What Institutional Accounts (IACTs) to use for Gifts
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: 4-4332.
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.