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Guidelines for establishing External Trust and Tied Grants
The following guidelines are intended to be used by Finance to determine if an External Trust and Tied Grant project should be established for funds coming into the University.
20000-20009 External Trust and Tied Grants - where funds have been received from external sources for a specific purpose. The project funds carry forward until the end of the agreement. After the agreement end date, projects must be closed in the finance system.
Any funds held by the University are deemed University funds and must be spent as per the funding agreement and within University policies.
The following are guidelines to assist in determining if funding received should go into an External Trust and Tied Grant project:
- Are the funds coming from an external source?
- Is there a funding agreement?
- Does the agreement indicate an end date for the funding?
- Does the funding agreement specify what the funding is for and how it is to be spent?
- Does the funding body require a financial report at the end?
- Does the funding agreement specify what is to happen to any remaining funds at the end of the agreement?
- The funding received is not Research grant related.
If you have answered yes to the above questions this would normally indicate it is an External Trust and Tied Grant project. There may be exceptions. If you are unsure, please contact the Finance Manager, Management Accounting, Sonya Burr on x1797 or email firstname.lastname@example.org.
What happens at the end of the Agreement?
After the funds have been disbursed as per the funding agreement, the project is to be closed. If there are remaining funds these should either be returned to the Unit's Operating Account (if cost recovery is warranted), or transferred to a central account.
- Projects that do not meet the above guidelines and more specifically that do not have a funding agreement should be established as an Operating project. Income and Expenses relating to a future event can be accrued so funding carries forward. E.g. funds received in advance for a conference.
- Some funding agreements allow the University to take an administration fee or overhead, some do not allow a fee or overhead and others do not specify this. CSA's must determine if any remaining funds should be returned to the School or Central account. (Refer to funding agreement to assist or seek clarification from Finance Manager, Management Accounting.)
- Personal income is not to be held by the University.
- Projects should not be used for any other purposes during the Project's life or after it has finished.