Policy Number: 3-6
Policy Name: Reporting Gifts
Date: April 30, 1984
Revisions: June 5, 1989; October 1991; January 31, 2001
To ensure that all gifts of cash and securities, as well as gifts of other tangible and intangible personal property and real estate ("material gifts"), are properly safeguarded and reported, and that procedures for solicitation, acceptance and acknowledgment of gifts are clear.
The President of the University is authorized by the Board of Trustees either directly or through his designee to receive gifts and to allocate gifts to purposes instructed by donors so long as those purposes are in accordance with the Bylaws and Resolutions of the Board of Trustees. Furthermore, restricted gifts are reviewed by the Treasurer's Office to ensure that the restrictions placed on them do not impose unreasonable program or financial requirements on the University.
An annual solicitation calendar is prepared and approved by the Vice President for Development and Alumni Relations and the President. Any solicitation by individuals or units of the University not indicated on this calendar requires prior approval of the Vice President for Development and Alumni Relations.
Questions as to the appropriateness of direct solicitation and acceptance or acknowledgment of gifts should be directed to the Associate Vice President for Development.
The initial recipient of any gift to the University should transmit the following information to the Gift Processing Office (GPO) the same day as received:
The original of any correspondence from the donor. If the gift is restricted as to its use, written instructions must be received from the donor.
The check or stock certificates, or a description with an estimation of fair market value of any material gift, including the basis for the estimate and the present location of such material gifts. GIFTS OF STOCK CERTIFICATES OR CASH SHOULD BE HAND CARRIED TO GPO (ROOM 112 HULLIHEN HALL).
A copy of any acknowledgment that has been written to the donor.
The Vice President and University Treasurer upon receipt of a material gift shall assign a value to such gift for record purposes. Personnel within the University may be called upon for assistance in this valuation. If the estimated value of the gift is $10,000 or more, the Vice President and University Treasurer may arrange for services of an independent appraiser at the expense of the unit which is a beneficiary of the gift.
Scholarship and fellowship funds, where the recipient is designated by the donor, will be administered by the Director of Financial Aid and the Coordinator of Graduate Studies, respectively. These are not gifts to the University and should not be acknowledged as such, nor reported to the Gift Processing Office.
The following are authorized to accept and acknowledge gifts for the University as authorized by the President:
Submitted by: Executive Vice President and University Treasurer