Introduction Show
Guilford College (“Guilford” or “College”), a nonprofit organization as described in section 501(c)(3) of the Internal Revenue Code, encourages the solicitation and acceptance of gifts to the College for purposes that will help Guilford further its mission and core values. Thus, Guilford qualifies under both federal and state law as a tax-exempt non-profit organization in which charitable contributions are deductible to the full extent of the law for income, gift, and estate tax purposes. The College's federal tax identification number is 56-0529982. This Gift Acceptance Policy (“Policy”) has been developed to outline clear and objective procedures for accepting charitable gifts to the College. While the procedures set forth are detailed and specific to the type of gift, they shall be interpreted considering the following overriding principles:
Specific campaign counting and reporting policies will be approved by the Board of Trustees when Guilford is conducting a fund raising campaign. Campaign counting and reporting policies may supersede specific or all policies herein during the campaign period. Tax-deductible donations to Guilford College are generally not refundable. Refunds will be issued in the event of theft or unauthorized use of the instrument to make the charitable gift. The College reserves the right to return tax-deductible donations if a donor is convicted of illegal activity or otherwise engages in conduct that the College determines, in the sole discretion of the College, will materially damage the College’s reputation by virtue of the College’s association with the donor. See the Council for the Advancement and Support of Education (CASE) Reporting Standards and Management Guidelines for Educational Fundraising (contact the Vice President for Advancement to view the publication) and Donor Bill of Rights for additional principles that guide the work of the College in accepting philanthropic gifts. I. Purpose The purpose of the Gift Acceptance Policy is to provide a set of standards by which gifts are reviewed, accepted, recorded, and receipted by Guilford College. The policy applies to all gifts of private support received by the College, including departments, programs and centers. This policy focuses on the Office of Advancement and Alumni Relations reporting, not financial accounting and reporting. II. Ethical Standards In addition to being guided by its core values, Guilford will comply with model standards and rules of ethics as adopted by the national fundraising and advancement organizations including, but not limited to, the Council for Advancement and Support of Education (CASE), Association of Fundraising Professionals (AFP), National Association of Charitable Gift Planners (NCGP), American Council on Gift Annuities (ACGA), Association of Professional Researchers for Advancement (APRA), National Association of College and University Business Officers (NACUBO), Financial Accounting Standards Board (FASB) and Association of Governing Boards of Universities and Colleges (AGB). III. Assignment of Responsibilities To ensure that the gift acceptance policies set forth by Guilford are consistently, effectively and fairly implemented, the Board of Trustees has designated the responsibility for monitoring compliance and review of each independent policy document, and charges those responsible for bringing forth revision recommendations when necessary. 1. The Board of Trustees authorizes College officers to accept gifts or bequests for and on behalf of the College as agents of the College, subject to board policy guidelines. The Trustees appoint the President, who in turn determines the authority and responsibilities of the Vice Presidents as noted in the Bylaws of Guilford College (Article 4, Sections 11 and 12). The Board of Trustees through the recommendations of the Council on Philanthropic Leadership establishes the gift acceptance policy of Guilford College. The Board of Trustees, as recommended by the Council on Philanthropic Leadership, may approve a capital or comprehensive campaign to raise substantial funds to finance major building projects, supplement endowment funds and meet other capital needs that demand extensive outlays of capital. 2. Guilford College Board of Trustees Council on Philanthropic Leadership is responsible for reviewing and acting upon the Gift Acceptance Policy, as recommended by, and in coordination with the Office of Advancement and Alumni Relations. The Council on Philanthropic Leadership, in collaboration with the Office of Advancement and Alumni Relations, is authorized by the Board of Trustees to make non-material amendments to these gift policies and guidelines periodically. 3. The President is responsible for ensuring compliance with these policies. Under the authority granted as principal executive officer of Guilford, the President delegates the acceptance of liquid assets to the Office of Advancement and Alumni Relations and its staff; the acceptance and liquidation of illiquid assets, as well as the acceptance, ongoing administration and ultimate liquidation of deferred gifts, to the Vice President of Administration and Finance, in consultation with the Vice President for Advancement. The delegation of such responsibilities is subject to a right of review. It is understood that the Vice President for Advancement will consult with the President and the Vice President of Administration and Finance prior to acceptance, should a particular gift be of transformational magnitude, or when the relationship with the donor is particularly sensitive. 