University Gift Agreement Template

This customizable model was created by the Community Foundation of Collier County and has been slightly modified. Make sure that Section 2 of the model is tailored to the purpose of your gift contract. Other areas to be adapted are in parentheses. If a scholarship gift of $10,000 or more is fully spent within one year of receipt, there is no need to execute a gift contract. However, the scholarship criteria must be approved by the Promotion Services Office. Scholarship gifts of less than $10,000 are deposited in a scholarship fund (usually general scholarship accounts) established in agreement with the donor. If a planned gift (for example. B will, inheritance, beneficiary name) is considered, the donor excludes and signs the form “Planned Indication of Intentions”. The document refers to the direct management of donations and refers to the intention of donors. The estimated value of donations, which is counted in university donations, is determined by the guidelines for counting planning.

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. The donation and deposit form records the donor`s intent and signature and is considered a signed promise. The total amount promised is recorded in the university`s donations at the time of signing. (However, donor-advised commitments are counted when funds are received.) When a donor plans to recommend a grant from an FAD/CF to create a designated fund, a letter of intent is used instead of a donation agreement. 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. 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. The ARF accompanies the gift agreement as part of the authorisation procedure to ensure that all parties of the university (for example.

B Development Delegate, Dean/Head of Unit, Foundation President, General Counsel) agree. A foundation can be created with a minimum gift of $25,000, either directly or for a maximum of five years. A gift contract must be executed before a banner index can be created to retain the foundation funds. Funds received prior to the execution of a gift contract are paid into the university`s advance account. The Office of Advancement Services moves the funds held (via newspaper transfer) as soon as a banner index is available. “A donation [or gift] agreement can be used to ensure that a donor`s promise can be abandoned, put the expectations of donors and donors, and avoid any misunderstanding.” – ConservationTools.org, Pennsylvania Land Trust Association The process of the donation agreement, the propensity of donors to sign permanently, is described in the gift contract flow diagram. Formal verification, compliance and registration procedures ensure that the document is properly drafted and legally flawless and that the donor and the university are satisfied with the gift contract executed at the final signing.