Gift Acceptance Policy

Policy Number: #100

Responsible Executive(s):

President

Responsible Office(s):

University Advancement

Date Revised: 12-01-2020

A. Purpose

Regis University, recognized as a tax-exempt organization by Internal Revenue Code Section 501 (c)(3) and existing under the laws of the State of Colorado, encourages the solicitation and acceptance of gifts to Regis University (Regis) for purposes that will help Regis further its Jesuit, Catholic university mission. This document has been developed to outline straightforward and objective procedures for accepting charitable gifts to Regis. While the procedures set forth are detailed and specific to the type of gift, they shall be interpreted considering three overriding principles:
1. A gift shall not be accepted unless there is a reasonable expectation that acceptance of the gift will benefit Regis.
2. A gift shall not be accepted if such acceptance imposes upon the University overly burdensome administrative or other costs.
3. A gift shall not be accepted if such acceptance would not be in the interest of the donor. While this document is intended to provide guidance regarding acceptance of prospective gifts, donors are ultimately responsible for ensuring that the proposed gift furthers their own charitable, financial and estate planning goals. Therefore, each prospective donor is urged to seek the advice of independent legal counsel in the gift planning process. It is not within the province of the University nor its staff to give legal, accounting or tax advice to prospective donors.
See the Council for the Advancement and Support of Education (CASE) Donor Bill of Rights for additional principles that guide the work of the University in accepting philanthropic gifts.

