Policies

POLICY: 
   
The University cannot accept gifts that:

1. are counter to or beyond the scope of its mission; and/or
2. results in an individual’s private gain from the gifts; and/or
3. involve unlawful discrimination based upon race, religion, sex, age, national origin, color, handicap, or any other basis prohibited by federal, state, local laws and regulations; and/or
4. obligate it to violate any other applicable law or regulation, or which violate the bylaws of the Corporation of Utica University; and/or
5. are from an anonymous source.  Known donors who do not wish to reveal their identities will be accommodated, although, in order to deepen a culture of philanthropy, it is usually better for the University to reveal the identities of donors.

The University follows the Council for the Advancement and Support of Education (CASE) gift accounting guidelines as well as those set forth by the National Association of University and University Business Officers (NACUBO). In addition, the University follows the planned giving recommendations made by the American Council on Gift Annuities and the National Committee on Gift Planning.
 
The President of Utica University, upon recommendation of the Gift Acceptance Committee, must approve any changes or deviations from this policy.
 
SCOPE: 
 
This policy applies to all members of the Utica University community who are authorized to solicit contributions from individuals, foundations, corporations, and/or federal, state, and local governments for approved institutional priorities, for faculty research and scholarship, for other purposes vital to the University’s educational mission, as well as for those charged with the processing and disposition of such gifts upon receipt by the University. For further information on those authorized to secure external gifts and grants, and the procedures for approval of such requests, please refer to the Fundraising Activities and Practices policy.
 
REASON FOR POLICY: 
 
This policy is designed to ensure that Utica University

1. has established procedures for the acceptance, acknowledgement, recording and reporting, and disposition of all gifts received in accordance with standards established by the Financial Accounting Standards Board (FASB) and the Council for the Advancement and Support of Education (CASE); and
2. is fully compliant with all applicable federal and state laws, including adhering to its obligations as a non-profit educational institution in accordance with its 501(c)(3) designation by the Internal Revenue Service; and
3. has the ability to direct its resources and energies toward the institution’s most critical priorities.

 
DEFINITIONS:
 
Detailed definitions of the following are provided in the Gift Acceptance Procedures and Guidelines Manual:
 
Gift Purposes

1. Outright Gifts for Current-Use Operations (restricted and unrestricted)
2. Outright Gifts for Capital Purposes (property, buildings, equipment, and endowment)

 
Acceptable Gift Types

1. Cash
2. Publicly Traded Securities
3. Closely Held Securities
4. Real Property (Real Estate)
5. Tangible Personal Property  (Gifts-In-Kind)
   1. Art
   2. Rare Books, Stamps & Coins
   3. Other rare collections
6. Bargain Sales
7. Planned Gifts
   1. Donor-Advised Funds
   2. Charitable Gift Annuities
   3. Pooled Income Fund
   4. Charitable Remainder Trusts
   5. Charitable Lead Trusts
   6. Perpetual Trusts
   7. Realized Bequests and Other Testamentary Distributions
   8. Testamentary Intentions
   9. Charitable Bequests
   10. Retained Life Estate
   11. Life Insurance
   12. Interest Free Loans
8. Other Assets

 
PROCEDURES:
 
Individuals wishing to make general contributions (gifts under $25,000) for established University priorities, such as the Annual Fund may do so by traditional paper check, electronic funds transfer (EFT), stocks and bonds, or by use of a credit or debit card on the University's secure online giving portal. Solicited (by the University) and offered (by the donor) contributions valued at $25,000 or more, require a discussion with the Vice President for Advancement and/or the University’s fundraising staff.  Any proposed contribution that falls outside the established institutional priorities and/or which may have legal or financial implications, or in some other form may encumber the University, will require a review of the proposed contribution by the Gift Acceptance Committee, and subsequent approval or rejection by the President of the University.
 
The Gift Acceptance Committee is empowered to review and recommend acceptance or rejection of offers of non-cash contributions to the University. In addition, gifts that may require expenditures of University resources or that may involve the University in responsibilities that are not part of the overall institutional mission will be referred to the Gift Acceptance Committee prior to receipt of the gift. The Gift Acceptance Committee will review:
 

1. all direct gifts, pledges, gifts-in-kind, or planned gifts of any significant amount, which are deemed to be inconsistent with the fundraising priorities of the University, as approved by the Board of Trustees;
2. gifts or pledges and/or donors that may be seen as an endorsement of wrongdoing, undermine the public’s trust and confidence in the University, require inefficient or undesirable expenditures of University resources, or involve the University in unexpected responsibilities because of their source, conditions, or purposes;
3. pledges with a fulfillment date in excess of seven years of the date of the pledge agreement;
4. all Charitable Gift Annuities greater than $300,000; and
5. other gifts or pledges brought to the Committee’s attention by any standing member of the Gift Acceptance Committee.

 
Pending recommendations from the gift Acceptance Committee, the President of the University will make all decisions regarding gift allocations.
 
 
 
Use of Legal Counsel
The Gift Acceptance Committee may seek the advice of Vice President for Legal Affairs/General Counsel when determining whether to accept a gift. Circumstances under which legal counsel may be consulted may include but are not limited to the following:

1. the review of certain gifts such as closely held stock or closely held stock subject to buy-sell agreements or other restrictions;
2. the review of transactions governed by contracts or legal documents (this would include bargain sales, trusts naming the University as trustee, or any other document obligating the trustee to take action);
3. the review of transactions with potential conflicts of interest or other circumstances in which the Committee believes that use of counsel is appropriate.

 
For more details, please refer to the Gift Acceptance Procedures and Guidelines Manual.
 
RESPONSIBILITY:
 
It is the responsibility of the Gift Acceptance Committee to make recommendations to the President of the University regarding non-cash contributions and to review and revise this policy annually.
 
It is the responsibility of the Vice President for Legal Affairs/General Counsel to advise the Gift Acceptance Committee when appropriate as detailed in Procedures, above.
 
ENFORCEMENT:
 
Enforcement of Utica University policies is the responsibility of the office or offices listed in the “Resources/Questions” section of each policy. The responsible office will contact the appropriate authority regarding faculty or staff members, students, vendors, or visitors who violate policies.
 
Utica University acknowledges that University policies may not anticipate every possible issue that may arise. The University therefore reserves the right to make reasonable and relevant decisions regarding the enforcement of this policy. All such decisions must be approved by an officer of the University (i.e. President, Provost and Senior Vice President for Academic Affairs, Vice President for Financial Affairs, Senior Vice President for Student Life and Enrollment Management, or Vice President for Legal Affairs and General Counsel).
 
 
RESOURCES/QUESTIONS:
 
For any questions or additional information, contact the Vice President for Advancement or his/her designee.
 
Please note that other Utica University policies may apply or be related to this policy. To search for related policies, use the Keyword Search function of the online policy manual.
Insert text.