|Policy Name:||Gift Acceptance Policy|
|Date Passed:||06/29/01988; Amended 06/18/2004|
|Last Reviewed:||July 2013|
|Review Next:||July 2015|
The Texas Woman's University
Gift Acceptance Policy
This Policy is intended to establish guidelines for the acceptance of gifts to Texas Woman's University (hereafter referred to as TWU). The TWU Board of Regents reserves the right to accept all or any part of any gift or bequest to TWU which serves to further the mission of TWU, or to refuse any gift or bequest which does not serve, in its opinion, to constructively further the mission of TWU.
The TWU Board of Regents recognizes the TWU Foundation and its mission to accept and manage gifts to benefit TWU.
Statement of Gift Objectives
It is the intent of the Board of Regents of TWU to encourage a program of benefaction to TWU including: to responsibly receive and administer donations of money or other gifts designated to increase the renown, to extend the services, to improve the facilities, and to further the mission or promote in any way the welfare of TWU.
To ensure that proper procedures are followed, deans, department chairs, directors, and other administrators are required to seek the approval of the President or her designee before initiating fund-raising activities or accepting gifts of any kind on behalf of Texas Woman's University (examples: artwork, equipment, gifts for scholarship campaigns, funding through proposals with corporations or foundations, or solicitation of individuals). Gifts to the University must be approved by the President or her designee prior to presentation to the Board of Regents for formal acceptance. Gifts are approved at this central point to assure that they are benefits to the University and that they meet the policy requirements, properly acknowledged, and properly reported when tax reporting applies.
The Office of Institutional Development processes, furnishes receipts for, and acknowledges all gifts received for the University. Deans, department chairs, directors and other administrators are also encouraged to acknowledge gifts on behalf of their areas.
The Office of Institutional Development maintains donor profiles and giving histories.
Gifts of Cash
Gifts of cash may be made to TWU at any time and will be accepted as outright contributions.
Unless otherwise negotiated with the donor, non-cash gifts to TWU will be converted into manageable income producing assets as soon as possible.
Tax laws require the donor to complete an IRS Form 8283 "Non-cash Charitable Contributions" when claiming deductions of $500 or more for a contribution. Additionally, if TWU converts the gift to an income producing asset within two years, an IRS Form 8282 Donee Information Return" must be filed.
Donors must seek an independent appraisal within sixty (60) days prior to acceptance of the gift. The costs of appraisal will be assumed by the donor for gifts valued less than $100,000, unless the costs are specifically authorized for payment by the Board of Regents as recommended by its Finance and Administration Committee.
All tangible personal property received as a gift will be reported in accord with the Internal Revenue Code rules (as example, the "related use rule," the "partial interest rule," and the "future interest rule"). Donors shall be advised to consult with their tax advisors regarding possible tax consequences before any such gift is accepted.
Gifts of Securities
Publicly traded stocks and bonds with a current marketable value will be accepted at any time. Valuation of the gift shall be the closing price of the security on the day it is donated.
Bequests from an executed Will shall be accepted in accord with the donor's wishes and in accord with the mission and purposes of TWU.
Gifts of Real Estate
Gifts of real estate are accepted through bequest, or if a donor declines to provide the gift through the TWU Foundation.
- Real estate shall be disposed of in the most expedient and judicious manner, employing methods of sale resulting in the greatest possible realization given the existing market conditions. The exception would be land held, at no present and/or future expense liability, in anticipation of rising market conditions.
- Surface real estate with or without improvements that is offered as a gift will be examined and reviewed by the Finance and Audit Committee before it is accepted. Consideration will be given to the existence of any prior liens against the property; tax liabilities; the type and condition of any improvements present; location of the property; long term and short term marketability; local, state, and federal environmental concerns; and any other issues that might be pertinent to each individual gift before title to the land is accepted. The Finance and Audit Committee will recommend to the Board of Regents whether the gift should be accepted.
- Acceptance of a gift of surface real estate is conditional upon delivery of the following to TWU:
- A qualified appraisal conducted no more than six (6) months prior to final acceptance of the property. The costs of appraisal will be assumed by the donor for gifts valued less than $100,000, unless the costs are specifically authorized for payment by the Board of Regents as recommended by its Finance and Audit Committee.
- Warranty Deed naming TWU as owner;
- A Phase I environmental audit;
- Title Insurance covering the appraised value of the property naming TWU as the insured.
Establishing an Endowment
Donors wishing to establish an endowed fund to benefit TWU are encouraged to do so through the TWU Foundation.
Donors expressing preference to establish an endowed fund with TWU will:
- Stipulate if the fund is unrestricted or stipulate their intent of the fund;
- Name the fund;
- Provide an outright gift of no less than $10,000, payable over not more than five (5) years.
TWU will provide to the donor:
- An endowment agreement stipulating the donor's intent, name of the endowed fund, and a contingency plan;
- A statement of accounting practices for endowed funds.
Gifts with Naming Opportunities
- Endowments may be named by the donor.
- Naming opportunities for buildings, facilities and grounds must adhere to the Texas Woman's University Board of Regents' General Naming Policy (Policy number 7.01)
Professional Counsel for Donors
It is the responsibility of donors to seek professional advice and counsel with regard to any gift made to TWU. Members of the TWU Board of Regents and the TWU staff will not supply professional counsel or advice to donors with regard to tax liability, estate planning, or comprehensive investment planning. Board members and staff will assist donors in examining these issues and will encourage donors to seek appropriate independent professional counsel.
Management of the Gift Acceptance Policy
The TWU Board of Regents to delegate to the Office of Institutional Development the responsibility to monitor compliance with the gift acceptance policy, assist donors in planning and making gifts, oversee the bookkeeping and all mandated State and Federal Tax filings necessary, and prepare appropriate acknowledgments and recognition material. In addition, the Board of Regents shall take any steps necessary to promote donations and contributions to TWU or the TWU Foundation, cultivate and educate potential contributors, and secure major gifts in accord with this Policy.
page last updated 1/9/2015 1:58 PM