Extramural Accounting Glossary

Term	Definition
General Endowment Pool (GEP)	The GEP is the UC Regents' primary investment vehicle for endowed gift funds. GEP is a balanced portfolio containing equities and fixed-income securities that provides excellent diversification and economies of scale. All endowment funds participate in GEP, unless payout needs by the donors require otherwise.
Generally Accepted Accounting Principles (GAAP)	Uniform minimum standards of and guidelines to financial accounting and reporting. Currently, the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory are authorized to establish these principles. The UC system complies with GASB.
Gift	Gifts are funds donated irrevocably for unrestricted or designated purposes by extramural individuals or organizations. Unlike sales and services activities, gifts do not involve contractual consideration - such as tangible property, intellectual property rights, or specified services---provided to the donors by the university.
Grant	Federal assistance award authorized by federal law to support programs which the government wishes to encourage and accomplishes a public purpose.

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