Operating Policies and Procedures Manual

Effective Date:  07/01/96
Policy Number:  06-06
Section:  University Advancement
Subject:  Accepting & Acknowledging Gifts
 

POLICY

It shall be the responsibility of the Office of Development to record officially and acknowledge receipt of all gifts to the foundation or university. Gifts and donations must be processed through the Development Office before being deposited in any account. A complete and accurate record of every donor to the university shall be maintained by the Development Office. (Donor anonymity shall be protected when requested.)

Gifts of $1,000 or more will be acknowledged by the president; gifts between $500 and $999 will be acknowledged by the vice president for university advancement; and gifts from $100 to $499 will be acknowledged by the Office of University Development. All gifts will receive an official receipt. Chancellors, vice-chancellors, deans, department chairs, directors or other appropriate individuals will be notified of the gift.

Gifts made to the ASU Indian Club for the benefit of athletics are receipted by the Office of University Development for record keeping purposes. Gifts to the Indian Club of $1,000 or more are acknowledged by the president. All gifts to athletics are acknowledged by the Athletic Department staff.

DEFINITIONS

  1. A gift is defined as any gratuitous transfer of any property, whether real, personal or mixed, which may be given to the university or to any of its departments for any purpose, by any individual, corporation, partnership, philanthropic foundation, trust or estate.

  2. The term "gift" shall apply to any of the following:

    1. Cash (currency, coin, checks, money order, bank drafts, etc.)

    2. Securities (stocks, bonds, etc.)

    3. Gifts in kind (books, equipment, art treasures, coin collections, etc.)

    4. Real property (homes, farms, etc.)

    5. Inventions, patents and copyrights

    6. Mineral rights (oil wells, etc.)

    7. Fractional or remainder interests

    8. Deferred giving arrangements (life income, contracts, unitrusts, etc.)

    9. Bequests and devises. 

  3. The following are not considered gifts and therefore are not processed through the Office of Development. (Until such time as the organization transmits the gift to the university or foundation, no gift has been  received.)

    1. Grants

    2. Grants from state and federal agencies

    3. Endowment earnings

    4. Student activity fees or other monies from sales and services even though such money may be intended for a development project

    5. Gifts to agency funds administered by the university

    6. Monies generated from commercial operations

    7. Monies from sale of any "gift".

  4. EXPECTANCIES:  In the event that it becomes known that annuities, life insurance policies, wills, bequests or other deferred gifts are made in favor of the university, such information in detail should be forwarded to the Office of Development.  When appropriate, the Office of Development will initiate a letter of appreciation to the attorney, trust officer or other persons who handled or had some part in the expectancy.  All known expectancies will be recorded in the Office of Development as an "expectancy" and pertinent files will be maintained.

 

This page is maintained by Cassey Tune
Last updated on 02/16/2004