Office of University Development

OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

III. Gift Processing

A. Cash

1. Annual Giving - an ongoing fundraising endeavor designed to cover the University’s current operating expenses such as financial aid, maintenance of the physical plant, and academic resources. Generally, Annual Giving shall involve gifts that are renewable, sustainable, unrestricted, and which are not subject to a minimum amount.

a. The Fund forThe Catholic University of America (“the Annual Fund”)

i. Negotiation/Acceptance - the University accepts cash in the following forms: a. currency b. checks (including traveler’s checks) - for tax purposes, the date of the gift is the date written on the check. Checks should be made payable to The Catholic University of America, and may be sent to the attention of: Robert Sullivan, Vice President for University Development The Catholic University of America Cardinal Station, LCI #106 Phone: 202-319-6910 Fax: 202-319-5415 E-mail: [email protected] c. credit/debit card; the donor should provide: -the donor/cardholder’s name -card type (Discover, MasterCard, and VISA accepted; not American Express) -account number -expiration date *This information may be obtained through personal contact, telephone conversation, or online giving. d. wire transfers – to make a wire transfer of cash, the donor should provide the following to a staff member of the Development Office: -Donor Name -Gift Amount -Donor’s Bank/Transfer Agent -Expected timing of transaction The donor can then proceed with the transfer by including their name in the reference field on the transaction, and utilizing the following information: Our Bank: Wachovia Bank (Please contact the parties below for the Routing and Account#) Account Name:The Catholic University of America Bank Contact/Representative: -Kyra Atherton-Hodges, ph. 703-760-6183 University Contacts/Representatives: -Robert Sullivan, ph. 202-319-6910 -Nancy Swartz, ph. 202-319-6908 -Renell Lewis, ph. 202-319-6445

OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES ii. Acknowledgement/Receipt – each cash gift shall be submitted to Development Services along with a Gift Information Form, the completion of which will facilitate proper deposit and acknowledgement of the gift. The Office of University Development recognizes that under Internal Revenue Code Sec. 170 (f) (8) (A), donors are required to have a contemporaneous written acknowledgement from the University for gifts of $250.00 or more to be allowed an income tax deduction for that gift. Procedurally, the Office of Development Services shall send a standard acknowledgement receipt to the donor, for any gift regardless of size, and, where requested, shall provide the relevant gift officer with a copy of that receipt. In addition, where an individual gift is $1,000.00 or more, Development staff shall prepare a separate acknowledgement letter for the signature of the University President and forward it to the President’s office, where it will be signed and sent out. The President’s office will then provide a copy of that letter to the relevant gift officer. iii. Ongoing Administration – Gifts are categorized for appropriate deposit and use based on the donor’s express direction, so long as that direction complies with University policies and governing law:

a. Identification of purpose i. unrestricted – available for use at the University’s discretion. Gifts to the Annual Fund are unrestricted. ii. restricted – designated for a specific school, department, or purpose

b. Deposit of funds – based on the designated purpose, whether restricted or unrestricted, the Office of Finance and Administration will designate an appropriate deposit channel for each gift: i. fund number (“fund”) - to broadly designate the accessibility of funds gifted for certain purposes, using the following numerical guidelines: -numbers 11 – 49 designate unrestricted funds -numbers 50 – 69 designate temporarily restricted funds -numbers 70 – 99 designate permanently restricted funds For accounting purposes within the Office of Finance and Administration, each grouping contains assets, liabilities, and fund balances. ii. Organization number (“org”) – to more narrowly designate cost centers at the smallest unit level, typically through a delineation of at least six digits, with the first three digits specifying the departmental unit, and the next three digits citing the particular purpose. iv. Closure – following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

c. Annual Giving Segments i. Negotiation/Acceptance – in addition to the Annual Fund, the Office of Annual Giving solicits and receives gifts for the annual operating needs of various campus entities, including Schools, academic departments, the athletic department, and campus ministry, among others. Procedures for the negotiation and acceptance of cash gifts to these Annual Giving segments shall be the same as outlined in III.A.1.a.i. above for the Annual Fund. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

ii. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of cash gifts to these Annual Giving Segments shall be the same as outlined in III.A.1.a.i. above for the Annual Fund. iii. Ongoing Administration - procedures for the ongoing administration of cash gifts to these Annual Giving Segments shall be the same as outlined in III.A.1.a.ii. above for the Annual Fund. iv. Closure - following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

