October 17, 1998
Revised May 1, 1999
Revised February 23, 2000
Revised April 23, 2004
Revised October 22, 2006
Draft October 11, 2008
Revised July 9, 2010
Revised January 22, 2016
Revised April 22, 2022
The policies outlined herein have been developed to provide guidance to those charged with conducting fund-raising for Juniata. The policies include information on the kinds of gifts that will be accepted by the College and credited toward achievement of the mission of the College. These policies will provide the method by which all gifts will be valued for reporting purposes. Two of the underlying objectives of these policies are (1) to encourage donors to make the largest possible gifts to Juniata in forms that are convenient for the donors and which meet a need of the College, and (2) to assure accuracy in reporting campaign results. Gift totals as credited do not necessarily reflect the balances shown in the accounting records or published financial statements of the College, nor does the valuation placed on a gift necessarily bear any relationship to the amount which the donor may deduct on the donor's income tax returns.
- A gift is a voluntary, irrevocable, gratuitous transfer to, and acceptance by, the College of cash, securities, or property of value, or the execution of an instrument that legally vests an interest of value to Juniata College.
- If a gift is for multiple purposes, unless the donor indicates the distribution percentage, the College would need to define clearly the basis for distribution so that the amounts can be properly recorded in the accounting records. A multipurpose gift shall be divided by purpose and counted by purpose. Multiple payments for a single gift purpose shall constitute a single gift in the accounting procedures.
- Gifts may be made by individuals during their lifetimes, or by testamentary disposition, by corporations, by foundations, and by other legal entities.
- It is the responsibility of the Accounting Department and the Office of College Advancement to receive, receipt, and report on all gifts to the College.
- The source of a gift for reporting purposes is defined as those entities that transferred
the gift to the College. Exceptions include:
- Gifts from business-sponsored foundations are considered as gifts from the business themselves.
- Gifts to institution-affiliated groups such as the alumni association are treated as gifts to the institution. Institution affiliated groups are those sanctioned by and legally part of the College.
- Situations where the donor specifies otherwise.
- A grant consists of a payment pursuant to an agreement (e.g., written proposal and written acceptance of proposal) for a specified project or purpose, usually over a period of time. Normally a foundation makes grants while individuals make gifts, but there are times when the terms are interchangeable.
- All grants from public and private sources are directed to the Office of College Advancement for deposit and receipting.
- Administration of a grant includes compliance with the grantor’s stated requirements, often including an annual accounting of expenditures and activities. Direct responsibility for such accounting shall be the responsibility of the Grant Project Director, Principal Investigator or a person identified by the department in receipt of the grant.
- The Office of College Advancement shall have the responsibility to monitor and to ensure that acceptable and timely reporting takes place to the grant making body.
- The Accounting Department shall have the responsibility to create timely reports and to require that appropriate accounting procedures are followed.
A pledge is a written statement of an intention to make a gift or grant to the College, signed by the donor or authorized agent. The pledge must consist of a defined pledge payment amount, period of time, designation for the gift (including the option that the gift be undesignated), and frequency of payment. The term of a pledge shall not exceed five years or one year beyond the end date of a campaign except as may be extended as part of the board approved plan of a campaign.
D. Fundamental Principles
The following basic principles for counting campaign gifts have been developed by the Council for the Advancement and Support of Education (CASE):
- Only those gifts and pledges actually received or committed during the specific period of time identified for the campaign (a period up to seven years including the silent phase) should be counted in campaign totals.
- The silent phase of a campaign is always a part of the designated campaign period, and commitments reported for this phase must actually have been received or pledged within the campaign time frame.
- Gifts and pledges may be counted in only one campaign.
- The value of any canceled or unfulfilled pledges must be subtracted from campaign totals when it is determined they will not be realized.
E. Silent Phase
- The silent phase is that period of time prior to public announcement of the campaign, or the campaign’s official goal, during which pace-setting gifts are sought from individuals and organizations closest to the College.
- Credit for gifts received in the silent phase of a campaign will be limited to those gifts given for stated campaign objectives, thereby strengthening the focus of campaign efforts and eventual results.
