Issued: May 16, 1988
ESTABLISHMENT OF FUNDS FOR CERTAIN PURPOSES
This policy describes the general guidelines for establishing funds for certain purposes.
2.0 Policy [Top]
Unacceptable Restrictions On Gifts or Bequests
2.1 General Restrictions
No gift which by its nature or acceptance thereof is prohibited by federal or Virginia state law will be accepted. Restrictions based on race, color, religion, creed, sex, or national origin are unacceptable in any gift to the University. If the University is asked to accept a gift which is inconsistent with the above restrictions, yet is consistent with the University's goal of achieving a diverse student body, approval of the Vice President for Development and General Counsel must be secured. Gifts which will remain under the control or direction of the donor must be approved, prior to acceptance, by the departmental chair or dean.
The University will not approve classified research contracts for which the identity of the sponsor and the general nature of the research cannot be revealed to the public. Requests for exceptions to the policy on classified research contracts must be addressed to the Faculty Senate.
2.2 Restrictions Involving Student Financial Aid
The following restrictions are unacceptable in gifts to the University or University-related foundations for financial aid purposes:
- Restrictions permitting designation of an individual recipient by the donor,
- Restrictions to relatives or descendants of the donor as recipients,
- Restrictions upon the future employment of the recipient.
- Restrictions by the donor on interest rates and conditions for repayment of loans. (Rates of interest or repayment requirements should be determined by University policy and practice at the time of the loan.)
A named endowed fellowship may be established with a fund of not less than $50,000 to furnish awards for one or more recipients with awards totaling at least $2,500 but with no award being made which is less than $1,000 to a recipient.
2.4 Prize Funds
A named financial award for outstanding accomplishment may be provided through the establishment of a prize fund with an endowment of not less than $10,000 to furnish awards for one or more recipients with awards totaling at least $500 but with no award being made which is less than $100 to a recipient.
2.5 Book Funds
The earnings from a named endowed book fund may be used for the purchase of books or other materials in a particular field or library and also may be used as specified by the donor for other expenses of the library. Such a fund may be established with an endowment of not less than $10,000.
2.6 Funds for Student Activities
Gifts and funds shall be accepted for the support of recognized student activities only if such activities have the approval of the Vice President for Student Affairs and meet requirements stated as to minimum endowment ($10,000) or annual awards to recipients.
2.7 Funds for Buildings and Grounds
Whenever a donor, in making a gift to the University for a building, wishes to have the building named for one whom he designates, it is the policy of the University to require that at least 51% of the announced cost of the buildings be given by the donor. When gift opportunities are offered for parts of a building or for landscape features, a donor may name such designated portions of buildings and grounds by contributing the entire announced cost. In no case shall any agreement or understanding in this regard be reached without first obtaining approval of The Board of Visitors.
Building projects would not be allowed to proceed to the construction bid stage until at least one half of all funds are in hand, in cash, and the remaining funds are committed through written pledges or other gift mechanisms, such as trust arrangements. The pledge period would not exceed three years, and could be less if satisfactory interim financing cannot be arranged.
3.0 Definitions [Top]
4.0 References [Top]
5.0 Approvals and Revisions [Top]