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Scope

This policy outlines how to properly solicit, accept, record and account for Gifts and Gift Pledges received by the University.  

Reason for Policy

To ensure controls are followed for the accurate solicitation, acceptance and recording of all Gifts and Gift Pledges received by the University.

Policy Statement

The University receives Gifts and Gift Pledges in many forms and from different groups of individuals and organizations.  This policy provides guidance on how to solicit, accept, record and process Gifts and Gift Pledges. The campus Advancement offices are responsible for managing the Gift and Gift Pledge program for each campus.

Solicitation of Gifts
All university employees involved in fund raising and solicitation of Gifts will coordinate with campus Advancement.  This is necessary to avoid duplication and proliferation.  Individual Gift solicitations of a routine nature need not have University endorsement but should be cleared, in advance, with campus Advancement.

Proposals for campaigns, special Gift solicitations, Gift level clubs, and solicitation of corporations, business foundations and associations and annual giving programs must be approved by campus Advancement.

Acceptance of Gifts
All Gifts - Authority to accept Gifts on behalf of the University shall be limited to the Board of Curators and to the President under the powers delegated by the Board.  The receipt of a Gift by any University employee or department does not constitute acceptance and is conditional pending acceptance by the President and/or Board of Curators or their delegees.  Campus Advancement reviews and evaluates all Gift terms prior to official acceptance by the Board, the President or their delegees.  Campus Advancement will consult with University General Counsel as needed during the evaluation.

Marketable Securities - Gifts of Marketable Securities, which include stocks, bonds and mutual funds publicly tradeable within the United States, are processed and accepted by Advancement Services on Columbia campus.  For purposes of this policy, securities bearing restrictions on transferability, securities tradeable only on foreign exchanges, closely held stock, and partnership interests are generally not acceptable gifts; exceptions in limited circumstances may be granted by the Executive Vice President of Finance and Operations or their delegee in consultation with the Office of General Counsel; exception approval must be obtained prior to any communication of potential or actual acceptance to the donor.

Real Estate - Gifts of real estate must be evaluated by the UM Department of Real Estate (“UM Real Estate Office”) prior to authorization to accept the Gift.  The property evaluation shall include: usefulness, value, marketability, condition and potential hazardous situations, as well as an analysis of the administrative or fiscal resources needed to accept the Gift.  UM Real Estate Office will consult with University General Counsel as needed during the evaluation. UM Real Estate Office will work with the campus Advancement to recommend whether it is in the best interest of the University to accept the Gift, and forward such recommendation to the Board or President or their delegee for acceptance.

Other Non-Cash Gifts - When a Non-Cash Gift other than Marketable Securities, vehicle or real estate is received, campus Advancement and the campus department receiving the Gift will collectively recommend whether it is in the best interest of the University to accept the Gift, and forward such recommendation to the Board or President or their delegee for acceptance.  Non-Cash gifts oth