F. Basic Guidelines
- Conduct of Solicitation
- Responsibility for coordination and conducting of all appeals is delegated to the Office of College Advancement.
- The Office of College Advancement is authorized to conduct appeals that have been approved within the statement of needs adopted by the Board of Trustees and the President of the College.
- To maintain a consistent set of goals and procedures, faculty, staff, alumni, parents and students are not authorized to solicit groups of alumni, parents, foundations, corporations, or members of those and other constituencies independently of activities administered by the Office of College Advancement.
- When permitted by the Student Solicitation Policy, student solicitations of community businesses, individuals, or any other possible donor shall not take place without the prior approval of the Office of College Advancement.
- Pledge Documentation and Accounting
- A standard pledge recording procedure will be used by the College throughout the campaign. Pledge documentation will be forwarded to the Office of College Advancement for entry into the campaign accounting system.
- Pledges made to the College during the term of a campaign will be credited at their full principal balance toward the campaign goal, provided that the pledge is either unrestricted or is designated for a purpose included among campaign objectives. All oral pledges must be reduced to writing before they are credited. The pledge must be signed by the donor or donors in order to be entered as a pledge. Typed names will not suffice. The pledge amount attributed to the individual shall not include any anticipated matching gift funds.
- Pledges for a building campaign in the amount of $50,000 or more shall include the following language that stresses the importance of the pledge in the ultimate decision of the Board of Trustees to go forward with construction: “I understand that the Board of Trustees will rely on my pledge in making its determination as to the feasibility of funding construction of ______”.
- Pledges of cash should be written and should commit to a specific dollar amount that will be paid according to a fixed time schedule. A pledge received even on the last day of the campaign is counted in campaign.
- Pledges made before the campaign accounting period will be credited where they pertain to campaign objectives. Payments made during the campaign accounting period in fulfillment of such pledges will be credited to the campaign. Payments made after the campaign accounting period on pledges made during the campaign accounting period will be credited to the campaign.
- A pledge may be made to establish a named endowment for the purposes accepted by the College. See Attachment “A” for the types of restricted funds and Attachment “B” for the restrictions governing a pledge to establish a named endowment.
G. Acceptance of Gifts
- 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.
- 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 statutes, by-laws, and other governing instruments.
- A restricted use imposed by a donor must not require the College to act contrary to law or public policy.
- 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 “E” for guidelines governing the disposal of donated assets.
- Gift valuations shall conform to the provisions of the Internal Revenue Code and related regulations.
- 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 for gift credit (not accounting) that represents the dollar value of the gift recorded by the Office of College Advancement. 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.
- 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 herefrom shall be paid and applied to further the intent of the donor insofar as possible.”)
- 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 of the Board of Trustees). Prior to the acceptance of any gift outside the guidelines, the approval of the Gift Acceptance Committee will be needed.
- A gift should be sufficient to carry out the specified use; provided, however, that exception may be made with the approval of the Gift Acceptance Committee.
- 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. Examples of such gifts are gifts that require:
- matching funds from the College;
- a commitment to continue a project after the termination or the exhaustion of gift;
- the financing of construction projects;
- the establishment of permanent interest-bearing funds where the amount pledged is insufficient to carry out the specified purpose;
- 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).
- Gifts-in-kind, as well as any other gifts to be used for restricted purposes, other
than those purposes designated as part of a campaign, should receive advance approval
- the department or division of the College most directly concerned in fulfilling the donor’s expectation; and
- the President of the College.
- When an employee of the College is making a gift-in-kind or multiple gifts-in-kind with a fair market value of $500 or greater within a given fiscal year to the employee's own department, prior approval must be granted by the department head and Senior Leadership Team representative.
- With respect to gifts to the Beeghly Library, please refer to the procedures in “Attachment D”.
- Gifts of non-marketable securities for any purpose must receive the advance approval of the Chief Financial Officer.
- 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.
- Gifts to establish charitable remainder unitrusts or charitable remainder annuity trusts must meet the requirements listed below and in Attachment “C”.
- 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.
- 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.
