VCOM Institutional Policy and Procedure Manual

legislation before or after the gift transfer has occurred, the College retains the right and authority to seek reimburseme nt. In the event a donor is giving a retained life estate gift, the donor shall pay all or a part of the property’s maintenance costs, real estate taxes and insurance for the duration of his/her life and acknowledge that in writing prior to VCOM’s accepta nce of the gift. Securities or mutual funds that are traded on any recognized stock exchange or have prices quoted daily and are readily marketable will be accepted as outright gifts or towards a pledge. The value of said securities is determined by averaging the high and low trading price on the day the securities are received by the College in accordance with established IRS regulations. All proposed gifts of closely held securities must be examined prior to acceptance for valuation a nd marketability and approved by the Administrative Development Team prior to acceptance. Pledges are commitments to give a specific dollar amount according to a fixed time schedule. Annual fund pledges are usually for less than one year. All othe r pledges must have written documentation that contains the following:  The amount of the pledge clearly specified;  A clearly defined payment schedule;  No contingencies or conditions;  The financial capability of the donor to make the gift; and  Acknowledgement of any naming opportunity associated with the pledge, and the removal of that opportunity if for any reason the pledge is not completed within the agreed upon payment schedule. 1. Anticipated matching gifts will not be included in pledge amounts. 2. Pledges and expected matching gifts will qualify separately for donor recognition in appropriate giving level groups. 3. For gift recognition purposes, pledging donors will be recognized in accordance with their wishes and as d eemed prudent by the Office of Alumni and Development. This recognition may occur before or after the entire pledge gift is received. 4. If for any reason (rounding, gift evaluation, or continued incremental giving), the pledge amount is altered, the donor wi ll be recognized at the level of final payment. 5. In the event of death, pledge balances will be written off when the College is notified, unless there are provisions in the donor’s will or the family has indicated an intent to complete the pledge. 6. All reque sts to deactivate a pledge must be present to, and approved by, the Administrative Development Team.

Securities

Pledges

Pledge Recording Policies

5.2 Planned Gifts Donors are encouraged to disclose their bequest intentions to the Office of Alumni and Development in writing to ensure the College is able to carry out their wishes and that the gifts conform to the principles stated in this Gift Acceptance Policy.