Small Restricted Receipts (SRR)

When funds are received from an organization/individual (along with a cover letter where applicable) and no other contractual document is forthcoming for execution, the funds may be treated as a Small Restricted Receipt (SRR). The college staff responsible for the SRR activity must forward all documents and correspondence pertinent to the project/SRR activity to the VPRED Business Officer.

Rules for SRRs:

  1. Total value for each check should be no greater than $15,000. Incrementally funded awards should not exceed $15,000 per fiscal year.
  2. SRR is not appropriate for situations if the sponsor requires signature acceptance/execution by the University, or if there are any issues involving Intellectual Property, or any deliverables specified by the Sponsor.
  3. Funds are strictly limited to the restricted purpose for which they were received – surplus cash balances shouldn’t be accumulated as a routine, and excess balances are subject to rebudgeting at the respective Dean’s discretion.
  4.  SRR is not appropriate for any government funds (federal) or any funds designated explicitly as a ‘gift’.
  5. The responsible faculty member for the SRR activity must separately address appropriate compliance issues related to said SRR activity and shall bear all responsibilities thereof.
  6. Receipts stemming from private industry purchase orders issued by companies should not be processed as small restricted receipt submissions. Purchase orders should be submitted through standard review Offices by way of a proposal processing form, which will include a Scope of Work and a budget to include overhead. A separate account will then be established.

Download the Official Policy on Small Restricted Receipts (20KB)