Accepting and Depositing University Revenue

A type of revenue. All amounts for current operations made available to the University by legislative acts or the local taxing authority. This does not include government grants and contracts or institutional fees. Examples include Draw requests from state appropriation, Draw requests from Federal appropriation, and Financial Aid Revenue.

An agreement between the University and another entity to provide an economic benefit for compensation paid. This exchange transaction is binding between the University and the entity.

Any payment mechanism, that entails the transfer of value from the payor to the payee. Value is represented by credit balances on the bank's books reflecting customers' deposit balances. Value is transferred through bookkeeping entries that add value to the payee's account and subtract value from the payors' account. The EFT mechanism is merely a means of communicating the instruction to add value to one account and subtract value from another account. EFT methods are fast and carry a greater degree of certainty of final settlement. The principal forms of EFT are wire transfers, automated clearinghouse (ACH) transfers, Clearinghouse Interbank Payments System (CHIPS), and the Society for Worldwide Interbank Financial Telecommunications (SWIFT).

• Wire Transfer - Refers to a same-day transfer of funds from an account at one bank to an account at another bank, initiated over the Fedwire system. The Fed guarantees to pass value as of the date of the Fedwire transfer is initiated provided the transfer meets all required criteria. Fedwire is a part of the Federal Reserve System Communication Systems.
• ACH Transfer - Clearinghouse associations in many major cities have developed electronic methods of passing payments among members and other financial institutions in the region, and of exchanging payments among the ACHs themselves. ACH transfers may be either credit transfers (sending funds out) or debit transfers (pulling funds in). Either the payee or the payor may initiate them.
• Differences between Wire and ACH
  • Wire Transfer is geared to a single transfer, while ACH Transfer is geared to handling multiple transfers in a batch mode.
  • Wire Transfer is geared to same-day settlement, while ACH Transfer is geared to future-date settlement.
  • Wire Transfer is expensive because of their customized one-at-a time nature, while ACH Transfer is inexpensive because of their structured data format and high-volume batch nature.

A transaction involving the transfer of funds by a third party to the University which meets all the criteria set forth in (a), (b), and (c):

• The funds are in exchange for services performed by the University and any tangible goods produced as a result of such services; use of laboratory equipment; or a license to use information on University-maintained databases.
• The transaction is not a Sponsored Project or Gift.
• The transaction is consistent with the scope, guiding principles, and criteria set forth in Board of Regents Policy: Direct Sales of Goods and Services.

For further detail of External Sales, refer to Administrative Policy: Selling Goods and Services to External Customers, Appendix - Examples of Gifts, Sponsored Projects, and External Sales.

All restricted and unrestricted transfers of money or property (i.e., equipment, land, etc.) made to a recognized University Foundation or College by an individual, group, business or non-governmental agency when the use of the funds is NOT intended to result in direct economic benefit or any other tangible compensation (i.e., goods or services) to the donor. For example, see Administrative Policy: Selling Goods and Services to External Customers - Examples of Gifts, Sponsored Projects, and External Sales.

Additional resources awarded to the University to support instruction, research or public service. The terms of a grant may dictate particular activities but restrictions are generally few. Frequently a grant has similar characteristics to a gift. Sponsored grants are administered by Sponsored Project Administration (SPA). Although rare, certain grants are administered by specific University departments. For example, scholarship grants such as Federal Pell Grants. The terms of the grant will determine whether it should be processed as a gift, a sponsored project administered by SPA, or managed by a specific University department. For guidance in distinguishing between gifts and sponsored projects, see Administrative Policy: Selling Goods and Services to External Customers, Appendix - Examples of Gifts, Sponsored Projects, and External Sales.

Revenue received by the university when F&A rates are applied to direct costs charged to sponsored projects. This revenue is returned to academic units consistent with the University budget model. Examples are operation and maintenance of buildings and grounds, central administrative expenses, research administration and library costs.

The sale of goods or services by one University department to another department within the University. Examples include revenue generated by Graphics Services, Fleet Services, Telecommunication Services, Physics Shop and U Market. In some situations a department may use a University Procurement Card to buy goods or services from a University department that accepts credit cards as a form of payment.

Revenue generated from the investment of University assets. Investments are made by the Office of Investments and Banking (OIB). Examples include income from:

• Temporary Investment Pool (TIP)
• Group Income Pool (GIP)
• Permanent University Fund (PUF)
• Consolidated Endowment Fund (CEF)

Revenue generated from the care of patients in the Academic Health Center. Examples include revenue received from the dental clinic and the Boynton Health Service.

Departments may choose to accept payment cards (Visa, Mastercard, Discover, American Express) as a form of payment. Please see Administrative Procedures: Obtaining Approval to Accept Payment Cards and Managing Payment Card Acceptance.

An externally funded activity that is governed by specific terms and conditions. Sponsored projects must be separately budgeted and accounted for subject to terms of the sponsoring organization. Sponsored projects may include grants, contracts, and cooperative agreements for research, training, and other public service activities. To help ensure compliance with submitted proposals, these projects are routed through Sponsored Projects Administration.

All fees, except tuition, assessed to students for educational purposes, net of associated refunds. These fees are indicated on the student's bill:

•  General Fees -  Fees payable by all students who match the criteria noted under each description
• College and Program Fees- Fees for required equipment, technology, or materials for specific degree and study programs.
•  Course Fees - Fees for a specific term and course subject, including Online and Distance Learning term fees.
• Services and Usage Fees – Charges prompted by requests or other activity initiated by students.

The amount of money assessed to students (net of refunds, but prior to application of waivers and scholarships) for instructional services:

Tuition includes charges for all credit-bearing University courses and less formal credit-bearing services such as thesis advising.

Tuition does not include student services fees or administrative and special course fees which are subject to specific approval by Board of Regents Policy: Tuition and Fees.

A depository bank account set up by the University Treasurer to receive deposits on behalf of the University.

A disbursement account set up by the University Treasurer to disburse funds on behalf of the University.

Monies generated by University units, or University-sanctioned organizations, from teaching, research, outreach, external sales, investment and fund-raising activities. Also monies received from grants, the state, and external organizations.