NACUBO APC and FASB Meeting April 11, 2017 Grant Scenarios for Discussion Grants and Contract Project
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1 Background: The Grant and Contract Revenue project was added to FASB s agenda because significant portions of revenue recognition guidance for not-or-profit entities was eliminated when FASB issued Accounting Standards Update (ASU) Revenue from Contracts with Customers. Consequently FASB is examining non-reciprocal grants, typically sponsored grant arrangements that do not have commercial value to the sponsoring organization, and are therefore not considered contracts with customers. FASB is exploring how to identify conditions related to all non-reciprocal arrangements including gifts. APC Meeting with FASB Representatives: The following scenarios have been compiled to facilitate a discussion regarding right of return (release from obligation) and barriers that must be overcome in order to recognize revenue. (emphasis added for discussion). Scenario 1 University C receives a grant from the National Oceanic and Atmospheric Administration (NOAA) a Federal Agency to create a research center to monitor the tides on the Hudson River; building a database of temperature, rainfall, river flows, river traffic, time of year, etc. to predict the impact of storms under varying conditions. The university has a department that has collected some of this data, and the grant will allow the department to add staff and create a formal research center. The data is not proprietary to NOAA; the university is required to make it available to other organizations for use in research, navigation or planning. The grant spans three years, with an opportunity to extend it for two additional years. There are annual budgets for each year. Payments under the grant are on a cost-reimbursement basis, billed quarterly. The grant is subject to the Office of Management and Budget s Uniform Administrative Guidance. Unallowable costs will not be reimbursed. Progress reports are due quarterly. Failure to submit progress reports will jeopardize future payments and may require past payments to be refunded. Scenario 1a Same fact pattern as Scenario 3 except University C does not have an existing program, and will need to establish one. There is an overall budget for the start-up and operating expenses for three years, with an opportunity to extend for two additional years. Payments based on milestones will begin six months before the research center is planned to be up and running. Once the research center is open, incurred costs to date may be submitted for reimbursement. Scenario 2 University A receives a grant from a private foundation with agreement language as follows: A $100,000 grant has been awarded to your institution, for support of your research as described in the application submitted to the ABC grant program referenced above. This ABC grant award is made specifically for you to pursue the activities that you described in your application. Payment on this grant will be made to your institution, pending return of this six-
2 page agreement. The grant period will begin on March 1, 2016 and end on February 28, You must furnish a final written report to the XYZ Foundation in accordance with the requirements set out in this agreement. This report must contain a narrative account of what was accomplished by the expenditure of funds (including a description of progress toward achieving the goals of the project supported by the grant), and a detailed financial accounting of expenditures made under the terms of the grant. Unused Funds and Reversion: Because the grant is intended to support a particular project and to provide support for a specific period, any portion of the grant not expended at the completion of the project or grant period must be returned to the XYZ Foundation within 90 days thereof. Please note that the XYZ Foundation has established policies regarding changes in declared budgets, nepotism, retention of rights to intellectual property (patents, etc.), and uses of interest earned, as well as other matters. By signing this agreement, your institution indicates acceptance of this grant and of Foundation funds and agrees to be subject to these policies. The policies are available on the Foundation s website. Please contact QRS, Grants Administrator, if you have any questions. If any of the following events occur, the grantee agrees to promptly give written notice to the XYZ Foundation and to repay upon demand all portions of the grant which are within the grantee's control; moreover, the XYZ Foundation may withhold or cancel all unpaid Installments of the grant. The grantee ceases to be exempt from Federal Income Taxes under Section 501c (3) of the Internal Revenue Code, or becomes a private foundation under Section 509(a) of the Code. There is a material change in the purpose, character, or method of operation of the grantee such as to jeopardize its tax-exempt status. A determination, preliminary or otherwise, is made by the Internal Revenue Service that the grant does not constitute a qualifying distribution or is a taxable expenditure by the XYZ Foundation, within the meaning of the Internal Revenue Code. The grantee fails, in the judgment of the XYZ Foundation, to perform one or more of its duties as required by the terms of this letter. Noncompliance In the event of material noncompliance with this Agreement (including the misappropriation of any Grant funds), the Foundation shall have the right to 1) suspend or discontinue its support of the project, including termination of this Agreement; 2) require that the grantee institution discontinue the use of the Foundation's name or the XYZ family name in connection with the project; and/or 3) demand repayment of unexpended grant funds from the project previously paid under this Agreement, with the exception of allowable costs and obligations that cannot be cancelled and were properly incurred prior to the notice of termination. Scenario 3 University B receives a grant from a private foundation with agreement language as follows:
3 The Trustees of the DEF Foundation have approved a grant of $175,000 to University B for use over approximately three years to support a Seminar on the Comparative Study of.. entitled.. in accordance with the proposal submitted on.. The check is enclosed. The Foundation expects that the funds will be invested in a prudent manner that will reflect the purpose and terms of the grant, with the understanding that the interest earned will also be applied towards the purpose and terms of the grant. The activities for this project should be completed by June 30, We shall expect to receive interim narrative and financial reports on or before July 31 st of 2016 and 2017 and a final financial accounting and assessment of what has been accomplished by September 30, Each financial statement should cite the original amount of the award, the declining balance available at the beginning and end of the reporting period and the amount of accrued interest and should provide an accounting on the expenditure of both the grant funds and interest earned on the supported program. The Foundation reserves the right to conduct, upon reasonable notice, on- or off-site audits of financial accounting and other documents relating to the grant. This grant award is persona in nature (i.e. to University B and the personnel and activities identified in the Proposal) and not assignable by any means without the advance written approval of the Foundation. Assignment includes assignment through liquidation, dissolution, merger, consolidation, sale of assets and similar processes. The Foundation reserves the right to recover the full amount of the grant funds not expended in accordance with the terms of this letter and any other grant terms and reserves standing to enforce the terms of this grant. Scenario 4 In March 2012, University D received a $10 million grant from the Gates Family Foundation toward construction of a gateway academic building at the entrance to the campus. Total cost of the building will be $40 million. The terms of the grant are to support the construction, equipment and furnishing of the building, in the specific location and size as presented by the University in the request for the funding. Payment of the grant will be in 2 installments of $5 million each, and will begin when the site is ready for construction. Failure to build the building as described will result in the grant being rescinded. It takes three years to progress through the municipal permitting process, i.e. zoning, historic preservation, environmental impacts, etc. and the University finally receives permission to construct a much smaller building on the same site. Conversations with the Foundation have been ongoing, they are aware of the difficulties encountered in the permitting process, and the pledge installments have been adjusted to the new construction schedule. The University breaks ground in May of 2016, with an anticipated completion date of August Discussions are underway with the foundation to verify that the smaller building will meet the requirements of the grant agreement. Scenario 4A Same facts as Scenario 4 except the Gates Family Foundation establishes the requirements for the building, location, size, etc. rather than the university requesting funds for a specified facility.
