„A donation agreement [or donation] can be used to ensure that a donor can be left promising, put donor expectations and donee, and avoid misunderstandings.“ – ConservationTools.org, Pennsylvania Land Trust Association According to USU Policy 528: Contract Signature Authority and delegation, gift contracts are contracts that bind the university to legal obligations. The following table shows the necessary signatures for the three types of foundations: as of May 14, 2019, Utah`s code 63G-12-402 states that undocumented students can only receive a privately funded scholarship if they have completed a high school in Utah and the scholarship is managed by a university. Undocumented students from other high schools are not eligible for privately funded scholarships. Donors are not able to set different rules in their donation agreement. It is also understood and understood that gift funds received can be placed by a third party that best defines the investment options for this endowment fund (see #4 item below). The Foundation`s spending policy will be the policy defined and approved by the Board of Directors, which probably includes only the use of annual interest and does not enter into the Fund`s capital to protect and immortalize growth. Here`s an example of Lynne Wester`s language at Donor Relations Guru for checking you through your general counsel and then in your on-site gift contract: These gift agreement forms support University of Michigan librarians who work with library funders and may be useful to other Members of the University of Michigan. If, at any time, the donor or his name may affect the public trust or reputation of the organ, including moral turbulence, the organ has the right, with the agreement of the board of directors, to remove the name or to return the gift. Since a not-for-profit organization must keep accurate records of donations received, a donor must keep a donation record, especially when it comes to the tax period. A specific agreement on gifts and other financial documents will help keep the non-profit organization and donor on the same page. Gift agreements are written according to the most current contract model. The models are approved by the Office of General Counsel and are available here. In 2017, Utah State University made an administrative decision to maintain scholarship criteria that could be problematic in gift contracts established before 2017.
It was agreed that any agreement that will be amended after 2017 and that contains problematic scholarship criteria will be repealed or amended at the time of the amendment. In the absence of donor agreement, the university will rely on simultaneous documents to provide guidance on the intent of donors when donors are no longer alive or available. Where possible, the university should respect the original intent. If this is not possible, disclosure or modification of the purpose of a gift is subject to The Utah Code 51-8-501 (Uniform Prudent Management of Institutional Funds Act). le.utah.gov/xcode/Title51/Chapter8/C51-8_1800010118000101.pdf and eventually requires approval by the Generalbundesanwalt (AG) for permission to use the funds for other purposes. Units and/or departments that wish to make changes to a charitable gift address the vice-president of the advancement or the senior director of advance services to receive instructions on the process. The process includes identification and documentation: when a group of donors decides to coordinate gift-making efforts to create a „real foundation“ for a specific purpose, named after a professor, advisory board, deceased classmates, etc., a memorandum is produced for multi Donor Endowment. The person in charge of unit development should be the interlocutor to facilitate the process.
It is recommended to honour before the creation of a foundation for a monument or person that permission has been given by the family or the honourable.