B. The Policy

GIFT ACCEPTANCE COMMITTEE
1. The Gift Acceptance Committee (GAC) shall consist of the following:
  1. University President; and
  2. Vice President for University Advancement; and
  3. Senior Vice President and Chief Financial Officer; and
  4. Other members appointed by the President, Senior Vice President and CFO and Vice President for University Advancement, as needed, e.g. Vice President and General Counsel, Director of Estate and Gift Planning, etc.
2. The Gift Acceptance Committee will:
  1. Review significant gifts made to Regis (normally those above $1 million or more), or any gift deemed risky by any member of the GAC;
  2. Make recommendations to the Board of Trustees on gift acceptance issues; including exceptions to the Gift Acceptance Policy;
  3. Advise on appropriate matters that relate to the acceptance of philanthropic contributions.
USE OF LEGAL COUNSEL
1. Regis shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate.
2. Review by counsel is recommended for:
  1. Closely held stock transfers that are subject to restrictions or buy-sell agreements;
  2. Gifts where Regis is named Trustee;
  3. Gifts involving contracts, such as real estate, or other transactions requiring Regis to assume a legal obligation;
  4. Gifts of patents or other intellectual property;
  5. Gifts of Real Property;
  6. Gifts involving endowments that reference a protected class; and
  7. Other instances in which use of counsel is deemed appropriate by the Gift Acceptance Committee or Regis’s Board of Trustees.
ETHICAL STANDARDS
1. Regis cannot give accounting, tax or legal advice but may work closely with the donor’s advisors. It is the donor’s responsibility to secure independent counsel, if the donor feels it is necessary, for all gifts made to Regis.
2. Regis will comply with model standards and rules of ethics as adopted by the national fundraising and advancement organizations including, but not limited to, the Council for Advancement and Support of Education (CASE), Association of Fundraising Professionals (AFP), National Association of Charitable Gift Planners (NCGP), American Council on Gift Annuities (ACGA), Association of Professional Researchers for Advancement (APRA), National Association of College and University Business Officers (NACUBO), Financial Accounting Standards Board (FASB) and Association of Governing Boards of Universities and Colleges (AGB).
CONFLICTS OF INTEREST
1. Conflicts of interest by and between faculty, staff, students, parents, trustees, key volunteers, vendors and suppliers will be avoided or fully disclosed. Regis reserves the right to refuse or decline any gift based upon a conflict of interest or the appearance of such a conflict.
2. Regis will strive to avoid even the appearance of impropriety in its relationship with donors and potential donors. Information and gift plan illustrations provided donors and potential donors will specifically state that donors should consult their own attorneys and/or financial advisors and seek independent advice. Gifts that may suggest a “quid pro quo” transaction will be closely scrutinized and require full disclosure of the relative benefits a donor might receive in return for the gift.
3. Additionally, Regis does not pay fees to any person as consideration for directing a gift to Regis, and it does not pay commissions or percentages associated with negotiation and acceptance of any form of gift. In accordance with CASE and AFP ethical principles and standards of professional practice, no fundraiser is compensated based on a percentage of funds raised or on a contingent basis. Independent contractors and consultants are compensated on a project basis.
GIFT PROCEDURES
1. Gift Designations: Regis University, through the Office of University Advancement, records each gift according to the designation indicated by the donor. If specific restrictions are indicated and the donor’s restrictions cannot be followed, the gift will not be accepted.
2. Types of Gifts: Regis University accepts gifts in the form of outright gifts, pledges or deferred commitments. The details of gift acceptance and the procedures for gift recording differ according to the type.
  1. Outright or Current Gifts - Outright gifts include cash and cash equivalents, securities, charitable IRA rollover, real property and personal property
    - Cash and cash equivalents - Cash gifts of any amount are accepted by the University. These gifts can take the form of currency, check or credit card contribution. Cash or checks may be delivered in person, by mail, by Electronic Funds Transfer (EFT) or by wire transfer. Although the date of gift for IRS purposes for gifts made by checks is the date the check is mailed or hand-delivered to the University, such gifts are recorded the date the check is received by the University. If gifts are transferred by EFT or wire, the date of the gift is the date the money is transferred into the University’s bank account. When gifts are received by credit card, the date of the gift is the date the credit card charges are processed.
    - Securities - Publicly traded securities (stocks, bonds and mutual funds) are accepted by the University. Gifts of securities are valued at the average of the high and low quoted selling prices on the date the donor relinquished dominion and control of the assets in favor of the institution. If the security was not traded on that date, the institution will use the date of the most recent sale. Neither losses nor gains realized by the institution’s sale of the securities after their receipt, nor brokerage fees or other expenses associated with the transaction should affect the value reported. Non-publicly traded, (closely-held) securities must be approved by the GAC prior to acceptance. The GAC may look at measures such as valuation, marketability, restrictions, and any other issues that may arise either in the gift negotiation or in a corresponding shareholders’ agreement.
    - Qualified Charitable Distribution - Qualified Charitable distribution funds are accepted by the University. Donors 70 ½ years old or older can give up to $100,000 directly from an IRA to a qualified charity without having to pay income taxes on the distribution. Since no tax is incurred on the withdrawal, gifts do not qualify for an income tax charitable deduction. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans do not qualify for the IRA tax free rollover but may be rolled into a new or existing IRA and then transferred to the University.