4 Scenario 5 University E receives a $100,000 award from the Virginia G. Piper Foundation to support cancer research. The proposal submitted by the university requesting the award indicated that the award would support the work of a specific principal investigator (PI); funding research conducted within that PI s lab. The research results are to be distributed widely. The award will be paid in one installment, on June 15, The University s fiscal year is June 30, If the PI leaves the University within 12 months of receiving the payment, the funds must be returned. There is no indication that the PI is planning to leave the University. Scenario 6 Conditional Gift Example PLEDGE The College decides it would like to start an Institute for Amusement Structures, which will focus on research on and the application of the mechanical, operational and structural engineering of amusement park rides. Donor, who made his fortune in amusement parks across the country, is enamored with this idea, and decides to make a charitable donation to help get the Institute off the ground. In 2012, Donor makes the following commitment to the College to establish the Donor Institute for Amusement Structures (DIAS): 1. Annual Gifts of $5 million to support the annual operating budget of DIAS until the endowment gift is made. 2. Endowment Gift of $100 million, to be paid by bequest, or sooner, at the discretion of Donor. However, Donor wants to be sure that DIAS has the appropriate prestige and importance in the College so he makes the following conditions: Commencing on July 1, 2016, and measured on an annual basis as of June 30 of each year: i. at least fifteen percent (15%) of the total full-time engineering students enrolled at College (inclusive of students enrolled at DIAS) are enrolled at DIAS, ii. tenure-track faculty members assigned only to DIAS are at least 10 percent (10%) of the total tenure-track faculty members of College (inclusive of tenure-track faculty members of DIAS), and iii. the operating budget of DIAS is no less than ten percent (10%) of the total operating budget of College (inclusive of DIAS' operating budget). Collectively, these are referred to as the "DIAS Metrics''. Commencing with August 30, 2017, DIAS shall, on August 30 of each year, provide a written report to Donor that computes the DIAS Metrics for the prior fiscal year. If the DIAS Metrics cease to be met (the termination event ), Donor shall not be obligated to make any further payments of the Annual Gift or the Endowment Gift, and any unspent Annual Gifts or Endowment Gift amounts held as of the date of the termination event shall be distributed to another 501(c)(3) organization. The
5 conditions above shall not apply to any Annual Gift to be made in 2012, 2013, 2014, 2015, and Notwithstanding the foregoing, upon the occurrence of a termination event, College and DIAS may provide to Donor, (i) a written explanation as to why the termination event has occurred, and (ii) a proposed plan to remedy the termination event (including any proposed revised conditions of the DIAS Metrics) (collectively, the "Remedial Proposal"). Donor shall notify College and DIAS as to whether the Remedial Proposal is approved, which approval shall be in the sole and absolute discretion of Donor. If the Remedial Proposal is approved, a termination event will be deemed to have not occurred, and the agreement will be deemed revised to include the Remedial Plan (and any new conditions). If the Remedial Proposal is not approved, a termination event will have occurred, and all amounts in the Annual Gift Account and/or the Endowment Gift Account shall be distributed as set forth above. College uses an actuarial estimate to determine that there is likely to be a total of 13 Annual Gifts, however, only records contribute revenue in 2012 of $25 million (for simplicity in this example no discounting was considered), representing the first five Annual Gifts.Because of the conditions, no Annual Gifts in years 2017 and beyond nor the Endowment Gift were recorded. College apparently has tapped into an unmet market, and by year three of DIAS existence, all the metrics have not only been met, but surpassed. Donor is so pleased with the progress that he decides in 2016 to give the Endowment Gift in full. Questions: 1. Given the nature of the agreement (annual payments and endowment payment) should the accounting be bifurcated as if it was two separate gifts? 2. As there are metrics that must be achieved in each year beginning in 2017, should any payments received from the donor (specifically the endowment gift) be considered deferred revenue? If yes, how should the revenue be recognized? As spent? Using the school s endowment payout rate? 3. Is there any point in the future when the ongoing success of the program and the ability to meet the required metrics has been sufficiently demonstrated that amounts previously included in deferred revenue would be released and recorded as donor-restricted gift revenue?
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