- In the event of a conflict, the statutes and by-laws of the College shall supersede any guidelines set down herein.
- The Controller must confirm the restriction classification of all contributions valued at $20,000 or higher with the gift entry operator.
H. Gift Valuation and Dating
Values, for purposes of crediting the gift, should be established without regard to the donor’s personal estimation of the gift’s value, the value as reported to the Internal Revenue Service, or the value placed on the gift by the Internal Revenue Service in reference to income tax liability. The gift amount should be the fair market value on the date of the contribution less any restriction of use limitations.
Lifetime gifts shall be credited as follows:
- Outright gifts of cash will be credited in the amount of the gift. Cash gifts are
usually made in the form of a check made payable to Juniata College. Credit card gifts
may be accepted by the College with prior approval. In the case of time sensitive
contributions (e.g., at the end of the calendar or fiscal year) the gift date recorded
by the College for outright gifts of cash shall be as follows:
- The postmark date on the envelope used to mail the contribution or the check date, whichever is later.
- The date hand delivered to an Office of College Advancement or solicitor or the date on the check, whichever is later.
- The date the credit card charge is processed by a telephone solicitor or gift processor employed by the College or entered electronically via College website employed for gift solicitation.
- Gift dates are recorded by the College in accordance with the Internal Revenue Code.
- Securities will be valued as of the date of delivery. The delivery, to be effective,
must be unconditional and the stock certificate properly endorsed. If the stock certificate
is not endorsed, the donor should give the College a properly endorsed stock power
in addition to the stock certificate. The College encourages donors to use a properly
endorsed stock power rather than delivering a signed stock certificate. The delivery
date is conditioned on the type of delivery made by the donor. Note the following
table for details:
Type of Delivery Delivery Date Personally delivered to the College. Date received by a College staff member. Mailed to the College via US Postal Service. Date securities are mailed represented by the postmark date (providing securities are received by the College in the ordinary course of the mail). Delivered to the College via courier, FedEx, UPS, etc. Date the securities are received by the College Delivered to donor’s broker and the broker mails to the College. Date securities are mailed to the agent (providing securities are received in ordinary course of the mail). Delivered by donor to the donor's bank or broker (as donor’s agent) or to corporation (or its agent) instructing corporation to reissue in the College’s name. Date stock is transferred to the College’s name on corporation’s issuing books (this is the date on the new certificate having the College’s name). Electronic transfer Date funds arrive in College owned account.
- When there is a market for securities on the stock exchange, in over-the-counter trading or otherwise, the fair market value is the mean between the highest and lowest quoted selling price on the date of delivery of the gift.
- The value of stock in a closely-held corporation must be determined by an appraisal meeting IRS standards.
- Neither losses nor gains realized upon the sale of the securities after receipt nor brokerage fees, appraisal fees or other expenses associated with the transfer should affect the value reported.
- A gift of real estate must be approved by the Gifts Acceptance Committee and will
be credited at the property’s qualified appraisal value. The following special guidelines
- The donor must pay the qualified appraiser’s fee.
- If the gift is deemed to be subject to transfer tax, the donor must pay the “seller’s” portion of the tax.
- Real estate taxes assessed by local governing authorities shall be prorated as of the date the deed is executed.
- The donor shall prepare the deed and will be responsible for any attorney or legal fees incurred.
- The College will bear the costs associated with recording the deed.
- The property must be inspected by the College or its agent for present or past hazardous waste and/or other environmental liabilities.
- The date a deed is recorded defines the gift date.
- Tangible personal property (i.e., antiques, books, works of art, stamp or coin collections, furniture, etc.) accepted by the College will be credited at the item’s fair market value.
- Ordinary income property (i.e., short-term capital assets, property held for sale in the course of the donor’s trade or business such as inventory, copyrights, or artistic property created by the donor, depreciable property which was depreciated via the use of accelerated depreciation) will be credited at the allowable charitable income tax deduction. The deduction is usually limited to the donor’s cost or tax basis in the property.
- Life insurance policies for which the College is named owner and irrevocable beneficiary
will be credited as follows:
- Paid-up life insurance policies will be counted at the policy’s accumulated cash surrender value and counted as a current outright gift.
