1,650: Restricted and Unrestricted Gifts
Revised: October 2020
The Βι¶ΉΣ³» Foundation will submit required reports or gifts to the Board of Regents in accordance with the policies and procedures set forth in the Board of Regents Handbook.
Initial acceptance of gifts may be reviewed by the Foundation Gift Acceptance Committee. The final acceptance of gifts is by the Board of Regents. Acceptance of a gift imposes a legal obligation to comply with the terms established by the donor. Therefore, it is necessary that the nature and extent of this obligation be clearly understood. For this reason, the terms of each restricted gift will be carefully reviewed by the Foundation and Development & Alumni Relations to ensure that they do not hamper the usefulness and desirability of the gift to the University, and for recommendation for acceptance by the President or the Board of Regents. Communications from a unit must not state or imply acceptance nor value of the gift.
A gift will be refused or returned when the purpose is inappropriate or not conducive to the best interest of the University, is clearly a commercial endeavor, or would obligate the University to undertake responsibilities, financial, or otherwise, which it may not be capable of meeting for the period required by the terms of the gift.