VCOM Institutional Policy and Procedure Manual

5. In accepting a gift, VCOM accepts the responsibility to provide proper stewardship of the gift. This includes administering the gift properly, providing the donor with accurate, timely financial information about the gift and, when appropriate, reporting to the donor about the use of the gift. 2.1 Gift Acceptance Committee The Administrative Development Team consisting of the President, the Dean and Executive Vice President, the Director of Alumni and Development and the Associate Vice President for Financial (CFO) will function as the gift acceptance committee. T ERMS AND D EFINITIONS Conditional Gift A gift that, because of some qualifier or restriction, is considered non - routine. Condi tional gifts may commit the College to act within a specified time or use the gift for a specific purpose. Endowment A gift of at least $10,000 to be invested for the purpose of producing present and future income that may be expended or reinvested with the original gift. The principal (or corpus) of the endowment is to be kept intact. Income is expended according to the current policy of the College and may be restricted or unrestricted according to the donor’s intent. 3. Any transfer of personal or r eal property made on a voluntary basis and without consideration received in return. A gift is not a payment for goods or services received, nor payment made to directly benefit a pre - selected individual, such as a scholarship for a specific student select ed by the payer. In case of payments which are part gift and part payment for goods or services, the College’s policy is to include such differentiation in printed materials for events and gift receipts. Typically gifts of cash, stocks, bonds, real property, tangible personal property, or gifts - in kind. Generally gifts or commitments made in the present with the benefit to the College “deferred” until a future date. Commitment to give a specific dollar amount according to a fixed time schedule. Any gift on which a donor places special, out - of - the - ordinary restrictions as to its use. Discriminatory restrictions could cause VCOM to lose its tax - exempt status or the donor to lose the charitable in come tax deduction for the gift. Each restricted gift is accounted for as a separate self - balancing fund. 4.1 Gift Acknowledgement The College’s Office of Alumni and Development will send acknowledgement letters and receipts within a reasonable interval. When appropriate, donors may be given tokens of appreciation not to exceed federal requirements. The Office of Alumni and Development is responsible for oversight and compliance with the requirements regarding gift acknowledgement and receipts. 4.2 Evaluation of Costs Associate with Acceptance of Certain Gifts Proposed gifts of property and gifts-in-kind must be evaluated to determine whether the costs to VCOM associated with receiving the gift can be accommodated prudently. Such evaluations might include the cost maintenance and repair, insurance and cost of disposal. Outright Gift Planned Gift Pledge Restricted Gift 4. G ENERAL P OLICIES Gift