University Gift Acceptance Policy

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Policy Code: 
6001
Approval Authority: 
Chancellor
Policy Type: 
University Policy
Policy Owner: 
University Advancement
Responsible Office: 
University Advancement - 828.251.6525

I. Policy

The University of North Carolina at Asheville (University) actively encourages the solicitation and acceptance of private gifts from individuals, corporations, foundations and associations that enable it to fulfill its mission of teaching, research, extension, and engagement. This policy is intended: (a) to provide guidance to the University of North Carolina at Asheville community and the general public regarding the acceptance of gifts; (b) to ensure that private gifts to the University are properly recorded and administered using appropriate internal controls and sound financial business practices; and, (c) to ensure that the acceptance, management, and reporting of gifts are handled in compliance with external regulations, national standards, and the University’s fiduciary obligations to donors.

II. Statement

A. A gift is personal property (cash, securities, books, equipment, life insurance, etc.) or real property provided by a private (non-governmental) donor for which no goods, services or other University benefits are expected, implied or forthcoming for the donor or the donor’s family or designees. Industry payments, made under contractual requirements, are not recognized as gifts.

B. A gift may be outright or deferred.

C. A gift may be unrestricted, restricted or for permanent endowment for use in meeting needs identified by the University, department, or any associated entity.

D. Gifts to the University may be either for the general purposes of the University or for the specific use of one of its departments, centers, or programs.

III. Principals

A. The University will assess the financial desirability of receiving assets as private gifts from potential donors and determine whether to accept a gift as offered.

B. The Gift Acceptance Committee is authorized to define gifts that need to go before the Committee for acceptance. The Committee shall comprise the following:, Vice Chancellor for Administration and Finance, Vice Chancellor for University Advancement, Chair of the Board of Trustees Development Committee, and an at-large member from the UNC Asheville Board of Trustees Appointed by the Chair of the Board of Trustees.

C. The University reserves the right to refuse any gift including gifts that are too restrictive in purpose, require expenditures beyond their resources, or that compromise the academic freedom of the University community.

D. The University cannot accept gifts with restrictions that involve unlawful discrimination based on race, religion, sex, age, national origin, color, handicap or any other basis prohibited by federal, state and local laws and regulations.

E. While valuable benefits, particularly tax and financial considerations, may accrue to donors in certain circumstances, the donor must have a philanthropic intent as a primary motive for making a gift to the University directly. Philanthropic intent is the intention to give away something of value for the betterment of the University. Funds received by the University for the benefit of the University shall only be accounted for as gifts where such philanthropic intent is present. Amounts received in exchange for services or property shall not be accounted for as gifts. Amounts received that result in tangible benefits to the donor in the form of recognition items, tickets to events, and similar forms of thank-you gifts will be accepted, processed, and receipted in accordance with applicable IRS regulations.

III. Regulations, Rules and Standard Operating Procedures

The Chancellor or Chancellor’s designee may adopt procedures for the acceptance of gifts to ensure that private gifts to the University are properly recorded and administered using appropriate internal controls and sound financial business practices; and to ensure that the acceptance and management of gifts are handled in compliance with external regulations and the University’s fiduciary obligations to donors. Such procedures must comply with applicable federal and state laws and be consistent with this policy and other applicable University administrative regulations.