All fundraising efforts in the name of the College will be coordinated through the Development Office.
The following programs will be coordinated through the Development Office:
special fundraising efforts appealing to various College constituencies regarding scholarships, memorial funds, student aid programs and special appeals;
plans to raise private funds for construction, expansion or renovation of a College building, regardless of other sources of funding;
establishment of an ‘associates, friends or memberships' program designated to solicit financial support;
plans to raise funds from alumni on an annual basis or as part of an alumni fund solicitation;
all other programs to raise funds or solicit gifts from the private sector.
State or federal grants and contracts for specific academic projects outlined in grant applications shall follow the guidelines established by the Office of Instructional Services. Coordination of constituency files, reporting, and approval of grant requests is required before submission.
Definition of Gifts
Unrestricted: a gift given to the institution without any stipulation as to its use.
Designated: a gift directed to a specific division or program with no stipulation made as to its use.
Restricted: a gift for a specified purpose clearly stated by the donor.
Gifts-In-Kind (in-kind contribution): a contribution of equipment, supplies or other property in lieu of money. Some corporations may also donate space or staff time as in-kind contributions.
Memorial Gifts: a gift commemorating either the donor or someone else, living or deceased, designated by the donor for which a specific memorial will be set aside in accordance with the donor's wishes.
Gifts of Endowment:
Endowments (known as pure or permanent endowments) are funds that generate interest which is available for use for grant making; distribution for gift purposes coincides either with the donor's stipulation or, if none, at the discretion of the College's Board; the funds are to be kept in perpetuity.
Term endowments (or self-liquidating) are managed like endowments but all or part of the principal may be expended after a stated period of time or upon the occurrence of a certain event.
Funds functioning as endowments are created by the College Board (rather than by the donor's instruction) and thus, at any time, may be totally expended by the Board.
Bequests and Deferred Gifts:
Bequests: a transfer by will of personal property.
Charitable Remainder Trust (annuity trust): a trust that provides income to the donor for life with the remainder of the trust going to the College at death.
Charitable Lead Trust: a trust that provides for payments to the College for a stipulated period of time, free from federal gift and estate taxes. At the end of the trust term the trust assets go to a designated individual.
Pooled Income Funds: a number of separate life income trusts that are pooled for investment and management purposes; donor has an interest in a pro rata share of the pool that secures an annual income that is not influenced by the donor's age.
Life Insurance Gifts: irrevocable assignment of a life insurance policy for charitable disposition for which the present value is fully tax-deductible as the premiums are paid.
Minimum Funding Requirements
The Development Office shall maintain up-to-date information as prescribed by the Board of Trustees pertaining to fundraising matters including the percentage or amount of gifts expected or required for general support to qualify for a certain gift level, to name buildings, endow professorships, endow chairs, establish named or endowed scholarship funds, etc.
All gifts will be reported to the Development Office within 24 hours of receipt, accompanied by all related original correspondence. The following information should be included with the gift, depending on its type:
All gifts: donor's name, address, affiliation, amount of gift, date received, designation, restriction and/or purpose.
Restricted gift: acceptance of gifts imposes a legal obligation to comply with the terms established by the donor. Thus the terms of each restricted gift must be clearly defined and communicated to the Development Office.
Endowment gifts: amount and date of gift, type of fund, designations of use of the fund or its earnings, limitations on investments and other actions necessary to administer funds.
Special gifts: (gifts in-kind, securities or other negotiable assets, real property, equipment, books, works of art, etc.) as soon as this type of gift is anticipated, contact either the Development Office or Business Services for further instruction. The potential need for independent appraisals and the tax consequences resulting from non-monetary gifts must be resolved prior to their acceptance. It is the donor's responsibility to obtain an appraisal of the gift for their tax purposes.
Gifts by bequest: knowledge of individual interests in bequests comes through a variety of channels: written intent, attorneys, individual faculty, staff members, etc. Staff personnel in the Development Office or Business Services are available for personal consultation concerning these gifts.
Matching gifts: offered by a great number of firms in business and industry, a donor may have their gift matched by the employer. Every effort should be made to determine if a donor is employed by a firm which sponsors such a program. Lists of firms that sponsor matching gift programs are available in the Development Office.
Acknowledgments/Stewardship of Donors
Development Office: will acknowledge gifts within 24 hours of notification of the receipt of gift. Other acknowledgments that may be appropriate are from the solicitor, the recipient and, at levels of $500 and above, the College President.
Donor recognition: according to the level of gift and agreement with the donor, recognition is given at recognition events, on the donor wall, at special receptions and through other appropriate publicity.
Reporting: an explanation of the type of report that is requested from the donor and the time frame should be included in materials sent to the Development Office.
Those which restrict use based upon race, color, religion, creed, nationality, sex, or in other ways do not agree with the College mission.
Restrictions as to relatives or descendants as beneficiaries.
Restrictions reserving the designation of beneficiary of gift to the donor or his/her assigns; i.e., scholarships, fellowship, professorship. (Such gifts restrict donor tax consequences.)
Restriction upon the future employment of the recipient of any gift.
Any separate endowment fund with a corpus under $10,000 for which additional sums are not assured and certified in writing.
Special Fundraising Events
Designation of tax deductions for special events tickets, guest lists, regulations pertaining to raffles, auctions, games of chance, travel tours, non-cash contributions, small give-aways, corporate sponsorships and disposal of donated properties should be coordinated through the Development Office.
Gift Records and Reports
Gift records and reports will emanate from the Development Office. These will include: