UCLA Department of Medicine

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UCLA Department of Medicine




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Presentations text content in UCLA Department of Medicine

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UCLA Department of Medicine Office of Research Administration

Gifts and Endowments

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Differentiating Grants, Contracts, & Gifts

UCLA Department of Medicine Office of Research Administration

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Grants

A grant is a type of financial assistance awarded to an organization for the conduct of research or other program as specified in an approved proposal. For an award to be considered a grant, it will contain the following elements:Statement of work allows the PI significant freedom to change the emphasis within the general area of work as the project progressesDeliverables are minimal, consisting typically of reportsSeparate accounting procedures are requiredGrants most often use the cost-reimbursement method of payment

UCLA Department of Medicine Office of Research Administration

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Contracts

A contract is an agreement to acquire services that primarily benefit the sponsor. For an award to be considered a contract, it normally must contain all of the following elements:Detailed financial and legal requirements included with a specific statement of workA specific set of deliverables and/or reports to the sponsorSeparate accounting proceduresLegally binding contract clauses

UCLA Department of Medicine Office of Research Administration

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Contracts

Contracts, by their nature, are restrictive, meaning there is little flexibility on the part of the academic department to rebudget funds without prior sponsor approval. Invoicing on contracts can be more complex, especially if tied in with milestones or tasks that must be completed by the PI before an invoice can be submitted and/or paid.

UCLA Department of Medicine Office of Research Administration

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Gifts

Gifts, bequests, and donations are awards given with few or no conditions specified. Gifts may be provided to establish an endowment or to provide direct support for an existing program. Frequently, gifts are used to support developing programs for which other funding is not available. The unique flexibility, or lack of restrictions, makes gifts attractive sources of support.

UCLA Department of Medicine Office of Research Administration

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Gifts

General Characteristics of Gifts:Donor receives nothing in return (i.e. services, goods, etc.)No contractual obligations (i.e. no proposals, progress/financial reports)Awarded irrevocably (i.e. balance is never returned to donor)Voluntary transferNo specified performance periodIt is very important to appropriately characterize funding as grant, contract or gift prior to set up/expense!

UCLA Department of Medicine Office of Research Administration

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Gifts

Gift Accounting is handled by UCLA Corporate AccountingGifts to UCLA are received through:UC RegentsUCOPUCLAUCLA Foundation

UCLA Department of Medicine Office of Research Administration

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Gift Policy

UCLA External Affairs: Gift Training Manual – Fundamentals of Gifts at UCLA: UCLA Contract & Grant Manual: Chapter 9, Gifts and Endowments: UCLA Policy 921: Accepting Support for Research from Non-Governmental Organizations

UCLA Department of Medicine Office of Research Administration

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Types of Gift Funds: Regental & Foundation

UCLA Department of Medicine Office of Research Administration

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Current Expenditure Gift Funds: Regental

Gift checks are made out to: UC Regents.Regental gifts are deposited to the Gifts Received Undistributed (GRU) Account/Fund 4-116030-54805.ALL gifts are subject to a 6.5% administrative fee, which is deducted off the top.Gifts released from the GRU account are recorded as revenue to Regental funds.

UCLA Department of Medicine Office of Research Administration

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UC Regents

The Regents of the University of California is the name of a corporation established under the laws of the State of California and charged under the Constitution of the State with administering the University as a public trust. As such, the Regents are empowered : “To take and hold, either by purchase or by donation or gift, testamentary or otherwise, or in any manner, without restriction, all real and personal property for the benefit of the University or incidentally to its conduct.” Although the University welcomes and appreciates all gifts, there are instances where acceptances of gifts may not be beneficial to the University.

UCLA Department of Medicine Office of Research Administration

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Current Expenditure Gift Funds:UCLA Foundation

Gift checks are made out to: UCLA Foundation.Gifts are originally deposited by UCLA Foundation to a Foundation fund.ALL gifts are subject to a 6.5% administrative fee, which is deducted off the top.Gifts are transferred to the University FAU via the processing of a Monetary Transfer Form (MTF).The transferred monies are recorded as revenue to the linked Regental fund.Foundation fund # = 5 digits + either letter “E” or “O” at the endThere is a 1:1 relationship between Foundation fund # & Campus fund #

UCLA Department of Medicine Office of Research Administration

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UCLA Foundation

The UCLA Foundation is a nonprofit public-benefit corporation for the purpose of accepting and administering the full range of private contributions for UCLA. From its inception, the aim of the Foundation has been to link the professional and business worlds with the academic needs that cannot be met through the state and other resources. The Foundation is empowered by its charter to receive gifts of all kinds as a fully qualified charitable trust. One of the fundamental goals of the Foundation is to identify sources of unrestricted funds that can be applied according to the special needs of the campus.

