XIX. GIFTS TO THE UNIVERSITY
- The primary need for contributions to the university is for unrestricted gifts to the general endowment. Trustees and university representatives should concern themselves first and foremost with initiatives and approaches that lead to such gifts.
- Gifts to any unit or individual representing the university can be solicited on behalf of the university if and only if the Board, the president, or the vice president of development has approved in advance the source and purpose of the gift.
- Gifts will be accepted only if their terms are consistent with university policies and procedures, if they enhance university programs or services, and if they conform to local and federal laws.
- Priorities for capital and endowment gift solicitations should be consistent with the university’s long-range plans approved by the Board.
- The president is authorized to approve or deny gifts to the university of $5 million or less. The Board or Executive Committee must approve gifts above $5 million. The president must seek approval from the Board or Executive Committee for any gift that may have problematic consequences for the university.
- The president is responsible for ensuring that gifts are used in the best interest of the university consistent with the intent of the donor.
- Should there be a change of policy or program that prohibits implementation of the original purpose of the gift, the president should recommend viable alternatives, and the Board should apply the funds to purposes nearest the donor’s intent.
- When an endowment fund is established to support a new activity not included in the current operating budget, except for capital projects, the activity should not begin until the endowment fund balance reaches at least fifty percent (50%) of the amount required by the gift instrument and there is binding assurance that the full amount will be forthcoming according to the terms of the gift instrument.