Asset Grants.

Asset grants are currently only done in the United States. Asset grants occur when OSF donates used computers, furniture, or other assets directly, instead of cash. (This is different from a grant in which new equipment is purchased for a grantee; that scenario is like other grants where a vendor is paid directly for the benefit a grantee. In the case of purchasing new equipment for a grantee, the equipment is never owned by OSF or on OSF’s books.) If the assets have fully depreciated on OSF’s books, there is no need for a grant agreement. However, if the assets still have value, a grant must be awarded for the remaining value. The assets should be listed in the grant agreement. The grant agreement should be a modified version of a general-support grant agreement, with no specific reporting requirements or grant purpose. There are no reporting requirements (an annual report from the organization can be requested, but it isn’t necessary). The write-up can be extremely minimal, using some information provided by the person – usually in Facilities Management – who identified the grantee organization. The grant can be approved in FC by the Director of Finance.

In the United States, grants of assets to non-public charities should be avoided if possible, as they will require Expenditure Responsibility equipment reporting.

GM works with the Accounting department to determine how the grant should be coded. In the United States, the Open Society Institute (OSI-NY) is generally the owner of all assets. The grant should accrue normally, but GM should work with Accounting to make sure that the grant shows up as paid in Foundation Connect.

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