Where a grant can be deposited depends on whether the grant is “specific” or “nonspecific”. See Definition of Gifts, Grants, and Contracts” 3-D Memo.
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.
Foundations Accounting & Investments, the Office of Research and Innovation, and Advancement Services have collaborated to create several resources to help distinguish between gifts, grants and contracts. Click here for more information.