2. Archdiocesan Collection - a defined segment of the fundraising endeavors of the U.S. Conference of Catholic Bishops which is devoted to the Catholic University of America on annual basis. Administration, on the University side, is handled by the Vice President for University Development, in conjunction with Development Services.

a. Negotiation/Acceptance – The U.S. Conference of Catholic Bishops makes recommendations to Dioceses throughout the country regarding the timing of special collections for various purposes, including the benefit of CUA. In conjunction with that timing, a vendor does mailings on behalf of CUA to encourage giving. The President of the University or the Vice President for University Development can also utilize that vendor for additional mailings (i.e. press releases, etc.) as appropriate or needed. Cash gifts are accepted in accordance with the procedures outlined in III.A.1.a.i. for the Annual Fund above.

b. Acknowledgement/Receipt

i. Receipt – checks are received throughout the year, and can be received from a Diocese itself, or from individuals within a given Diocese.

ii. Acknowledgement - each cash gift shall be submitted to Development Services (typically by the Administrative Assistant of the Vice President for University Development) along with a Gift Information Form, the completion of which will facilitate proper deposit and acknowledgement of the gift. The Office of Development Services shall send a standard acknowledgement letter to the donor, and shall provide the relevant gift officer with a copy of that letter. In addition, for a gift made directly from a Diocese itself, a separate acknowledgement letter, signed by the President of the University, is sent. For gifts made directly from individuals, a separate acknowledgement letter, signed by the Executive Director of Development is sent.

c. Ongoing Administration – funds received are designated for Archdiocesan Scholarships issued by the University, and for that purpose are deposited in Fund 11, Org 824000.

d. Closure - following receipt of copies of the Gift Information Form and sending of the appropriate acknowledgement letters Services, the relevant gift officer or staff member can move the gift to a “closed” status.

3. Capital Campaign - an intensive fundraising endeavor, typically of a defined purpose and duration designed to facilitate identified projects or objectives through the attainment of predetermined financial goals. Contributions to capital campaigns OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES are earmarked for the identified project or goal, and examples can include endowments, facility construction or renovation, and equipment acquisition, among other things.

a. Negotiation/Acceptance – the Vice President for University Development, in conjunction with relevant University authorities, shall identify the needs, numeric goals, and timeline, among other things, necessary to administer a capital campaign. In doing so, The Vice President of University Development shall obtain the approval and participation of the Board of Trustees, in accordance with established policies and procedures for the Board of Trustees. Procedures for the negotiation and acceptance of cash gifts to Capital Campaigns shall be the same as outlined in III.A.1.a.i. above for the Annual Fund.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of cash gifts to Capital Campaigns shall be the same as outlined in III.A.1.a.i. above for the Annual Fund.

c. Ongoing Administration – procedures for the ongoing administration of cash gifts to Capital Campaigns shall be the same as outlined in III.A.1.a.ii. above for the Annual Fund.

d. Closure - following receipt of copies of the Gift Information Form and the acknowledgement letter from Development Services, the relevant gift officer or staff member can move the gift to a “closed” status.

4. Corporate and Foundation Relations – an ongoing fundraising endeavor designed to develop opportunities to generate support, through gifts and grants, for University priorities which are aligned with the objectives of the relevant corporation, or community, family, or private foundation. The Director of Corporate and Foundation Relations shall oversee this endeavor. Cash receipts from Corporations or foundations are administered in accordance with the procedures outlined in III.A.1.a.i.-iv. above, and further relevant procedures as detailed in Corporate and Foundation Relations Procedures.