    - Real property - Gifts of real property must be approved by the GAC prior to acceptance. To be accepted by the University as an outright gift or as a bargain sale gift, the gift portion of a property’s fair market value must be at least $50,000. If a gift is in the form of an undivided partial interest in real property, the undivided interest must have a minimum value of at least $50,000. The University generally does not accept mineral interests, water rights, time-shares or notes receivable unless values of at least $50,000 at the time of transfer can be independently confirmed. Real property includes improved or unimproved land, personal residences, farmland, commercial property, rental property and mineral interests. These types of gifts are complicated and require involvement of professionals, advisors and University staff. Gifts of real estate require more planning than gifts of cash or marketable securities because of the evaluation, approval and transfer process. As with any gift of property, if the University sells or otherwise disposes of the donated property within three years of the date of the gift, the University must file an information return on IRS Form 8282 and send a copy to the donor. Questions regarding gifts of real property should be referred to the University’s Vice President for University Advancement and the Director of Estate and Gift Planning and Vice President and General Counsel. Thorough due diligence shall be conducted on any gift of real property, which shall include (but not be limited to) those procedures outlined in the Acceptance of Gifts of Real Property document. Upon recommendation, the GAC will review all proposed gifts of real property and will consider the following:
      1. Donor restrictions. Generally, the University will not accept real property gifts if the donor places restrictions on the gift that limits the choices of the University with respect to owning, managing or disposing of property.
      2. Market value and marketability. The GAC must be provided with a current appraisal, from an independent appraiser that is paid for by the donor, of the fair market value of the property and the interest in the property the University would receive if the proposed gift were approved. If the gift is completed, the IRS requires an appraisal made no more than 60 days prior to the date of gift. The appraisal and other information must indicate clearly and convincingly that there is a market for the property under consideration and that the property can be sold within a reasonable period. A representative of the University must do a walkthrough of the property.
      3. Sale and/or retention of property. Generally, regardless of the value placed on the property by the donor’s appraisal, the University will attempt to sell at a reasonable price, as reflected by the current market, as soon as possible after its acquisition. However, gifts of real estate may be considered for retention if the expected return as an investment exceeds what the net sales proceeds might produce if invested as a part of the University’s endowment or if there is a direct use of the property by the University. The University should avoid selling property at a distressed price.
      4. Potential environmental risks. All proposed gifts of real property, including gifts from estates, will be reviewed by the GAC and may require an Environmental Assessment completed by an independent firm. Any questions raised will be reviewed by the GAC.
      5. Carrying costs. The existence and amount of any carrying costs, such as property owner’s association dues, transfer charges, taxes and insurance, must be disclosed. The donor shall pay the costs associated with the conveyance and delivery of the gift.
    - Personal property or gifts-in-kind - The University may consider gifts of tangible personal property (gifts-in-kind) – including but not limited to works of art, manuscripts, literary works, motor vehicles, computer hardware and software, and intellectual property - only after a review by the GAC indicates that the property is either readily marketable or needed by the University for use related to education, research or another aspect of the mission of the University. Prior to the acceptance of a gift-in-kind, the appropriate unit (e.g. college, campus program, etc.) shall submit its written recommendation to the GAC as to whether the proffered gift is of value to the University. Title to the gift property should be clear and unencumbered, and properly documented. To approve acceptance of a gift-in-kind, the GAC must have information about compatibility, maintenance, storage, and transportation costs, as relevant. Absent a related use for the donated property, if accepted, the University generally will sell or otherwise dispose of such gifts. Because the extent of the donor’s allowable charitable deduction depends upon the standard of “related use,” the University’s intention either to resell the property or to retain it for related use must be clear to the donor at the time of the gift. The University will meet all obligations with respect to IRS forms 8283 and 8282. That is, if the University should sell or otherwise dispose of the donated property within three years of the date of the gift, the University must file an information return on IRS Form 8282 and send a copy to the donor. Any gift-in-kind that involves any of the following circumstances, and/or has a value of greater than $10,000 must be approved by the GAC:
      1. Acceptance of the gift involves significant or unbudgeted additional expense for its present or future use or display, maintenance, transfer, insurance, fees or other institutional costs.
      2. Financial or other burdensome academic, technical, or service obligation or expense is or will be directly or indirectly incurred by the University as a result thereof.
      3. The gift is made on the condition or expectation that the items will be loaned back to the donor or to the donor’s designee for life or extended periods of time to be determined by the donor.
      4. Acceptance or subsequent utilization of the property would result in an “unrelated activity” as defined in unrelated business income tax law. Receipts for gifts-in-kind shall describe the property transferred but shall not state a monetary value. Gifts-in-kind will ordinarily be valued at their full fair market value for purposes of gift reporting. Gifts with a fair market value below $500 will be reported at the values documented by the donor. Gifts with a fair market value exceeding $5,000 will be reported at the values placed on them by qualified independent appraisers as required by the IRS for valuing non-cash charitable contributions. It shall be the donor’s responsibility to order and pay for the qualified appraisal.
