Institutional Accounts (IACTs)

What Institutional Accounts (IACTs) to use for Gifts

Deposits

It is important to identify the gift proceeds accurately in the university accounting system.  Depositing gifts into non-gift accounts is not appropriate.

The following are acceptable IACTs to use when depositing Gift Revenue into a 520 gift account:

• 4067: Gifts, other individuals                 
• 4068: Foundations                          
• 4070: Corporations and Businesses
• 4071: Religious organizations
• 4072: Fund Raising
• 4073: Other organizations

Grant Accounting monitors the IACTs used for deposits to ensure that only gift funds are being deposited into Fund 520.  Non-gift funds should not be deposited into gift accounts.  If you need assistance determining if funds received are a gift or other revenue, please contact the Gift Accountant.

Expenses

For a list of valid IACTs to use for expenses/charges, go to the Accounting Code Manual.

If you are reimbursing an expense charged to a gift account, please use the same IACT as the original expense.

Last updated: 12/22/2022