- An existing life insurance policy that is not fully paid up on the date of its contribution to the College will be credited at the policy’s cash surrender value.
- A donor of life insurance may make gifts to the College for the payment of life insurance premiums.
- The College will not recognize the increase of the cash value during the life of the policy as a gift or a pledge.
- Although discouraged, when the insurable interest rule is met, a new life insurance policy may be contributed and will be counted on the basis of the cash surrender value of the premiums paid (or pledged) over a five year period. A new life insurance policy must meet the five year test noted above in 6.c.
- Realized death benefits (an insurance company’s settlement) will be recorded as a gift provided that no gift amount was counted in a previous campaign. In effect this means that the policy would not have been owned by the College.
- The College may also accept gifts which it may use in its operations. When a gift-in-kind
or gift of tangible personal property could result in substantial additional expenses
to the College, approval to accept the gift must be given in advance by the Gift Acceptance
Committee. See Attachment “E” for additional guidelines, including the responsibility
of the department that benefits from the gift.
- Gifts-in-kind, such as equipment and software, shall be counted at their educational discount value, which shall be deemed to be fair market value.
- To receive campaign credit, donors of gifts-in-kind must be willing to allow the College to use its discretion in deciding to retain or to dispose of the items.
- Gifts with fair market values exceeding $5,000 must be counted at the values placed on them by qualified independent appraisers as required by the IRS for valuing noncash charitable contributions.
- Gifts of $5,000 and under may be credited for gift recognition purposes at the value declared by the donor or placed on them by a qualified expert.
- Other types of gifts may be received by the College including gifts of limited partnerships, mortgages and notes, patents, and copyrights. These gifts must be assigned a fair market value and must be negotiable for sale. Such gifts will be credited to the campaign at fair market value as determined by IRS appraisal standards.
- The following will not receive gift or pledge credit or be reported in campaign totals:
- Gifts or pledges, outright and deferred, that already have been counted in previous campaigns, even if realized during the campaign-reporting period.
- Investment earnings on gifts, even if accrued during the campaign-reporting period and even if required within the terms specified by a donor.
- Surplus income transfers from ticket-based operations, except for any amount equal to that permitted as a charitable deduction by the IRS.
- Contributed services, except for those permitted as a charitable deduction by the IRS.
- Governmental funds including, but not limited to, grants from the NSF, the NIH, the NEA, the NEH, the PA Dept. of Education, the PA Council of the Arts, and the PA Dept. of Labor shall not be reported in CAE or CASE campaign reports but these same government funds may be reported in Juniata campaign reports.
I. Planned Gifts
Planned gifts include several types of split-interest gifts. The College may or may not serve as the trustee of these gift plans. Where the College receives the assets and acts as the trustee or the administrator of these plans various guidelines apply including the number of income beneficiaries or annuitants, the age of income beneficiaries or annuitants, the minimum face value accepted, and the deferral period for certain charitable gift annuities. These guidelines may be found in Attachment “C”. The following guidelines apply for gift reporting:
- Charitable remainder gifts (including charitable remainder unitrusts, annuity trusts, and the Juniata College Pooled Income Fund) will be credited at the fair market value of the item contributed. Campaign reports will show both the face value and the present value of the remainder interest.
- Charitable remainder gifts which are realized within a campaign period will be credited to the campaign total regardless of whether or not the gift was a response to a campaign solicitation, provided a value for the gift was not previously recorded in the campaign totals.
- Charitable gift annuities will be reported in the same way as gifts of charitable
remainder trusts and gifts to the Pooled Income Fund. The face amount transferred
and the amount allowable as a charitable deduction under the Internal Revenue Code
(the face value minus the present value of the annuity) shall be reported.
- Charitable remainder gifts and charitable gift annuities for the benefit of the College although managed and administered by individuals or financial institutions outside the College may be included in the campaign according to the standards set forth above when the donor provides the following:
- a complete copy of the signed agreement governing the gift;
- verification of the fair market value of the asset transferred by way of the split-interest gift;
- the names and ages of the income recipients (or annuitants); and
- annual valuation statements will be requested in the case of charitable remainder unitrusts.