    - Gifts of services - The IRS does not allow charitable deductions for gifts of services, even if the market value of such services can be readily attained. In addition, counting guidelines from the CASE and NACUBO do not allow gifts of services to be counted toward fundraising totals. The receiving department may acknowledge and thank the donor for the services, without specifying a dollar amount. No receipt should be generated.
    - Cryptocurrency - The University may accept gifts of cryptocurrency if approved by the GAC. The IRS classifies cryptocurrency as property, which can be either ordinary income property or long-term capital gain property. Depending on the amount of the donation, the donor may need to substantiate the value of their deduction by way of a qualified independent appraisal. As gifts, cryptocurrency, which is highly volatile, should be converted to U.S. Dollars instantaneously when the gift is received by the University. All gifts of cryptocurrency must be approved by the GAC. Because of the volatility of exchanging cryptocurrency into US currency, gift agreements must include disclosures and agreements between the donor and the University regarding making up any difference if the exchange results in a lower amount than what the donor anticipated. The donor can make up the deficit in US currency, or the University can book the gift at the actual exchange rate. Gift receipting is like personal property, stating the name and number of cryptocurrency coins donated, the date of receipt, and the fund or account benefiting from the gift.
  2. Deferred Gifts - Regis University accepts deferred gifts including charitable bequests, charitable gift annuities, charitable remainder trusts, charitable lead trusts, gifts of life insurance and retained life estates.
    - Charitable bequests and beneficiary designations - The University may accept gifts for which it is named whole or partial beneficiary. Such gifts include IRAs, retirement plans, and life insurance. Additionally, Transfer on Death assets and Payable on Death assets may be accepted in accordance with this Gift Acceptance Policy. A bequest of any asset defined as being of significant or moderate risk must be approved or declined by the GAC as described in this Gift Acceptance Policy. For a bequest involving real property, the executor, personal representative, or trustee may be asked to sell the property within the estate or trust and distribute the net proceeds to the University. The University, after review by the GAC, may also choose to disclaim the property.
    - Charitable gift annuities - A charitable gift annuity is a contract between the University and a donor (not a trust agreement) whereby the donor makes an initial payment of cash or marketable securities to the University and the University agrees to pay the annuitant(s) an annuity for the rest of his/her/their lifetime(s) or for a term of years. Upon death of the donor, the principal is maintained by the University and the payments on the annuity cease. The minimum funding will be assets valued at $10,000. The annual payment to the annuitant is based on the annuitant(s) age(s) and the fair market value of the assets used to establish the annuity. Since the annuitant(s) expect(s) to receive payments from the University for the remainder of his/her/their lifetime(s), the actual “gift” to the University has a value of significantly less than the funding amount. The University uses the gift annuity rates recommended by the American Council on Gift Annuities. The University will accept current gift annuities which begin payment within one year of the gift date, as well as deferred gift annuities, for which the initial payment is at least a year after the gift date. The deferral period will be at the discretion of the donor and the Office of Estate and Gift Planning. Gift annuity agreements shall be limited to one life or two lives. The minimum age for the annuitants shall be 60 for immediate annuities and 50 for deferred annuities, with a minimum deferral period of 10 years. Gift annuity agreements over $100,000 may be subject to an internal review process by the GAC.
    - Charitable remainder trusts Unitrusts - The basic form of unitrust provides for payment to a donor and/or beneficiary(ies) of an amount equal to a set percentage of fair market value of the assets of the trust, valued annually. The percentage is determined at the time the trust is created, is stated in the trust, and is permanent. The minimum payout allowed under IRS regulations is 5% annually. The maximum percentage shall be determined by IRS parameters that insure the CRT meets the 10% remainder test, as described in IRC Section 664(d)(2). Payments may be set for life or a term of years not to exceed 20 years. Because income payments are based on a fixed percentage of the annual market value of trust assets, payments will vary in amount as the value of the assets changes. Payments to income beneficiaries must come exclusively from the trust assets and are not guaranteed by the University. When the University serves as Trustee, trust assets are invested according to guidelines established by the Investment Committee of the University’s Board of Trustees. Any trust for which the University serves as Trustee must name the University as at least a 51% irrevocable beneficiary of the trust. Annuity trusts - Annuity trusts are like unitrusts except that the donor and/or beneficiary(ies) annually receive a payout that is fixed irrevocably at the time of the gift and stated in the trust agreement. Under IRS regulations, the payout must equal at least 5% of the fair market value of the assets placed in the trust when it is created. Income in excess of the annual payment is added to the principal. Unlike a unitrust, IRS regulations do not allow additions to annuity trusts. When the University serves as Trustee, trust assets are invested according to guidelines established by the Investment Committee of the University’s Board of Trustees. Any trust for which the University serves as Trustee must name the University as at least a 51% irrevocable beneficiary of the trust. The trust must meet the 10% remainder interest test [IRC Section 664 (d)(2)] and the 5% probability test as described in Revenue Ruling 77-374
    - Charitable lead trusts - This trust is designed to make periodic payments to a charity for a period of several years, after which the trust terminates, and the assets pass to the designated individuals either outright or in trust. The University will not serve as Trustee for a charitable lead trust.