5. Gift Planning – an ongoing fundraising endeavor designed to promote and administer those gifts, known as planned gifts, which, in light of the donor’s particular circumstances and objectives, provide various benefits to both the donor, in terms of tax planning and estate distribution, and the University, in terms of its long term financial stability. The Director of Gift Planning shall oversee this endeavor. Cash receipts from planned gifts are administered in accordance with the procedures outlined in III.A.1.a.i.-iv. above, and further relevant procedures as detailed in Gift Planning Procedures.

6. School Advancement - an ongoing fundraising endeavor designed to identify the needs and priorities of particular schools within the University, and to solicit and obtain the major gifts to meet them. Generally, major gifts shall be defined as $1,000.00 or more. The Development Director for each particular school shall oversee this endeavor, typically working in conjunction with the Dean of that School. Gifts to particular schools can be channeled through the annual fund or capital campaigns. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of cash gifts for School Advancement shall be the same as outlined in III.A.1.a.i. above for the Annual Fund.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of cash gifts for School Advancement shall be the same as outlined in III.A.1.a.ii. above for the Annual Fund.

c. Ongoing Administration – procedures for the ongoing administration of cash gifts for School Advancement shall be the same as outlined in III.A.1.a.iii. above for the d. Closure - following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

7. Memorial Funds

a. Negotiation/Acceptance

i. Endowed Memorial Funds – in accordance with Section V.B.2.b. of Gift Acceptance Policies, memorial gifts which meet the $50,000.00 minimum for endowed funds are typically governed by a Gift Agreement, which is executed via the signatures of the donor and the President of the University or his or her designee, and the imprint of the University seal.

ii. Non-endowed Restricted Memorial Funds – in accordance with Section V.A.2.a-b of Gift Acceptance Policies, memorial gifts which do not meet the $50,000.00 minimum for endowed funds, may be directed to assist a specific program or department at the donor’s preference and within University policy. Since they are restricted, they are typically Governed by a Gift Agreement or Memorandum of Administration, which is executed as described in Section III.A.7.a.i. above.

iii. Non-endowed Unrestricted Memorial Funds - in accordance with Section V.A.2.a-b of Gift Acceptance Policies, memorial gifts which do not meet the $50,000.00 minimum for endowed funds, and the use of which is at the discretion of CUA, are typically governed by the standard Memorial Gift Form, and in accordance with Section V.A.1.d. of Gift Acceptance Policies, shall be allocated to the University’s General Scholarship Fund. The standard Memorial Gift Form shall include the name of the deceased, the date of death, designation towards the University’s General Scholarship Fund, and the name and address of the surviving widow, widower, or family member to whom notice of this fund should be sent.

b. Acknowledgement/Receipt

i. Endowed Memorial Funds – if established by way of a bequest or planned gift, endowed memorial gifts shall be acknowledged and received as outlined for the appropriate vehicle in Gift Planning Procedures. Other gifts establishing an Endowed Memorial Fund shall be acknowledged and received in accordance with the procedures outlined in Section III.A.1-6 above. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

ii. Non-endowed Restricted Memorial Funds – in accordance with the procedures outlined in Section III.A.1-6 above, the standard acknowledgment letter will be sent by Development Services to each individual donor who contributes to the fund. A copy of each such letter shall be provided by Development Services to the relevant gift officer. In addition, a card or letter, confirming the establishment of the fund and the names of the participating donors, shall be prepared by a staff member of the Development Office, signed by the Vice President for University Development or his or her designee, and, within one month of the decedent’s date of death, sent to the decedent’s closest surviving relative or friend.

iii. Non-endowed Unrestricted Memorial Funds - in accordance with the procedures outlined in Section III.A.1-6 above, the standard acknowledgment letter will be sent by Development Services to each individual donor who contributes to the fund. In addition, a card or letter, confirming the establishment of the fund and the names of the participating donors, shall be prepared by a staff member of the Development Office, signed by the Vice President for University Development or his or her designee, and, within one month of the decedent’s date of death, sent to the decedent’s closest surviving relative or friend, as indicated on the Memorial Gift Form. c. Ongoing Administration

i. Endowed Memorial Funds – through the Office of Finance and Administration, gifts are categorized for appropriate deposit and use in accordance with the Gift Agreement, Memorandum of Administration, or other relevant legal document, and in accordance with procedures oulined in Section III.A.1.a.iii. above.