- A gift of a remainder interest in a personal residence or farm will be credited in the future commitments section of campaign totals at both the remainder value recognized as an allowable deduction by the IRS and at the face value (as determined by qualified appraisal). In addition, note the guidelines for the receipt of real estate listed above.
- For charitable lead trusts whose payments to the College extend five years or less, the face value as defined by the Council for the Advancement and Support of Education (CASE) may be reported in current gifts and pledges. For charitable lead trusts whose payments to the College extend beyond five years, the College will report these gifts at both the remaining face value of the income stream and at the discounted present value of the remaining income stream.
- The fair market value of the assets of a wholly charitable trust (i.e., a trust held for the benefit of the College and other charitable entities where the principal is invested and the income is distributed to the College) may be counted in the gifts and pledges section of campaign totals for the year in which the trust is established, provided that the College has an irrevocable right to all or a predetermined portion of the income of the trust.
J. Estate Gifts
- Bequests which are distributed (realized) within the campaign period and which have not been credited to a prior campaign will be credited to the current campaign total regardless of whether the bequest was a response to a campaign solicitation. With regard to the use of the funds received by bequests, the College commits itself to following the donor’s intentions to the greatest degree possible within the then current procedures and educational program.
- The College may from time to time receive realized, unrestricted bequests. When the amount of the bequest is less than $100,000, the President may apply the bequest to any budgeted or otherwise approved need of the College. When the amount of the bequest is $100,000 or more, the President shall recommend to the Board of Trustees a use for the bequest.
- Gifts made by bequest during the lifetime of the donor will not be counted for a campaign,
unless the donor is at least 50 years of age at the time of the notification of a
planned bequest and meets one of the following conditions:
- The donor must execute a legally-binding deferred pledge agreement (see below), or
- The donor must execute a confidential record of estate intentions (see below).
- A Deferred Pledge Agreement (also called an Estate Note), irrevocably places an obligation on the estate of the issuer requiring the executor to satisfy such pledge after the issuer’s death. The deferred pledge agreement or estate note shall be used when the donor wishes to record a specific amount as an estate gift. When the deferred pledge agreement has been properly executed, the deferred pledge will be counted in the future commitments portion of campaign reports at both present value and face value.
- A confidential record of estate intentions form documents a planned bequest in such a way that the bequest intention may be altered or revoked in the event that future circumstances cause the donor to make this alteration or revocation. The confidential record of estate intentions allows a donor who has planned a bequest to indicate the present day value of that bequest. The bequest’s value will be reported in the future commitments section of the campaign at both present value and face value. The bequest’s value will not be recorded as a pledge on the books of the College.
The total of all credited gifts and grants received from all sources (as heretofore described) plus the outstanding balance of all credited pledges during the accounting period will be counted as the result of the campaign on any given date of an accounting period. It will be the responsibility of the Office of College Advancement to have a summary report prepared on a monthly basis and to present the report to the Trustees and campaign committee at each meeting during the campaign.
There shall be an annual pre-audit reconciliation of the Office of College Advancement campaign report and the gifts recorded by the Accounting Department.
All reports of gifts receiving campaign credit will clearly differentiate outright gifts and pledges payable during the life of a campaign from deferred pledges and commitments that are expected to mature at an unknown future date. A combined total may be reported so long as the separate components of that total are identified.
If a deferred gift by bequest has been counted for the campaign as a future commitment and the testator dies resulting in the College receiving the gift in full during the campaign period, the College will revise its crediting of the gift to reflect that the gift is fully paid during the allowable counting period of the campaign.
L. Gift Acceptance Committee
The policies set forth herein have been designed to address the majority of anticipated commitments. However, in the event situations should arise during the course of a campaign for which these policies are inadequate, there will be a Gift Acceptance Committee which will be empowered to investigate and resolve any questions regarding the acceptance, valuation, and crediting of gifts. Membership on the Gift Acceptance Committee shall consist of the Vice President for Advancement, the President, the Chief Financial Officer, the Chairperson of the College Advancement Committee, and the Chairperson of the Business Affairs Committee of the Board of Trustees. The Gift Acceptance Committee may rely on members of the development staff, College counsel, or other individuals for counsel and assistance. Consideration will be given to the campaign standards established by CASE and other relevant standards established by NACUBO, the IRS and FASB.