    - Life Insurance - The University can receive two types of life insurance gifts: as beneficiary or as owner and beneficiary. The donor, on the advice of his/her advisors, must decide which arrangement is in the donor’s best interests. In all cases, life insurance gifts shall be valued at the cash surrender value. The University will not accept gifts of term insurance for which it is owner/beneficiary. If the University is named beneficiary of a life insurance policy (and does not own the policy) review of the gift is not required by the GAC. If the University receives a gift of insurance for which the University is the beneficiary and the owner, the gift must be reviewed by the GAC. The following criteria apply:
      - The premium must be a lump sum payment or annual premium payment for not more than ten years.
      - The policy may not be a term insurance policy.
      - The donor must agree to be responsible for making additional premium payments if the policy earnings fall below expectations and additional premium payments are required. Cash gifts to be used for premium payments are booked at face value as received. The minimum face value for acceptance of a gift of insurance for which the University is handling the administration is $100,000.
      - The donor will be informed that if, for any reason, they are unable to make the gifts to cover the premium payments and there are not dividends to cover the payment, the University, through the GAC, will select an option for the future of the policy based upon several factors, which may be age of donor, death benefit, amount of paid-up insurance, amount of premium, number of premiums remaining, etc. The options include not paying additional premiums and considering the policy paid at current level, surrendering the policy for the cash value or, in rare situations, using University resources to pay the insurance premium.
      - Due to the complexity of charitable life insurance gifts for the benefit of charitable organizations, Regis has created a Procedures of Evaluation of Life Insurance Gifts document, which thoroughly covers the majority of life insurance gifting situations found in the marketplace.
    - Retained life estate - Donors can qualify for a sizable charitable income tax deduction by making a gift to the University of their personal residential property (or a farm) while retaining full use and rights to the property during their lifetime. The donor retains a “life estate” and the University receives the “remainder interest.” A life estate gift is created by transferring a deed to the University which reserves a “life estate” for the life of the donor, or his/her designees. Properties used in a life estate gift must have a minimum value of $150,000. Donors must sign a separate Life Estate Agreement with the University to clarify their responsibility for property repairs, taxes, insurance and other expenses. All the normal review and gift acceptance procedures for gifts of real estate apply to gifts of life estate/remainder interest deeds.
  3. Pledges, Letters of Intent, and Gift Intentions - Pledges are commitments to make future gifts. Only the entity exercising legal control over the assets to be given can make a pledge. Therefore, an individual cannot make a legally enforceable, binding pledge that includes anticipated matching contributions from an employer or some other source. Nor can an individual commit funds that may come from a donor-advised fund, community foundation, or private family foundation. Regis University adopts the position that unless otherwise explicitly stated, pledges, letters of intention, and gift intentions are synonymous. As such, our pledges are not legally binding or enforceable in any way, unless otherwise clearly and explicitly stated.
    - “Conditional” pledges are those that place requirements on the institution to perform some task or take some sort of action that it might not otherwise initiate. A conditional pledge may also depend on some future event over which neither the institution nor the donor may have control. Examples of conditional pledges are challenge gifts, gifts for capital projects (if the pledge is conditional on either raising other funds or moving forward with the plans to build or renovate), and pledges that are non-binding on the donor’s estate.
    - The University will accept, and record written pledges if such documentation includes the amount, purpose and payment period and is signed by the donor(s). Multi-year pledges are generally not accepted beyond five (5) years. Written pledges, letters of intent, and gift intention forms do not in any way constitute a legally binding or enforceable pledge unless otherwise explicitly stated. Circumstances in which the University may hold legally binding, enforceable pledges include instances of reliance, such as capital projects like building construction and renovation or other projects for which the institution relies upon the funds pledged to commence and complete the project. In such instances, the pledge agreement would include language that clearly states that the pledge is enforceable and binding.
    - Written pledges. The University will accept, and record written pledges if such documentation includes the amount, purpose, and payment period and is signed by the donor(s). Multi-year pledges are generally not accepted beyond five (5) years, and may require approval of the GAC.
  4. Matching Gifts - The University honors each organization’s matching gift rules while optimizing matching gift opportunities as fully as possible. If the University has reason to believe that a donor is not in compliance with a matching entity’s policies, staff will contact the donor for clarification. Examples may be gifts directed to non-qualifying programs (in some cases, Athletics) or pooling of gifts with non-employee donors. The University will not submit claims for non-qualifying gifts.
  5. Gifts from University Employees - Gifts to the University from University employees are encouraged and may be accepted if the purpose of the gift is to support bona fide University activities and/or purchases. Such gifts are subject to University policies and procedures for expenditure. However, because a gift to support an employee’s own research account, business travel account, or any account in which the employee is an authorized signer may have potential for abuse, an appropriate third party (such as the dean, department chair, president, or other person in a supervisory role to the employee) must be the budget manager on any such account and take special care in approving expenditures in order to ensure that the University’s use of the gift supports its charitable purposes.
