Gift

In general, the following criteria identify a gift:

Contractual requirements are not imposed. However, objectives may be stated and use of the funds may be restricted to a particular purpose such as a professorship, scholarship or research in a defined area (e.g. Alzheimer's disease).
Award is irrevocable.
A period of performance is not specified.
Formal financial accounting is not required and there is no requirement to return unexpended funds. However, a report to the donor on the utilization and/or impact of the gift may be requested, and this report may include expenditures and fund balances.
Generally, funds received from individuals, closely held corporations, and private family foundations will be classified as gifts; and funds received from corporations, corporate foundations and major foundations may be classified as gifts, depending on the circumstances.
Government Support -- Federal, state, local or foreign governmental support is not considered a gift. For example, money from King County or the Navy would not be considered gifts.