2304 Management of Restricted Gifts
Subject Area: Gifts and Private Grants
Responsible Office: Financial Services
Approval: Associate Vice President for Finance
Originally Issued: August 2006
Refer Questions To: James Ribikawskis, 773-702-3690
Purpose: To provide guidelines governing the management of restricted gifts.
- Restricted gifts consist of those funds expendable for operating purposes but restricted by donors or other outside agencies as to the specific purpose for which they may be expended.
- Management of restricted gifts is the primary responsibility of the Departmental administrator or principal investigator. Such responsibility includes, but is not limited to, compliance with the terms of the gift and maintenance of gift files which should include a copy of the gift letter plus other correspondence received from the donor.
- Departmental management judgment, insight, and common sense should be used in cases where a certain type of expenditure is allowable under University policies and procedures but may not be considered as an appropriate charge against a restricted gift.
- In certain cases the circumstances and evidence relative to gift restrictions may not be clear and may require the advice of legal counsel or Financial Services.