ii. Non-endowed Restricted Memorial Funds - through the Office of Finance and Administration, gifts are categorized for appropriate deposit and use in accordance with the Gift Agreement, Memorandum of Administration, or other relevant legal document, and in accordance withprocedures outlined in Section III.A.1.a.iii. above.

iii. Non-endowed Unrestricted Memorial Funds - through the Office of Finance and Administration, gifts are categorized for appropriate deposit and use in the University’s general scholarship fund, as outlined in the Memorial Gift Form, and in accordance with procedures outlined in Section III.A.1.a.iii. above. d. Closure

i. Endowed Memorial Funds – following deposit of the last of the funds expected, and receipt of copies of the relevant acknowledgement letters, the relevant gift officer or staff member can move the gift to a closed status.

ii. Non-endowed Restricted Memorial Funds - following deposit of the last of the funds expected, and receipt of copies of the relevant acknowledgement letters, the relevant gift officer or staff member can move the gift to a closed status. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

iii. Non-endowed Unrestricted Memorial Funds - following deposit of the last of the funds expected, and receipt of copies of the relevant acknowledgement letters, the relevant gift officer or staff member can move the gift to a closed status.

8. Matching Gifts - the University accepts gifts from companies which sponsor matching gift programs for their employees or former employees. The categorization of the company gift, in terms of whether it is restricted or unrestricted, annual or capital, and endowed or non-endowed is determined by the gift from the underlying donor/employee.

a. Negotiation/Acceptance – the donor obtains a matching gift form from his or her employer, completes the relevant portion of that form, and submits it to the relevant gift along with his or her individual cash donation. The relevant gift officer or staff member then completes the standard gift information form, including a notation that a matching gift is included, and submits that form, the individual’s check or gift, and the matching gift form to the Office of Development Services. On the gift information form, the relevant gift office or staff member should make particular reference to any deadlines the donor’s employer may have for the University’s submission of the matching gift form.

b. Acknowledgement/Receipt – the Office of Development Services sends the standard acknowledgement letter to the donor. In addition, where an individual gift is $1,000.00 or more, Development staff shall prepare a separate acknowledgement letter for the signature of the University President and forward it to the President’s office, where it will be signed and sent out. The President’s office will then provide a copy of that letter to the relevant gift officer. The Office of Development Services shall also complete the University’s portion of the Matching Gift Form, and submit it to the donor’s employer.

c. Ongoing Administration – timing can vary regarding the University’s receipt of the matched gift from the donor’s employer, as companies establish their own timing and frequency of payments (i.e. quarterly, semi-annually, etc.). The amount can also vary, as companies also establish their own policies regarding the extent of their match (i.e. equal to that of the donor; double that of the donor, etc.). When the matched gift is received from the employer, the Office of Development Services shall send the standard acknowledgment letter to the donor’s employer, and shall provide copies of that letter to the individual donor and to the relevant gift officer or staff member.

d. Closure – following receipt of copies of the appropriate acknowledgement letters, the relevant gift officer or staff member shall bring the gift to a “closed” status.

9. Telephone Pledges – the University accepts pledges, which are not immediate gifts but rather are commitments from donors to make future payments of specified amounts within a defined time period and for designated purposes.

a. Negotiation/Acceptance – pledges are solicited and processed through the Office of Annual Giving, which utilizes the services of an outside vendor, Ruffalo Cody, in obtaining them as well as outright gifts. Pledges are typically made over OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

the telephone in response to calls from Ruffalo Cody, and include an amount, a time period, and a designated purpose for the gift.

b. Acknowledgement/Receipt – Ruffalo Cody, on behalf of the Office of Annual Giving, shall send to the donor an acknowledgement and reminder of the pledge made, including a return piece and envelope, with which actual payment can be made.

c. Ongoing Administration

i. Ruffalo Cody, via an internet account, provides the Office of Annual Giving with a report detailing gifts and pledges made, including the terms of each pledge. Staff members of the Office of Annual Giving forward this report to the Office of Development Services for entry into the database for the Office of University Development (“Millennium”).