  6. Memorial and Honorary gifts - Memorial and honorary gifts are encouraged by the University as generous and thoughtful ways to recognize people’s lives and accomplishments. When a memorial gift is made, the decedent’s next of kin is notified by the University. Such notifications must not specify gift amounts. The next of kin may be consulted about the designated use of unrestricted memorial monies, including whether the funds will be endowed or spent as current funds. In the case of honorary gifts, the honored person is notified, again without detail about gift amounts.
  7. Gifts for the Benefit of Specific Individuals - A gift that is made with the condition that the proceeds will be spent by the University for the personal benefit of a named individual or individuals is not deductible as a charitable contribution. The GAC shall review and view with caution gifts that are inappropriately targeted toward the benefit of particular individuals. The GAC will also review all proposals for endowed student aid funds that contain unusual restrictions, and proposed gifts for research projects or other scholarly activities undertaken by named individuals.
  8. Premiums or Goods/Services received - The IRS requires nonprofits to verify that no goods or services were received in exchange for a contribution, in order for the gift to qualify for a full charitable deduction. Standard receipts verify this qualification. Where premiums or services are offered, only the qualifying gift amount is receipted.
  9. Gifts Generally Accepted Without Review by the GAC
    - Cash, Negotiable Checks and Credit Cards
    - Electronic Bank Draft and Wire Transfers
    - Payroll Deduction (pertains only to Regis Faculty and Staff Members)
    - Appreciated Publicly Traded Stocks, Bonds and Securities
    - Mutual Fund Shares
    - Assignment of Income
    - Bequest via Will Provision
    - Bequests via Revocable Beneficiary Designations
    - Retirement Plans
  10. Gifts Generally Requiring Review by the GAC
    - Closely-held Stock and Securities and other Limited Liability Business Interests
    - Gift-In-Kind
    - Personal Property
    - Real Property
    - Life Income Deferred Gifts
    - Life Insurance
    - Cryptocurrency
    - Gifts regarding Protected Classes
CAMPAIGN REPORTING STANDARDS
1. Regis abides by the CASE Reporting Standards & Management Guidelines, For Educational Fundraising.
  1. All gifts, pledges and estate/planned gifts received or committed during the Campaign period will be counted in the campaign totals.
  2. Pledge payment period should not exceed five years; limited exceptions may be considered by the Gift Acceptance Committee.
  3. In special instances, a gift, pledge or estate/planned gift made before the campaign period may be grandfathered as considered by the Gift Acceptance Committee.
  4. Cancelled and unfulfilled pledges will be subtracted from the campaign totals if it is determined during the campaign that they will not be realized.
  5. Bequests – both Realized and Expectancies – received during the Campaign period shall be credited provided they were not credited in a previous campaign; Bequest Expectancies may be counted under the following circumstances:
    - Donor is 70 years of age or will reach 70 during the Campaign period;
    - Amount of bequest is at least $50,000; and
    - Donor provides written evidence and valuation of the bequest expectancy.
TAX RECEIPTING AND WRITTEN DISCLOSURE STATEMENTS
1. A receipt/acknowledgement is sent to each donor upon receiving a gift. The receipt reflects the amount or type of the gift and the value of any benefits received by the donor. Special acknowledgements are sent to donors and families or honorees for memorial and tribute gifts.
2. IRS rules require that a donor, to obtain a charitable contribution deduction for Federal income taxes, must substantiate any charitable contribution of $250 or more with a receipt from Regis (a canceled check is specifically not sufficient). The receipt must provide the amount of the gift, the value of any benefits received (goods or services) by the donor from Regis, and the resulting amount of the gift. In addition, the IRS requires the receipt to state affirmatively if the donor has not received any benefits. Gift receipts from Regis reflect these requirements.
CHANGES TO GIFT ACCEPTANCE POLICIES AND FUNDRAISING GUIDELINES
1. Changes and/or amendments to these policies must be reviewed and approved by the Board of Trustees.
  1. Approved by the Regis University Board of Trustees: March 27, 1992
  2. Amended by the Regis University Board of Trustees: July 27, 1996
  3. Amended by the Regis University Board of Trustees: March 30, 2001
  4. Amended by the Regis University Board of Trustees: October 24, 2003
  5. Amended by the Regis University Board of Trustees: January 18, 2008
  6. Amended by the Regis University Board of Trustees: June 25, 2011
  7. Amended by the Regis University Board of Trustees: April 21, 2017
  8. Effective November 1, 2018
  9. Effective September 25, 2019. Amended by the Regis University Board of Trustees January 23, 2020
  10. Effective February 2020, to be Amended by the Regis University Board of Trustees April 17, 2020
COUNCIL FOR ADVANCEMENT AND SUPPORT OF EDUCATION (CASE) DONOR BILL OF RIGHTS
1. The text of this statement in its entirety was developed by the American Association of Fund-Raising Counsel (AAFRC), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education (CASE), and the Association of Fundraising Professionals (AFP), and adopted in November 1993.
2. Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life. To assure that philanthropy merits the respect and trust of the general public, and that donors and prospective donors can have full confidence in the not-for-profit organizations and causes they are asked to support, we declare that all donors have these rights:
  1. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.
  2. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
  3. To have access to the organization’s most recent financial statements.
  4. To be assured their gifts will be used for the purposes for which they were given.
  5. To receive appropriate acknowledgment and recognition.
  6. To be assured that information about their donations is handled with respect and with confidentiality to the extent provided by law.
  7. To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
  8. To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
  9. To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.
  10. To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.