The College welcomes restricted gifts with purposes that are consistent with current programs and initiatives. When a gift is proposed for any other purpose, acceptance of the gift will be contingent upon approval by the Gift Acceptance Committee.
Restricted gifts are often made as a memorial or tribute in amounts less than the totals detailed in this attachment. Any gifts less than the minimum for its purpose and for which no pledge for the balance has been made within twelve months after the first deposit of the funds will be credited to an unnamed endowment aligned with the original purpose of the gifts if any exists or otherwise to the general purpose endowment.
Any endowment for which a pledge has been recorded prior to the date of the adoption of the current attachment, will be governed by the minimum in force for that type of endowment prior to the adoption of the current attachment.
I. Faculty Support
|A. Faculty Endowments|
|Professorship||To provide a named faculty chair, a minimum endowment of $1,000,000 is required for
To create a new position, the minimum endowment required is $3,000,000.
To create a Distinguished Chair, which will normally be a new faculty position, the minimum endowment required is $4,000,000.
|Fellowship||To provide support during the first year of appointment for a tenure track professor, a minimum endowment of $250,000 is required. These funds may be used to provide a first year housing subsidy, underwrite research, or for any other purpose which the Provost deems appropriate in helping attract a key faculty member.|
|Faculty Development||To provide a named faculty support, a minimum of $50,000 is required.|
|B. Annual Funds||To provide named support for faculty, an annual minimum of $3,500 is required.|
II. Student Scholarships
|A. Endowed Scholarships||To provide a named scholarship,
a minimum endowment of $50,000
|B. Annual Scholarships||Annual scholarships may be established by minimum gifts of $2,500 per year when the donor intends to continue this level of giving for at least four years.|
|A. Naming a Facility||To provide a named new facility
requires an amount equal to three-fourths (75%) of the construction cost.
|B. Preservation/Restoration Funds||To name a preserved or restored
facility requires an amount equal to one-half (50%) of the restoration cost of the building.
|C. Maintenance Endowment||To provide a named maintenance endowment requires a minimum of $100,000.|
IV. Departments or Programs
|A. Endowed Departments or Programs||To provide a named endowed department or program requires a minimum of $3,000,000.|
|B. Current Gifts||Gifts in any amount may be designated to a department or program.|
|A. Lectureships||To provide a named endowed lectureship requires a minimum of $100,000.|
|B. Cultural Event Funds||To provide a named endowed cultural event fund requires a minimum of $50,000.|
|C. Library Funds||To provide a named endowed library fund requires a minimum of $10,000.|
|D. Prize or Award Funds||To provide a named endowed prize or award fund requires a minimum of $10,000 and a maximum of $20,000 and shall be for an individual prize or award of $500.|
|F. Internships||To provide a named internship requires a minimum of $100,000. Students receiving the internship are eligible to be reimbursed for related travel and housing costs and replacement of lost wages.|
Pledges for Endowment Funds
A pledge may be accepted for the establishment of a named endowment. The total of the pledged amount must meet or exceed the minimum for the particular type of endowment desired (see Attachment “A”). The term from the time the first pledge payment is recorded and the time that the final pledge payment is received must not exceed five years.
The pledge payments will be invested in units of the pooled endowment fund. Earnings will be calculated according to the then current College pooled endowment fund spending policy. During the period that the donor contributes towards the pledge, the earnings will benefit the general area designated by the proposed endowment. However, no recognition will be given to the donor for any spending from the named endowment until the permanent named endowment has been established. When the cumulative payments reach the minimum named endowment level, the named endowment will be established.
