VCOM Institutional Policy and Procedure Manual

For example, accepting real property might require payment of closing costs and an environmental assessment, payoff of debt secured by the property, and physical changes to the property necessary to ensure safety or to control environmental hazards. Similarly, the cost to retrofit space on campus and provide necessary utilities associated with a proposed gift may be excessive. Associated costs could be so high that it would be to VCOM’s disadvantage to accept a gift. The authority and responsibility for prompt, careful evaluation of such costs rests with the CFO, who shall, after conferring with appropriate campus offices, bring the gift proposal to Administrative Development Team for review and for a decision. 4.3 Administration of Restricted Gifts Frequently, donors require the College to use gifts in particular ways. It is the responsibility of VCOM to comply with such arrangements if such a gift is accepted. The CFO and Finance Division are responsible for ensuring restricted gifts are spent in accordance with the donors’ wishes. 4.4 Memorandum of Understanding Before completing major and/or planned gift arrangements with donors, a member or members of the Administrative Development Team and the donor will sign a memorandum of understanding, which shall contain the following elements:

The purpose for the gift; The background behind the gift; How funding will occur; Criteria specifying who will benefit;

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VCOM’s responsibilities;

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Use(s) of the gift;

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 Academic year of activation; and  Plan for public announcement of the gift.

4.5 Qualified Appraisals Legal and ethical requirements prohibit VCOM from appraising gifts. This protects both the donor and the College. Such appraisals are to be conducted by certified, independent appraisers not associated in any way with VCOM. The cost shall be the donor’s responsibility. G IFT A CCEPTANCE P OLICY The following policies relate to the types of gifts typically received by a medical school. It is understood that special gifts or circumstances might require a case-by-case review by the Administrative Development Team and may not be addressed by this document. 5.