, it is important to distinguish whether funds are gifts, grants or contracts. Each type of fund has different requirements for proposing, accounting and reporting, and not all funds can be deposited to the same place. Save critical time and effort and understand the difference first.
The Office of Finance and Administration, Research and Innovation and University Advancement released a joint 3D Memo to provide definitions for gifts, grants and contracts at NC State to assist in the proper recording of these funds.
To learn more, visit the What’s the difference between a gift, a grant and a contract? article in the Finance Division Knowledge Base.