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Policy: IX.A.2x (inactive)

Issued: April 3, 1989

Owner: Vice President for Development

Latest Revision: February 7, 2000

RECEIPT AND ACKNOWLEDGEMENT OF GIFTS


**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

This policy has been migrated to the standardized format.
See
  https://policy.itc.virginia.edu/policy/policydisplay?id=EXT-008

1.0 Purpose

This policy describes the general guidelines for accepting gifts to the University.

2.0 Policy [Top]

2.1 Overview

Private gifts to the University of Virginia may be for:

The University's primary fund-raising areas are the College and Graduate School of Arts and Sciences, the Schools of Architecture, Commerce, Education, Engineering and Applied Science, Nursing, and Graduate Schools of Business, Law, and Medicine. In addition to these schools, other primary departments include the Miller Center, Athletics, University Hospitals, the Bayly Museum, libraries, and many other centers, the Alumni Association, and other areas of need within the University.

2.2 Donor Restrictions

The donor may direct that a gift may be expended in full during one or more years for current operating expenses, capital projects, or may be used to establish a special endowment fund or added to general endowment funds according to University policies referenced in this manual. The use of funds may be specified for purposes such as professorships, fellowships, scholarships, books, or teaching and research provided the donor submits his or her intentions in writing to the University. Once established, such restrictions can be changed only in writing by the donor. The University's Board of Visitors has the power, in the absence of written restrictions from the donor, to designate funds as quasi- endowment, and/or to amend any such designations previously established.

2.3 Gift Payee

Gifts for either current use or endowment purposes given directly to the University should be made payable to "The Rector and Visitors of the University of Virginia" and will be received and expended or invested by the University. Gifts for endowment purposes must be specifically designated as such in writing by the donor. Gifts made payable to "The Rector and Visitors of the University of Virginia" are acceptable for all areas of the University.

2.4 Approved University-Related Foundations for Fund-Raising Purposes

Gifts may also be accepted for the University by University-related foundations according to their corporate purposes and as designated by the donor. Specific policies for gift acceptance, receipt, and acknowledgement are maintained by individual University-related foundations. Those foundations authorized to accept funds include:

2.5 Establishment of Foundation, Development Programs and Staffing

No University-related foundation, development program, or staffing thereof can be established without the approval of the President and the Vice President for Development or without agreement of the Board of Visitors. Plans for major fund-raising programs, from private sources, must be approved by the Vice President for Development before being undertaken. For new fund-raising initiatives, the Vice President for Development should be contacted at the earliest date, so the range of development activities at the University is coordinated for efficiency. Appointment of staffing needs for development programs must first be cleared in writing by the Vice President for Development with copies to the President and the Board of Visitors.

Any school, department, University-related foundation, or other organization seeking to start a new annual giving program or to conduct one or more special solicitations with a goal of $10,000 or more, must receive advance approval from the Vice President for Development. All annual giving programs and projects will follow the guidelines established July 11, 1988 and approved by the President.

See also Policy IX.A.5, "Annual Giving Guidelines for Units Working with the UVA Fund." (To be reissued at a future date.)

2.6 Acceptance of Gifts

When a gift is accepted, the University assumes both a legal and an ethical obligation to conform with the wishes of the donor. For these reasons, it is essential that donors be encouraged to precisely indicate in writing those restrictions, if any, to be placed on the use of funds provided.

2.7 Acknowledging and Recording of Gifts

All gifts must be acknowledged to the donor by the appropriate dean, department head, or administrative officer. The respective development officers of the department, project, or University-related foundation must be notified of the gift immediately. In this way, he or she may coordinate and document for all appropriate University files the stewardship procedures and ongoing administrative responsibilities of the University. The President will acknowledge gifts to the University or to any University-related foundation as considered appropriate. Each University-related foundation will consult with the Vice President for Development to establish an appropriate minimum gift size for the President's acknowledgement to their donors. Each University-related foundation will report gifts requiring Presidential acknowledgements to the Vice President for Development on a weekly basis.

When a gift to the University is received, it must be forwarded within 24 hours to the Director of Gift Accounting, Office of University Development, for recording, acknowledgement, and deposit.

See also Procedure 9-5, "Processing Gifts in Kind"

All correspondence pertaining to the gift must accompany the gift with the cash/check gift Deposit Form. Daily deposits are made by the Office of University Development, and the gift amounts and proper accounts are credited within two working days. Gifts received without properly established accounts will be deposited in a suspense account managed by Gift Accounting until such time as an account is established which designates the lifetime management responsibility. See Policy II.B.1 for guidelines to establish accounts.

Expenditure refunds to gift accounts must be made by the department using Form UB-48 with copies forwarded to the Office of University Development, Gift Accounting.

All of the above policies and procedures relate both to testamentary gifts and outright gifts. The processing of bequests to the University must be referred to the Office of Planned Giving. Planned Giving will determine if the Legal Adviser must act on behalf of the University and coordinate University-wide acknowledgements and stewardship in cooperation with University schools, foundations, and the University Director of Communications and Stewardship.

3.0 Definitions [Top]

4.0 References [Top]

See also Policy V.B.3, "Expenditure Credits and Reimbursements"

5.0 Approvals and Revisions [Top]


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