Policy Handbook

chemistry class 5

Gift Acceptance


  1. The preservation of the tax exempt status of the College requires the acceptance and administration of only those gifts which will not jeopardize that legislative privilege.  Where such an issue arises, it will be resolved by the Gift Acceptance Committee and, as required, by legal counsel.

  2. The purpose and use of a gift as specified by the donor must be appropriate to the functions and character of the College, as determined by the statues, by-laws, and other governing instruments.

  3. A restricted use imposed by a donor must not require the College to act contrary to law or public policy.

  4. When gifts of tangible personal property, including works of art, are accepted, the donor should be advised of the intended use or disposition thereof.  The utility of other gifts may be in their value when sold and converted to endowment or when exchanged for items more appropriate to College interests.  See Attachment "I" for guidelines governing the disposal of donated assets.

  5. Gift valuations should conform to the provisions of the Internal Revenue Code and related regulations.

  6. Gifts-in-kind, non-marketable securities, works of art and other gifts of tangible personal property shall be acknowledged with a description of the property and a statement of value that represents the dollar value of the gift recorded by the College Development Office.  Donors of certain properties that exceed $5,000 must obtain an independent third-party appraisal by a qualified appraiser at the donor’s personal expense.  Donors of assets whose value falls below $5,000 may provide a dollar value in writing along with the gift.

  7. A gift for endowment purposes should include a contingency clause in the event that the stated gift purpose becomes obsolete or contrary to law or public policy (e.g., “In the event the stated purpose of this gift is rendered obsolete or contrary to law or public policy, as shall be determined by the then President of the College, the principal and proceeds here from shall be paid and applied to further the intent of the donor insofar as possible.”)

  8. Authority for the acceptance of gifts of any kind shall be only as prescribed by the written guidelines (as the same may be amended in writing and approved by the Advancement Committee).  Prior to the acceptance of any gift outside the guidelines, the approval of the Gift Acceptance Committee will be needed.

  9. A gift should be in an appropriate amount to carry out the specified use, as set forth in the campaign case statement (as it may be amended from time to time); provided, however, that exception may be made with the approval of the Gift Acceptance Committee.

  10. A gift requiring a commitment on the part of the College to spend College funds, either upon receipt or in the future, in addition to the amount donated or pledged, must receive prior approval from the Gift Acceptance Committee based on a memorandum of understanding developed by the Vice President for Advancement and Marketing.  Examples of such gifts are gifts that require:



    1. matching funds from the College;

    2. a commitment to continue a project after the termination or the exhaustion of gift;

    3. the financing of construction projects;

    4. the establishment of permanent interest-bearing funds where the amount pledged is insufficient to carry out the specified purpose;

    5. a commitment to finance and/or administer an undertaking outside the routine functioning and operation of the College or any part thereof (e.g., accruing income to apply to the gift objective).



  11. Gifts-in-kind, as well as any other gifts to be used for restricted purposes, other than those purposes designated as part of the campaign, should receive advance approval by:



    1. the department or division of the College most directly concerned in fulfilling the donor’s expectation; or

    2. the President of the College.



  12. With respect to gifts to the Beeghly Library, please refer to the procedures in "Attachment H".

  13. The acceptability of certain gifts-in-kind and the acceptability of certain tangible personal property shall be subject to the advance approval of the Gift Acceptance Committee.  See Attachment "I" for specific guidelines governing gifts in excess of $5,000.

  14. Gifts of non-marketable securities for any purpose must receive the advance approval of the Vice President for Finance and Operations.

  15. Gifts of IRA accounts and other qualified plans may be made.  The College must be notified when named as the beneficiary of such accounts or when named the remainderman in a charitable remainder unitrust to be funded by the proceeds of a qualified plan.

  16. Gifts to establish charitable remainder unitrusts or charitable remainder annuity trusts must meet the requirements listed below and in Attachment "C".

  17. Memorial and tribute gifts must meet the appropriate guidelines and requirements outlined herein.  A memorial or tribute is considered to be a named annual fund to be applied and recognized as other named annual funds. If family and friends wish to create a named endowed fund and the initial gift is less than the minimum required for a named endowment, then the gift and all gifts received for this memorial or tribute will be subject to the same policies as pledges for named endowment funds.  See Attachment "B" for policies that pertain to establishing endowed funds through irrevocable pledges.

  18. In the event that a charitable remainder trust lists more than one charitable remainderman, the College will serve as the trustee of such trusts only when the trust exceeds $100,000 and when the College is identified as the recipient of at least sixty (60%) of the remainder.  The acceptance of the trust is subject to the approval of the Gift Acceptance Committee.

  19. In the event of a conflict, the statutes and by-laws of the College shall supersede any guidelines set down herein.


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