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  3. Can a grant be deposited into a Foundation?

Can a grant be deposited into a Foundation?

Whether a grant can be deposited into a Foundation depends on whether the grant is “specific” or “nonspecific.” See “Definition of Gifts, Grants, and Contracts” 3-D Memo, linked below.

Nonspecific grants may be deposited into a Foundation provided certain conditions are met. If a proposal for a non-specific grant was submitted to the donor, the proceeds of the grant must be recorded in the entity in whose name the proposal was submitted.

Specific grants must name NC State University as the recipient, be recorded in the University’s books, and are submitted and managed by the office of Sponsored Programs and Regulatory Compliance Services (SPARCS). Any exceptions allowing specific grants in an associated foundation must be approved in advance by the Associate Vice Chancellor, Finance and University Treasurer and the Associate Vice Chancellor, Research, Innovation, & Economic Development.

Read more:

3D Memo: Definition of Gifts, Grants and Contracts

Updated on April 17, 2020

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