- Created by Justin Lytle - Admin, last modified by James Bodine - admin on Feb 07, 2022
Policy identification number: To come...
File: Advancement Policies
Gift Acceptance Policy
This gift acceptance policy and related procedures govern the acceptance of gifts by the Foundation and provide guidance to donors and their advisors when making gifts to the Foundation.
Vice President for Institutional Advancement
July 16, 2021
July 16, 2021
vpa, g, gift, acceptance
Scheduled for Review
I. Policy Statement
The Fort Lewis College Foundation (the "Foundation") which exists to solely to support Fort Lewis College (the "College") and its students, is a 501 (c) (3) tax exempt corporation organized under the laws of the State of Colorado. The Foundation encourages the solicitation and acceptance of gifts for purposes that will help the Foundation and the College fulfill their missions. This gift acceptance policy and related procedures govern the acceptance of gifts to the Foundation and provide guidance to donors and their advisors when making gifts.
This document has been developed to outline straightforward and objective procedures for accepting charitable gifts to the Foundation. While the procedures set forth are detailed and specific to the type of gift, they shall be interpreted considering three overriding principles:
Principle 1: The Foundation should not accept a gift unless there is a reasonable expectation that acceptance of the gift will benefit the Foundation and/or the College. This principle is often achieved by monetizing the gift as soon as practical.
Principle 2: The Foundation should not accept a gift if such acceptance imposes upon the Foundation and/or the College overly burdensome administrative or other efforts or costs.
Principle 3: The Foundation should not accept a gift if such acceptance would not be in the interest of the donor. While this document is intended to provide guidance regarding acceptance of prospective gifts, donors are ultimately responsible for ensuring that the proposed gift furthers their own charitable, financial and estate planning goals. Therefore, each prospective donor is urged to seek the advice of independent legal counsel and/or financial advisor in the gift planning process. It is not within the province of either the Foundation or its staff to give legal, accounting, tax or other advice to prospective donors.
II. Definitions (From CASE Reporting Standards & Management Guidelines)
Gift: A contribution received by the Foundation for the benefit of the College or the Foundation for either unrestricted or restricted use in the furtherance of the College’s and/or the Foundation’s mission for which the Foundation has made no commitment of resources or services other than, possibly, committing to use the gift as the donor specifies. A contribution is a nonreciprocal transfer in that there is no implicit or explicit statement of exchange, purchase of services, or provision of exclusive information. If a donor receives benefits in return for a contribution, the amount of the gift recorded and reported is reduced by the fair market value of all benefits given, according to U.S. Internal Revenue Service regulations.
Grant: A contribution received by the Foundation for the benefit of the College for either unrestricted or restricted use in the furtherance of the College’s mission that typically comes from a corporation, foundation, or other organization, rather than an individual. The Foundation may determine that what a donor calls a grant is, for internal record- keeping purposes, a gift.
Grants normally fall into two categories, both of which are philanthropic in nature and thus countable in annual giving or comprehensive campaign reports:
Contract or Sponsored Project: An agreement between the College and another entity to provide an economic benefit in return for compensation. The agreement is binding and creates a quid pro quo relationship between the College and the entity. These contracts are not gifts and are not included in fundraising totals.
III. Policy Statements
A. Gift Review and Acceptance
Levels of Risk:
Gifts with significant or moderate risk include:
Gift Acceptance Committee
The Gift Acceptance Committee (GAC) shall minimally consist of the following:
College Vice President of Finance and Administration/Chief Operating Officer
Vice President of Advancement/ CEO of the Foundation
Chair of the Foundation
Treasurer of the Foundation
Legal Counsel (if needed)
Additional directors may be appointed at the discretion of the Board Chair. The Foundation shall seek the advice of legal and/or audit counsel in matters related to acceptance of gifts when appropriate.
Any proposed gifts coming before the GAC are to be endorsed in advance by the Vice President of Advancement/CEO of the Foundation. Consultation with relevant areas of the College shall be included in the process whenever appropriate. Advance discussion with the GAC before formal request for approval may be advisable in cases of high risk or those with potentially sensitive circumstances.
The GAC shall adopt guidelines that govern the conduct of its business, including voting procedures, record-keeping, and reporting to the Board.
B. Amendments to Policy
For following policy:
V. Related Procedures
Fort Lewis College, Gift Acceptance Policy, Related Procedures