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
October 14, 2015
October 14, 2015
vpia, g, gift, acceptance
Scheduled for Review
I. Policy Statement
The Fort Lewis Foundation ( The Foundation's) which exists to solely to support Fort Lewis College (College) and its students, is a 401( C ) (3) tax exempt corporation organized under the laws of the State Colorado, The Foundation encourages the solicitation and acceptance of gifts for purposes that will help the Foundation and the College fulfill their missions.
This Policy and its related procedures outline straightforward and objective processes for accepting charitable gifts to the Foundation. The Policy should be interpreted in light of 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 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 to Foundation personnel 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 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.
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 Collegeâ¿¿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, not an individual. The Foundation may determine that what a donor calls a grant is, for internal record- keeping purposes, a gift.
Grants generally fall into two categories:
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. Contracts are not gifts and are not included in fund-raising totals.
Because the Foundation cannot commit specific College resources or services sometimes associated with the conditions of Specific Grants and Contracts/Sponsored Projects, the acceptance of such contributions shall be reviewed and processed according to the applicable sections of the following College Administrative Policy Statements: Revenue Definition and Recognition, Sponsored Project Revenues, and Gift Revenues.
III. Policy Statements
A. Gift Review and Acceptance
Note: Gifts-in-kind proffered for use by and benefit of the College shall be handled directly by the College according to its Administrative Policy Statement Gift In Kind Transactions.
2. Gift Acceptance Committee
The Gift Acceptance Committee (GAC) shall minimally consist of the following:
Additional directors and/or trustees 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 committee are to be endorsed in advance by the vice president for Institutional Advancement. Consultation with relevant areas of the College shall be included in the process whenever appropriate. Advance discussion with the committee, before formal request for approval, may be advisable in cases of high risk or those with potentially sensitive circumstances.
The committee 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