THE THREE TYPES OF DEPOSITS FOR INSTITUTIONAL TRUST FUNDS ARE AS FOLLOWS:

1. Revenue - These are funds received from sales and services, contributions and fees.

2. Refund of expenditures - These are funds normally received for reimbursable expenditures, returned goods or transferring cost to another account.

3. Program Income - When a contractor or grant charges a fee for a workshop, or sells publications, videos, or livestock, as stipulated in the contract or grant, the funds are considered program income and a separate account is established and the funds must be deposited to that account.

PROCEDURES

All deposits of revenue must be deposited to the revenue object code. Deposits for refund or expenditures are to be made to the account using the same object code from which the disbursement was made. Expenditure refunds received by accounts payable will be deposited by the department.

Checks from sponsoring agencies received by principal investigators and project directors should be forwarded to Contracts and Grants for deposit.

A copy of the receipt for funds deposited to institutional trust funds exclusive of student activities and auxiliaries must be forwarded to the Office of Contracts and Grants for all private contributions. A copy of the letter from the donor must be included with the receipt copy.