New guidance to aid the recognition of philanthropic income into the University by Development and Alumni and Finance. This guidance has recently been approved by The Finance Operations & Technical Advisory Group and The Development Trust Board following consultation with budget areas. It has been written by the Financial Information, Reporting and Strategy Team (FIRST) and Development and Alumni and should be applied to all new philanthropic income to the university (including donations, endowments and unrestricted income received to Development Trust). The benefits You should find the new guidance follows practices that are already in place with small edits to long term donated income and large unrestricted income gifted to a department. Each method of accounting treatment of income is listed along with the implications on departmental income and expenditure and it gives clear guidance on which income falls into which category. Where can I find the new forms and guidance document? A link to the new forms is available on the Finance Policy Page. This article was published on 2024-07-01