ii. Payments on pledges can be made by way of a check in the mail or via a credit card online.

iii. In order to address follow through and actual payment on pledges, the Office of Development Services shall send the donor a reminder at 30 days past the due date, and again at 90 days if necessary.

iv. While this endeavor is overseen by the Office of Annual Giving, pledge payments may be directed not only for annual gifts, but for other channels, such as particular schools or campaigns, at the discretion of the donor, and within University gift acceptance policies.

v. For each pledge payment received, the Office of Development Services shall send the standard acknowledgment letter, and shall provide the relevant gift officer with a copy of that letter.

d. Closure – following receipt of the acknowledgement letter regarding the final payment on a pledge, the relevant gift officer can move the file to a closed status.

B. Marketable Securities

1. Annual Giving

a. Annual Fund

i. Negotiation/Acceptance

a. Securities by Mail – when donating securities by mail, the donor should be instructed to take the following steps:

i. Notify a staff member of the Development Office of the name of the stock or bond, the number of shares being transferred, and the expected timing of mailing. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

ii. Transfer the certificates by endorsing each of them to the Catholic University of America, and mailing them to the Vice President of University Development, or his or her designee. For tax purposes, the date of the gift is the post-marked date on the envelope containing the certificates. iii. Execute a stock or bond power form (Form 1659), including a Signature Guarantee, for each holding. A separate form is required for each asset, though one form can be used for multiple certificates of the same asset (i.e. three separate certificates, all for shares of General Electric). The completed forms should also be mailed to the Vice President for University Development or his or her designee, but should be sent separately from the certificates themselves. b. Securities by Wire through the Depository Trust Company - when donating securities electronically, the donor should be instructed to take the following steps: i. Notify a staff member of the Development Office, preferably by telephone or e-mail, of the name of the donor, the name number of shares of stocks to be donated, the current per share value of the stock, the name of the transferring brokerage firm, broker, and broker’s contact information, the specific purpose of the gift, such as general university support, scholarships, etc., and the expected timing of the transfer. ii. For Endowment gifts, provide his or her broker with the gift details listed above, and instruct the broker to wire the gift of securities to: Depository Trust Company (DTC) number: 2669 For the Account of: Northern Trust Company Credit: The Catholic University of America Gift Account Account Number 26-30044 Attention: Gary Gustovich Phone: 1-800-621-1911 ext. 45638 E-mail: [email protected] iii. For non-Endowment gifts, provide his or her broker with the gift details listed above, and instruct the broker to wire the gift of securities to: Depository Trust Company (DTC) number: 2669 For the Account of: Northern Trust Company Credit: The Catholic University of America Special Asset Account Account Number: 03-14118 Attention: Margaret Walsh Phone: 1-800-621-1911 ext. 43606 E-mail: [email protected] c. Mutual Funds - when donating mutual funds, the donor should be instructed to take the following steps: i. Notify a staff member of the Development Office, preferably by telephone or e-mail, of the name of donor name, the number of mutual fund shares to be donated, the current per share value of each relevant fund, the name of transferring brokerage firm, the broker, and the broker’s contact information, the specific purpose of the gift, such as general University support, scholarships, etc., and the expected timing of the transfer. OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

ii. Regarding both endowed gifts and non-endowed gifts, the donor and transferring broker should arrange for transfer of mutual fund shares, and exchange of necessary information, by obtaining a house account number from the back office of Solomon- Smith Barney at 212-615-9674 (there is not a specific house account number for all instances because the different types of mutual funds will be directed to different house account numbers). iii. The donor and his or her broker should then transfer the mutual funds to the house account, by confirming to Mr. David Harris in the front office of Solomon-Smith Barney (202-861-5006) that there will be a transfer of mutual funds to the house account, and that the CUA account should be credited, in accordance with the information below: Mr. David Harris Solomon-Smith Barney 1050 Connecticut Avenue, NW, Suite 800 Washington, DC 20036 (202-861-5006) Toll Free #: 1-800-522-3546 Front Office Phone: 202-861-5006 Back Office Phone: 212-615-9674

ii. Acknowledgement/Receipt – for each gift of marketable securities, a Gift Information Form shall be submitted to Development Services, the completion of which will facilitate proper deposit and acknowledgement of the gift. The Office of Development Services shall send a standard acknowledgement letter to the donor, and shall provide the relevant gift officer with a copy of that letter.

