Gift Receipt and Acceptance

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  1. POLICY

This policy outlines the role of the Salt Lake Community College Foundation as primary administrative responsibility over activities that result in or that concern fund raising and philanthropic gifts for the college and to establish an overall college procedure for gift acceptance. The Salt Lake Community College Foundation is a separate 501(c)3 dedicated to supporting the college.

  1. REFERENCES

Reserved

  1. DEFINITIONS

Reserved

  1. PROCEDURES
    1. To adequately administer and account for gifts made to the college, all private contributions will be made to the Salt Lake Community College Foundation, the official agency incorporated under the laws of the State of Utah to solicit and receive gifts, donated scholarships, bequests, properties, etc., for the benefit of the college.
    2. Donors are to be directed to the Salt Lake Community College Foundation while federal and state agency grants are the responsibility of the Salt Lake Community Office of Sponsored Projects.
    3. Outright gifts to the college shall be reported only when assets are actually and irrevocably transferred to the college.
    4. Deferred gifts shall be reported only when the assets are transferred to the college by trust or gift instrument.
    5. Documented provisions in wills or other revocable instruments shall be acknowledged and reported separately but not treated as charitable gifts to the college until funds are actually received.
    6. Funds directed to the college in error may be deposited through the normal course of business, and subsequently remitted to the foundation upon approval by the vice president for Finance and Administration (or designee).
    7. Funds directed to the college due to stipulations in a will or otherwise stipulated by the donor noting that funds be paid to the college may be accepted upon approval of the vice president for Finance and Administration (or designee).
    8. Occasionally, it may not be in the best interest of the college to receive certain gifts or contributions. Proposed gifts-in-kind of an unusual or special nature may be subject to evaluation by the foundation board of directors, the college president and by the gift acceptance committee directed by the executive director of Development, as deemed appropriate, prior to acceptance.
    9. Gifts that shall not be accepted by the Salt Lake Community College Foundation include:
      1. A gift that is in contravention of applicable federal or state laws, or the board of regents or college policies.
      2. A gift that obligates the college to undertake duties, financial or otherwise, which may not be fully capable of meeting for a period required by the terms and condition of the gift.
      3. A gift that constitutes a request to the college to operate a commercial endeavor for the sole benefit of the donor or related person or entity.
      4. A gift that cannot be properly administered within the intended recipient’s normal budget or resources (for example in the case the requirement for matching funds or resources).
      5. The gift presents an unreasonable or unacceptable degree of risk due to environmental or health/safety issues.
      6. The president or president’s designee determines that acceptance of the gift would not be in the best interest of the college.
    10. Development coordinates the foundation and college fund raising activities including the receipting and acknowledging of all gifts of cash, real property, securities, equipment or other gifts-in-kind.
    11. Upon receiving any contribution, the appropriate gift acknowledgement form will be completed by Development in collaboration with the college department receiving the gift. A thank you letter that can be used as a tax receipt will be sent to the donor.
    12. Gifts received through the Salt Lake Community College Foundation follow donor intent and are administered pursuant to the terms of the articles of incorporation and the bylaws of the foundation.
    13. Disbursements and use of funds are made, following the manner prescribed in the bylaws of the foundation.
    14. There may be occasions when donors contribute certain gifts, particularly in-kind gifts, without prior notice. In these cases, the college will act in the best interest of both the donor and the college. The director of Development will coordinate and follow through on all such cases.
    15. A variety of special awards or acknowledgements to donors may be provided by the Development office including citations, resolutions, plaques, recognition dinners, and presentations appropriate to the amount and nature of the donated gift.

Date of last cabinet review: May 2, 2017

The originator of this policy & procedure is the office of Institutional Advancement. Questions regarding this policy may be directed to the originator by calling 801-957-4103