1.8.1 Georgia Tech Foundation Project Number Assignment
This procedure is to be used to establish a new sponsored project in the accounting records of the Georgia Institute of Technology (GIT) where the Georgia Tech Foundation (GTF) is the sponsoring entity. Effective February 1, 1999, all business transactions financed by GTF funds are to be processed through GIT in accordance with generally accepted business practices and processes; therefore, a GIT sponsored project is to be established for GTF awards. For additional information, see Section 11.0 – Processing and Use of Georgia Tech Foundation Funds (Georgia Tech Policies and Procedures-Business and Finance) for a complete description of the policies and procedures for Solicitation, Acceptance and Expenditure of Georgia Tech Foundation Funds.
General Guidelines/Applicable Policies
The Accounting Services Department is charged with the establishment of sponsored projects in accounting records of the Georgia Institute of Technology upon receipt of properly completed GTF “Gift Transmittal Form” from the Foundation (see form links below).
Upon receipt of a gift or budgetary allocation, the Georgia Tech foundation will establish a GTF account number for the funds. GTF will transmit the account number, dollar amount, restricted use of the funds, and any effective or expiration dates for the funds to the Accounting Services Department, using the Gift Transmittal Form. All funds reported on this form will be budgeted in the “Other Memo” category. If specific budget details are required, the budget information should be entered on the second page of the Form using the spaces provided. The Gift Transmittal Form must be approved by authorized personnel at the Georgia Tech Foundation.
When gifts and/or
awards are received initially by the operating units, a Gift Transmittal
Form should be prepared by the unit and forwarded directly to the Foundation
with all supporting documentation. Requests received by the Accounting
Services Department without a properly completed Gift Transmittal Form
will be forwarded to the Georgia Tech Foundation for action.
The unit responsible for management of the account will be notified of the GTF account number and the corresponding GIT project number This notification will also identify the available funding (budget), and any restrictions associated with the use of funds that are reported by the Foundation.
Sub-Projects that are required by the managing units should be established using the published procedure governing the establishment of sponsored Sub-Projects (3.18.0 Establishing a Sub-Project Account).
GTF and Financial Aid sponsored sub-projects are managed by the Accounting Services Department. All other sponsored awards (including sub-projects) are managed by the Office of Grants and Contracts Accounting.