19.2 Gifts and Donations
(Last Modified on July 3, 2019)
The Board of Regents, recognizing that public institutions are dependent, in part, on private funding and encourages the institutions to seek the support of alumni, friends, corporations, and other private individuals and organizations that might be interested in contributing to the welfare of the institutions, their students, and their faculties..
19.2.1 Gift and Donation Reporting
(Last Modified on July 3, 2019)
As required by Board of Regents Policy 7.4, a ÖгöÉÙ¸¾ÊÓƵ institution may accept gifts, bequests, agreements, or declarations of trust that do not carry obligations to the institution that may conflict with state law or Board policy and that do not impose a financial burden on the institution beyond that which can be managed within the institutionÖгöÉÙ¸¾ÊÓƵ™s current budget. If acceptance of the gift or donation would require the institution to incur additional cost that cannot be borne within the institutionÖгöÉÙ¸¾ÊÓƵ™s current resources, the institution must obtain the approval of the Board of Regents before accepting the gift or donation.
Each ÖгöÉÙ¸¾ÊÓƵ institution must maintain an annual summary report for all gifts and donations valued at $500,000 or more containing the following information:
1. Donor name
2. Fair market value
3. Description of gift, including a listing of applicable equipment
4. Restrictions
5. Anticipated cost implications for the institution by accepting this gift, such as construction, maintenance or software support costs
Gift and Donation summary reports maintained by each ÖгöÉÙ¸¾ÊÓƵ institution must be available upon request of the Chief Fiscal Officer.
Note:
1. Gifts given directly to an affiliated organization are not required to be included on this summary report.
2. An institution may not accept gifts of real property except as otherwise provided in Board of Regents Policy Section 9.9.2.
19.2.2 Naming of Places, Colleges or Schools
(Last Modified on July 3, 2019)
In accordance with Board of Regents Policy 7.4.1, the following factors, among others, will be considered by the Chancellor and Chief Administrative Officer when determining whether to present a naming request to the Board for approval for a place, building, or academic unit:
- Whether the gift made is in irrevocable form to be paid within a five-year period and based upon a signed pledge commitment;
- Whether the proposed naming is associated with endowment gifts. (If a gift is for the construction of a facility, then presidents are encouraged to seek at least a portion of the gift to support the facility or academic programs associated with the facility.);
- Generally, deferred gifts such as life insurance and bequests are not to be used for current naming opportunities and institutions should discuss with the interested donor(s) about the possible naming opportunities that may be available when the gift is actually received;
- In cases where a gift is paid over a period of time, presidents are encouraged to make the formal naming request to the Chancellor and Chief Administrative Officer only when at least half of the total gift has been received by the institution. (Note: The Board of Regents and System Office have a preference of only approving namings once at least half of the total gift has been received by the institution).
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