4. The Vice President for Advancement and Staff are responsible for raising private gifts to support the College’s mission. Duties associated with such responsibilities include the identification, cultivation and solicitation of individual, corporate and foundation donors. The Office of Advancement is also responsible for properly acknowledging all of Guilford’s benefactors and for building and maintaining strong relationships with them. The Vice President for Advancement, with assistance from staff, is responsible for making sure that the use of restrictions and the structure of gifts are in accordance with the College’s policies and are properly documented. This department is also responsible for gathering data from donors and providing analysis of offered assets to the Vice President of Administration and Finance. The supporting staff is expected to review the Gift Acceptance Policy and to propose revisions to these policies when necessary. When gifts are of a transformational magnitude or when the relationship with the donor is particularly sensitive, the Vice President for Advancement will consult with the President, the Chair of the Board of Trustees and other appropriate board council members as applicable, as well as the Vice President of Administration and Finance, before accepting or liquidating a gift. The Vice President for Advancement, in consultation with the President and the Vice President of Administration and Finance and General Counsel, as necessary, will make final decisions on all questions related to College gift agreements. The Vice President for Advancement is authorized to sign estate distribution receipts on behalf of Guilford College. 5. The Vice President of Administration and Finance and Staff are responsible for accepting, managing and liquidating illiquid gifts, as well as accepting, administering and ultimately liquidating deferred gifts to Guilford College. In addition, the Vice President of Administration and Finance will be consulted on gifts that directly impact the campus master plan. In exercising these responsibilities, the Vice President of Administration and Finance, with assistance from staff, is responsible for reviewing the data, analysis and recommendations provided by the Office of Advancement and Alumni Relations, and supplementing this with appropriate due diligence procedures to determine whether a particular illiquid or deferred gift should be accepted or rejected. IV. Definition of a Gift
V. Gift Designation and Restrictions
VI. Gift Agreements
VII. Gifts from Guilford Faculty and Staff The College is grateful for gifts from faculty and staff members. Due to IRS regulations, in order for a gift to qualify for a charitable deduction, the donor must not personally benefit from or control the use of the funds. As such, College faculty and staff members cannot designate a gift to a fund from which they, spouse/partner or close relative can authorize expenditures for personal benefit, or in such (or similar) cases where the fund:
VIII. Anonymous Gifts As a general rule, Guilford does not accept anonymous gifts. However, a donor's record may be marked anonymous upon approval of the Vice President for Advancement. Anonymity of a gift might be granted for a donor who wishes to protect their privacy; however, these donors are not anonymous to College leadership. In addition, a gift might be marked temporarily anonymous until such time as it is publicly announced or recognized. IX. Gift Entry Receipts
X. Gift Counting and Reporting
XI. Endowed Gifts
XII. Specific Types of Gift Assets
XIII. Special Circumstances and Exceptions Any special circumstances or requests for exceptions must be referred to the Vice President for Advancement, who will determine the course of action, which may include consultation with the President, Council on Philanthropic Leadership and/or Board of Trustees. Related links:
Responsible Office: Advancement, Hendricks Hall 115, 336.316.2320, Revision History: Original approval date June 8, 2013 May 2020 - Policy approved by Board of Trustees Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for the animals quizlet?Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for the animals? Unrestricted net assets - contributions.
What are unconditional promises recognized as revenues?Generally, contributions received, including unconditional promises to give, are recognized as revenues in the period received at their fair values. Contributions made, including unconditional promises to give, are recognized as expenses in the period made at their fair values.
What are the three categories of net assets required by GAAP in reporting a not for profit organization?It requires that the amounts for each of three classes of net assets—permanently restricted, temporarily restricted, and unrestricted—be displayed in a statement of financial position and that the amounts of change in each of those classes of net assets be displayed in a statement of activities.
Which one of the following statements is not required for voluntary health and welfare organizations?A Statement of Functional Expenses is not required for private voluntary health and welfare organizations. 54. The Statement of Functional expenses presents a matrix of expenses classified by function (various programs, fund-raising, etc.)
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