This definition follows guidelines established by the Internal Revenue Service as well as practices of other universities and nonprofit organizations. Gifts are handled through the Development Office and are deposited into activities specifically designed to manage the gift. They are called development fund 6000 activities and have few restrictions other than those placed on them by the donor. They may be interest-bearing activities. However, objectives may be stated and use of the funds may be restricted to a particular purpose such as a professorship, a scholarship or as research in a defined area.
Award is irrevocable.
A period of performance is not specified. Formal financial accounting is not required and there is no requirement to return unexpended funds. Government Support - Federal, state, local or foreign governmental support is not considered a gift. For example, money from Salt Lake County or the Navy would not be considered gifts. No regulatory issues are involved, such as human subjects or animal care.