Should a donor default on a pledge, the amounts received will be transferred to the General Purpose Endowment or to an unnamed endowment aligned with the original purpose of the pledge. For example, funds that were originally intended to provide for a supported professorship would be added to the “Faculty Salaries Endowment”, and funds originally intended to establish a named endowed scholarship would be added to the “Alumni General Scholarship Fund”.
Named endowed funds may also be established in expectation of the receipt of irrevocable deferred gifts when these gifts have been recorded according to the Gift Policy of the College.
The Office of College Advancement will review the pledge payment progress each year of those donors who have not paid their endowment pledges as agreed. The Vice President for Advancement and the Chief Financial Officer shall determine the proposed endowments to be eliminated.
Life Income Plans and Other Deferred Gifts
I. Life Income Gifts
|Type||Minimum Gift Size (Face Value)||Minimum Age of Income Beneficiaries||Maximum # of Income Beneficiaries|
Annuity Trust *
|Charitable Lead Trust (Annuity or Unitrust)||$100,000||60||N/A|
Any addition to an annuity established prior to the date of the adoption of the current attachment, will be governed by the minimum in force for that type of annuity prior to the adoption of the current attachment.
* If for a term of years - maximum number of years is 20.
** Payment of the annuity may not begin before the youngest annuitant reaches age 60 and the deferral period should not exceed 30 years.
II. Additional Deferred Gifts
WILLS. Juniata will accept bequests of sums of money, bequests of tangible personal property such as works of art, coin collections, antiques, etc. where such gifts will further the work of the institution, devise of real estate, gifts to residuary estates, deferred gifts by will, charitable income trusts by will, and contingent bequests.
OTHER DEFERRED GIFTS. Other types of deferred gifts which may come up for consideration from time to time are as follows: (a.) gift of personal residence or farm with retained life estate; (b.) retirement assets; (c.) bank account “in trust for” the College generally called a “Totten” trust; and (d.) donor-advised funds.
III. Life Insurance Gifts
- Amount to Record as a Gift
- When donor names Juniata College as owner and beneficiary on the original insurance
- Record amount of initial premium payment.
- Record amounts of subsequent premium payments as they are made.
- When donor names Juniata College as owner and beneficiary of an already existing policy:
- Record cash surrender value of policy.
- Receive statement from insurance company of cash surrender value as of date of gift.
- Record amounts of subsequent premium payments as made.
- When donor names Juniata College as owner and beneficiary on the original insurance application:
L. A. Beeghly Library Gift Policies
The L. A. Beeghly Library of Juniata College selectively accepts gifts that enhance the library’s collections.
All gifts become the sole property of the library with the understanding that the library will use the materials to best serve its patrons whether it is through addition to the collections, sale, or recycling. The library strongly discourages restrictions on gifts.
A gift to the library can be in many forms; hardback books, quality paperbacks, mysteries, novels, and science-fiction titles for the library book sale, back issues of academic journals, videos, music compact discs, scores and recordings, and last but not least, financial contributions.
When a gift is dropped off at the library, please be sure to fill out the appropriate form, which is available from the Acquisitions Department or, if after hours, from a Reference Librarian. When the form is filled out, we can then send a proper acknowledgment to the correct address.
All gifts to the library are considered charitable donations. Since tax laws change from time to time, we encourage you to seek advice from a knowledgeable tax consultant. The library is not permitted to give appraisals on items donated. The library also does not provide itemized inventories. The donor will be solely responsible for all itemized lists and with providing the Internal Revenue Service with an appraisal should the need arise.
Beeghly Library will forward information to the Office of College Advancement and they in turn will send out a letter of acknowledgment.
Monetary contributions to purchase a book in honor of or in memory of a friend or family member are welcomed. Named endowed library funds may be established with a minimum gift of $10,000.
The Library Director will be happy to discuss your gift with you and can be reached at Beeghly Library.
Policy on Disposal of Assets Donated to the College
Juniata College welcomes gifts of tangible property, including works of art. Some gifts are appropriate for the long-term use of the College. 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. To guide the College in soliciting, accepting and disposing of such gifts, the following apply:
- Gifts Covered by this Policy. This policy will apply to all gifts that are estimated to have a value of more than $5,000, whether computed on any single item or as the value of all items collectively. Gifts that arrive at separate times but are essentially related gifts from a single donor or family will be treated as a single gift.
