Contracts and Grants - Types of Deposits

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Types of Deposits

Revenue - These are the funds received by the University to support an approved award from a sponsoring agency. All deposits of revenue for a sponsored project must be deposited to the General Ledger account using the Receipts account code (1330). This type of deposit should only be used by the Office of Contracts and Grants or with special written permission from the Director of Contracts and Grants.

Refund of Expenditures - A refund of expenditure occurs when full or partial payment to a vendor for goods or services has been returned to the University. Deposits for refunds of expenditures are made to the Subsidiary Ledger speedtype using the same account code from which the original disbursement was made.

Program Income - When a sponsored project charges a fee for a workshop or sells publications as stipulated in the award, the funds are considered program income and must be properly accounted for in the financial system. Deposits of program income are made to account code 3998. In some cases, the Office of Contracts and Grants will recommend the establishment of a segment award which may or may not map to the parent project to better account for and track any program income.