Procedure: 402-Revenue Accounting
Definitions
External customer
Internal customer
General Purpose Revenue Earned
Gift
Grant,Contract or agreement
Imprest Account
Refund of Expenditure
Revenue
External customer - A customer from other state agencies and the general public who is not from UW-Madison or any UW institution.
Internal customer - A customer from UW-Madison and any UW System institution.
General Purpose Revenue Earned - revenue received by a state agency related to GPR appropriations in the course of accomplishing program objectives and for which no program revenue appropriation is made.
Gift - An amount received that meets all of the following criteria:
- Provides support for broadly defined activities such as professorships, scholarships, fellowships, traineeships, research and instructional programs. The donor may restrict the use of the funds to a specific program area or purpose.
- No detailed fiscal or technical reports are required, either periodic or final. However, the principal investigator may provide the donor with a brief summary of the supported activities and a statement that expenditures were made in accord with the intent of the gift.
- Rights to any patents or copyrights are not claimed by the donor.
- No provisions, such as delays or advance notice, are imposed by the donor concerning publication or dissemination of data and information derived from the activity.
- The funding is voluntary and irrevocable by the donor.
Gifts are not: fees for laboratory and other services, revenues from ticket sales, registration fees, payments for facility use, or payments on contractual or business arrangements.
Grant, contract or agreement - A legally binding instrument between the Board of Regents of the University of Wisconsin System and a Non-federal or Federal sponsor that provides support for extramural research, instruction, or other institutional activities. A typical grant, contract or agreement has a defined scope of work and budget, requires a project progress report, fiscal monitoring of receipts and expenditures and a financial expenditure report. The grant, contract or agreement will be subject to audit by the sponsoring agency or their designees.
Imprest account - A cash account that is revolving and made available for a department or program.
Refund of expenditure - An amount received as a rebate or refund from a vendor or payee for a price adjustment, overpayment, returned merchandise or duplicate payment. The amount relates to a previously recorded expenditure on a sum certain appropriation in the same fiscal year. In general, this amount is not anticipated during budget development. The refund should reduce the department's expenditures.
Revenue - An amount received from the sale of goods or services, registration fees, investment income, royalties, fines, or rental of property or space
Procedure: 402-Revenue Accounting