- Solicitation. All gifts solicited for the College will be coordinated with the Office of College Advancement. Input from the Accounting Department should be sought concerning the budgetary impact of certain gifts.
- Tax Consequences. Since tax laws change from time to time, the college encourages donors to seek advice from a knowledgeable tax consultant. The donor is responsible for inventorying the gift and for obtaining an independent, qualified appraisal for gifts that are believed to have a value of $5,000 or more.
- Preferred Conditions. When soliciting gifts, the College will strongly encourage donors to give the College
the unconditional right to use or dispose of the asset. In the event reasonable limitations
are proposed by the donor(s), to secure the gift the College might agree to consider:
- An initial short period of use or display.
- Application of the proceeds to a use designated by the donor.
- Recording of Restrictions. Any restrictions that may apply to the College regarding disposal of a gift must be in writing. After receiving input from the department by whom or on whose behalf the gift has been solicited, the Office of College Advancement and Accounting Department will review and approve the restrictions before the gift can be accepted.
- Use of Gifts. When the College receives a gift of tangible assets, the benefiting department will develop a planned use of the gift including the possibility of loaning the asset and inform the Office of College Advancement. The benefiting department, subject to the reasonable limitations imposed by the donor, will notify the Office of College Advancement and Accounting Department of gifts for which no appropriate use can be determined. The College will then determine whether to dispose of the asset(s) or not.
- Exchange of Gifts. When a gift, not donor encumbered in its disposal, is deemed to be inappropriate for use by the College, it may be bartered or exchanged for a more appropriate asset. If the donor is living, the Office of College Advancement may decide to notify the donor of the College plans. If the donor is not living but one or more relatives of the donor are active in the life of the college, the Office of College Advancement may decide to notify the relative(s) of the College plans.
- Sale of Gifts. When a gift, not donor encumbered in its disposal, is deemed to be inappropriate for use by the College, and it is believed that the College will benefit more by sale than by exchange, the College may sell the asset. With the help of the benefiting department, the Office of College Advancement and the Accounting Department will prepare a plan for sale.
- The Office of College Advancement may choose to notify the donor (if living) or the donor’s family (if the donor is deceased) and one or members of the family remain active in the life of the College, of the intent to sell and of the outcome of the sale.
- Unless donor restricted or directed otherwise by the Board of Trustees, special consideration will be given to using the proceeds from any sale to support the strategic objectives of the benefiting department or the proceeds may be applied to the strategic goals of the College.
Policy on Pledge Collection and Write-off
- Active Pledges – defined as pledges created in the current fiscal year or with payments
current through the previous fiscal year.
- Phonathon pledges – reminders are sent 30 days after pledge received and then at 60, and 90 days. A year-end reminder is sent for all unpaid phonathon pledges.
- Campaign pledges – printed reminders are sent at the scheduled dates, with subsequent personal contact by Office of College Advancement staff as a reminder at 60 and 120 days. A year-end reminder is sent for all pledges with payments due during the fiscal year and unpaid.
- Delinquent Pledges – defined as those non-phonathon pledges that have scheduled payments
more than 180 days past due.
- Office of College Advancement will review the delinquent pledge list and take corrective action as deemed necessary. Discussions with a donor should result in an agreement to continue the pledge payments or to terminate the pledge. Alteration of payment schedules or suspension of a pledge must be authorized by the Vice President for Advancement and a written and signed donor request must be on file.
- Annual phonathon pledges
- Within 30 days following the close of the fiscal year, all open phonathon pledges will be automatically written off.
- Delinquent non-annual phonathon pledges, for which no revised payment schedule or
termination statements have been received, are reviewed at the close of each fiscal
year and the decision to write off these pledges made according to the following guidelines:
- Pledges up to $1,000 are decided by the Office of College Advancement
- Pledges of $1,000 - $5,000 decided by the Vice President for Advancement and the Controller.
- Pledges with balances greater than $5,000 and up are decided by the President.
- College financial statements will treat these as write-offs.