Allowable and Non-Allowable Costs Guidance

3.19. Fund raising and investment management costs

Costs of organized fund raising, including financial campaigns, endowment drives, solicitation of gifts and bequests, and similar expenses incurred solely to raise capital or obtain contributions, are unallowable. Costs of investment counsel and staff and similar expenses incurred solely to enhance income from investments are unallowable. Costs related to the physical custody and control of monies and securities are allowable