C. Definitions

Gift: a contribution received by an institution for either unrestricted or restricted use in the furtherance of the institution for which it has made no commitment of resources or services other than, possibly, committing to use the gift as the donor specifies. The contribution is a nonreciprocal transfer in that there is no implicit or explicit statement of exchange, purchase of services, or provision of exclusive information. If the donor receives benefits in return for the contribution, the amount of the gift recorded and reported is reduced by the fair market value of all benefits given, according to U.S. Internal Revenue Service regulations.
Grant: a contribution received by an institution for either unrestricted or restricted use in the furtherance of the institution that typically comes from a corporation, foundation, or other organization, not an individual. An institution may determine that what a donor calls a grant is, for internal record-keeping, a gift. Grants normally fall into two categories, both of which are philanthropic in nature and thus countable in annual giving or comprehensive campaign reports:
1. Nonspecific grant: a grant received by the institution that did not result from a specific grant proposal. The institution does not commit specific resources or services and is not required to report to the donor on the use of the funds. It is this type of grant that many institutions may opt to designate as a gift for internal accounting purposes.
2. Specific grant: a grant received by the institution resulting from a grant proposal submitted by the institution. The institution commits resources or services as a condition of the grant, and the grantor often requests an accounting of the use of funds and of results of the programs or projects undertaken. The grantor’s requirement of regular status reports or other reports does not negate the philanthropic (and countable) nature of a specific grant.
Contract: an agreement between the institution and another entity to provide an economic benefit for compensation. The agreement is binding and creates a quid pro quo relationship between the institution and the entity. These contracts will be excluded from fundraising totals.

D. Related Policies, Procedures, Forms and Other Resources (Optional)

E. End Notes

Updated February, 2020