UCLA Department of Medicine Office of Research Administration

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How to Process Gift Checks

UCLA Department of Medicine Office of Research Administration

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How to Process Regental Gifts

Make a copy of the checkDeposit check into GRU (Gift Received Undistributed)4-116030- -54805Do NOT deposit directly into PI’s gift fundComplete Regental Gift Transmittal Form onlineFull instructions are located on the top of the online formDOM – Submit all requested internal documents to Steven Chorna for Farah’s signature. Do NOT submit directly to Data Services.DOM Additional Gift Certification Form for Gifts > $10,000Make a copy of all forms for your files!!File Gift Transmittal in pending folder until you see TOF into your gift fund #. Print TOF & attached to front of packet & file.

UCLA Department of Medicine Office of Research Administration

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How to Process Foundation Gifts

Do NOT deposit check. Complete UCLA Foundation Transmittal FormFull instructions located on page 2 of the formMake sure to make a copy the check, transmittal form and all documentation attached to the transmittal form for your files.Have both check and Foundation Transmittal Form delivered to Data Processing Services.Check the MTF “View Fund Balances” screen in a week or so or contact Foundation Office for report to ensure check has been processed.

UCLA Department of Medicine Office of Research Administration

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Endowments

UCLA Department of Medicine Office of Research Administration

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Types of Endowments

A collection of assets invested to produce income; under the law, no part of the corpus endowment fund may be expended, but must remain inviolateQuasi Endowment – Funds Functioning as an Endowment. By administrative decision, the corpus of a fund functioning as an endowment is usually held inviolate, but the University is not required by law to do soTrue Endowment – Funds existing in perpetuity. Principal cannot be invaded; only income is available for expenditure purposes.

UCLA Department of Medicine Office of Research Administration

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Endowment Funds

Gift Services formally accepts using gift transmittal forms and forward the same to General AccountingGifts are transferred (journaled) to UCOP for investment in General Endowment Pool, or other investment vehicle (STIP, etc.)Account 119820 Detail Provides:The Current Year IncomeThe Permanent BudgetBudget adjustments to match actual income receivedInterest on Interest deductions

UCLA Department of Medicine Office of Research Administration

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UCLA Endowment MinimumsAs of July 15, 2009

Endowed Chair w/ salary support - $5 millionEndowed Chair w/o salary support - $2 millionProfessional Development Term Chair - $1 millionRecruitment/Distinguished Service/Teaching Term Chair - $500,000Postdoctoral Fellowships - $1 millionLectureships w/ salary support - $1 millionLectureships w/o salary support - $250,000

UCLA Department of Medicine Office of Research Administration

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Short Term Investment Pool (STIP)

UCLA Department of Medicine Office of Research Administration

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What is STIP?

Definition: Income earned on campus balances from private gifts, private grants and endowment income, a.k.a. interestSTIP on GiftsOnly Regental or Foundation gifts accepted prior to September 1, 1989 where the donor specified PI will keep STIP will the PI receive the STIPOtherwise, STIP credits default to the Chancellor’s accountSTIP on Endowments (income only on principal)Regental EndowmentsIncome from investment is distributed to campus annually in JulyIncome is adjusted for actual & for Interest on Interest in ~AugustFoundation EndowmentsIncome from investment is credited on a quarterly basis and available for distribution This can be looked up in the MTF system in “View Fund Balance”Negative STIP occurs when an account that normally accrues STIP is in overdraft (OD)! Keep these accounts out of OD!

UCLA Department of Medicine Office of Research Administration

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Gift Fund Management Tools

UCLA Department of Medicine Office of Research Administration

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Financial Web Report: for Regental GiftsGifts Recv’d Undistributed

UCLA Department of Medicine Office of Research Administration

Live demo

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Financial Web Report: for Foundation GiftsConsolidated Gift Fund Management

Live demo

UCLA Department of Medicine Office of Research Administration

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Monetary Transfer Form (MTF) System: for Foundation Gifts

Live demo

UCLA Department of Medicine Office of Research Administration

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UCLA Department of Medicine Office of Research Administration

Sales and Service Funds

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Sales & Service Basics

UCLA Department of Medicine Office of Research Administration

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What is a Sales and Service Fund?

