Effective as of: 06.14.2005
Policy for Publication
Policy Number: Number Not Yet Assigned
A gift is any item of value given to the University by a donor who expects nothing of significant value in return, other than recognition and disposition of the gift in accordance with the donor's wishes. Both sponsored projects and gift-funded activities are externally supported, with funds provided typically in response to a request or proposal. This policy aims to address issues related strictly to gifts. Issues related to sponsored projects, contracts and grants are addressed separately in the Policy on Solicitation, Acceptance, and Administration of Sponsored Projects.
Gifts typically do not impose any contractual requirements and there are no "deliverables" to the donor. However, the gift may carry a donor stipulation that restricts the use of the funds to a particular purpose. As a demonstration of good stewardship the University may choose to provide periodic progress reports and summary reports of expenditures to the donor, however, normally these are not characterized as contractual obligations or "deliverables.”
Gifts can be in the form of a transfer of cash or in-kind donation (property, free of charge services, etc.), to the extent that the transferor does not receive consideration for the transfer. By way of illustration, and not as limitation, gifts include transfers which are pledges, bequests, endowments, and those which are “part-gift and part-sale.”
The fundraising function of the University is primarily carried by the President Emeritus, the President, and the Development Committee of the Board of Trustees of AUAC. The Committee work is supported by the Development Coordinator. The above stated parties endorse and strive to follow the Code of Ethical Principles and Standards of Professional Practice adopted by the Association of Professional Fundraisers (see attached) in soliciting and accepting gifts for the University.
In addition, the President may delegate the authority to solicit gifts to Deans of Colleges, Directors of Research Centers, and other University executives.
Acceptance and Execution of Gifts
The AUAC Bylaws state that the President is the only party authorized to accept and execute agreements. The President’s authority to accept and execute agreements does not extent to the following cases, which require Board approval:
-Exceptions to the University’s approved programs and policies;
-The University committing itself
-For more than two years; or
-To expenditures or costs for which the Board has not established a fund source; or
-To expenditures or costs for the construction of facilities which have not been previously approved by the Board;
-Any agreement the amount or value of which exceeds $100,000 or, in the case of a research agreement or public service agreement, any agreement the value of which exceeds $500,000 (AUAC Bylaws Section 6.7(b)(ii)3, adopted September 2002) ; or
-Any interest in real property.
For purposes of this limitation on the President’s authority, the dollar amount of a contract, grant, or gift is the amount of cash actually received or offered or pledged; or, if involving property, which is not cash, is equivalent to the fair market value of the property.