Self-Supporting, non profit.Hint: As a non-profit fund, your goal is to have your recharges or revenue equal your expenses. “Must break even over a three year period.”Sales & Service Policy: UCLA Policy 340

UCLA Department of Medicine Office of Research Administration

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Purpose

To provide support to academic units via recharges within the University or sales or products or services to multiple individuals or organizations outside the University at reasonable and equitable rates.See the APB website (www.apb.ucla.edu) to ensure that the proposed activity qualifies as a S&S activity. (e.g., Instruction, Research, and Community Services activities)

UCLA Department of Medicine Office of Research Administration

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Who qualifies to be a PI on a Sales and Service Fund?

A faculty member in the Professorial Series. Must be a member of the Academic Senate

UCLA Department of Medicine Office of Research Administration

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Sales & Service Fund Management

UCLA Department of Medicine Office of Research Administration

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How to Establish Sales and Service Funds

Submit an application to Office of Academic Planning and Budget through DOM’s liaison, Tsegaye Teshome.Application includes Fund Application/Revision Template (Word), & Excel Template.All applications must be approved by the PI, Dr. Fogelman as Department Chair, and Anja Paardekooper in the DGSOM Dean’s Office.Please note, all S&S funds will be established as 6XXXX fund numbers.

UCLA Department of Medicine Office of Research Administration

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Managing Sales and Service Funds

The role of a fund manager:Monthly fund reconciliation to ensure that expenditures are in line with the approved application.A Revised Application is required for:Rate changesMethodologySubcodesClasses of customersResponsible faculty member change and/or dept.

UCLA Department of Medicine Office of Research Administration

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Managing Sales and Service Funds (continued)

If revenue is received (e.g. cash, checks, etc.), the fund manager is responsible for depositing it into the revenue account. (Hint: 2XXXXX-CC-6XXXX)Work with DOM’s liaison, Tsegaye Teshome, on the annual review process. (Hint: Justifying end of year balance, revise application if needed)If a volume change is needed, work with Department Liaison to process a permanent TOF to reduce of increase the budget

UCLA Department of Medicine Office of Research Administration

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Managing Sales and Service Funds (continued)

Fund Managers Fiscal Closing responsibilities:Must follow the June 1st letter guidelines issued by Accounting.If applicable, prepare special reports to show the value of inventory and amount of accruals and deferrals of income and expenses that must berecorded in the June 30th General Ledger. All special reports must be submitted via DOM liaisonProcess TOF to zero out the revenue account (Hint: 2XXXXX-CC-6XXXX)

UCLA Department of Medicine Office of Research Administration

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Key points about Sales and Service Funds

Keep in mind that at the beginning of each fiscal year each S&S fund will be appropriated with the amount requested on the approved application (aka your permanent budget), regardless of how much income is actually earned.

UCLA Department of Medicine Office of Research Administration

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Closing Sales and Service Funds

Why? PI is no longer providing the product or service.If the fund is being transferred to another Department/Division.Fund balance at closing must be zero.Submit an email to the Department liaison requesting and justifying the account closure. If there is an overdraft please provide an unrestricted FAU to cover the overdraft.The Department Liaison will work with General Accounting (Natasha Plengsangtip for DOM) to close the Fund.

UCLA Department of Medicine Office of Research Administration

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Contact Information

Do NOT contact APB directlyFor DOM: Assistance in completing the application and any questions on S&S funds contact Tsegaye Teshome, x68351, or via email tteshome@mednet.ucla.edu Office of Academic Planning and Budget: Craig Gill and Mark Ramseyer

UCLA Department of Medicine Office of Research Administration

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Gift Services Home PageRegental & Foundation Gift Transmittal Forms https://island.fim.ucla.edu/eabusiness/giftadmin/ Depositing a Gift Checkhttps://www.finance.ucla.edu/corporate-accounting/depositing-a-gift-check UCOP C&G Manual – Gift & Endowment Chapterhttp://www.ucop.edu/research-policy-analysis-coordination/resources-tools/contract-and-grant-manual/chapter9/index.htmlDOM Fund Manager Manual ChaptersGift Received Undistributed http://ora.med.ucla.edu/workfiles/postawardmanual/Gifts-Received-Undistributed.pdf Monetary Transfer of Funds (MTF) http://ora.med.ucla.edu/workfiles/postawardmanual/MTF.pdf Gift Fund Consolidation http://ora.med.ucla.edu/workfiles/postawardmanual/Gift-Consolidation.pdf

UCLA Department of Medicine Office of Research Administration

Links from Today’s Class

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UCLA Department of Medicine Office of Research Administration

Survey Linkhttp://goo.gl/forms/C3gdjsL5y1

We appreciate if you would take a few moments to complete a short 5 question survey to help us improve your training experience. Thank you!

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