iii. Ongoing Administration – procedures for the ongoing administration of gifts of marketable securities shall be the same as outlined in III.A.1.a.ii. above for cash gifts. In addition, the relevant gift officer shall reference the procedures outlined in Section III.D.1.c.iii-iv for tangible items below, as completion of Internal Revenue Service Form 8283 may be necessary for certain publicly traded securities. The relevant Gift Officer shall consult the references and personnel of the Office of General Counsel as necessary.

iv. Closure - following receipt of copies of the Gift Information Form and the acknowledgement letter from Development Services, the relevant gift officer or staff member can move the gift to a “closed” status. b. Annual Giving Segments

i. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of marketable securities for the various Annual Giving Segments listed in III.A.1.b. shall be the same as outlined in III.B.1.a.i. above for the Annual Fund.

ii. Acknowledgement/Receipt - procedures for the acknowledgment and receipt of marketable securities for the various Annual Giving Segments listed in III.A.1.b. shall be the same as

iii. Ongoing Administration - procedures for the ongoing administration of gifts of marketable securities for the various Annual Giving Segments listed in III.A.1.b. shall be the same as outlined in III.B.1.a.iii. above for the Annual Fund.

iv. Closure - following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

2. Capital Campaign

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of marketable securities for Capital Campaigns shall be the same as outlined in III.B.1.a.i. above for the Annual Fund.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of gifts of marketable securities for Capital Campaigns shall be the same as outlined in III.B.1.a.ii. above for the Annual Fund.

c. Ongoing Administration – procedures for the ongoing administration of gifts of marketable securities for Capital Campaigns shall be the same as outlined in III.B.1.a.iii. above for the Annual Fund.

d. Closure - following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

3. Corporate and Foundation Relations – marketable securities from corporations or foundations are administered in accordance with the procedures outlined in III.B.1.a.i.-iv. above, and further relevant procedures as detailed in Corporate and Foundation Relations Procedures

4. Gift Planning – marketable securities from planned gifts are administered in accordance with the procedures outlined in III.B.1.a.i.-iv. above, and further relevant procedures as detailed in Gift Planning Procedures.

5. School Advancement

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of marketable securities for School Advancement shall be the same as outlined in III.B.1.a.i. above for the Annual Fund.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of gifts of marketable securities for School Advancement shall be the same as outlined in III.B.1.a.ii. above for the Annual Fund.

c. Ongoing Administration – procedures for the ongoing administration of gifts of marketable securities for School Advancement shall be the same as outlined in III.B.1.a.iii. above for the Annual Fund.

d. Closure - following receipt of copies of the Gift Information Form and appropriate acknowledgement letters, the relevant gift officer or staff member can move the gift to a “closed” status.

6. Matching Gifts – a donor’s gift of marketable securities may be matched by the donor’s employer, with the matched gift made in the form of cash. Procedure for administration of matching gifts in these cases is the same as outlined in Section III,A.8.a-d above.

C. Real Property – real property may include but is not limited to commercial properties, condominiums, detached residences, farmland, improved or unimproved land, or rental properties.

1. Capital Campaigns

a. Negotiation/Acceptance – in negotiating, and where appropriate, accepting, a gift of real estate, the Vice President of University Development, or his or her designee/s, shall adhere to the following procedures:

i. closing or carrying costs in the transaction, shall to the extent possible, be paid for by the donor

ii. the donor can show clear and documented evidence of ownership, and that there are no covenants, restrictions or conditions which affect title

iii. the property is not in violation of any local, state, or federal laws or regulations

iv. the property is not subject to any rights-of-way, easements, liens, encumbrances which affect dominion or access

v. the property is not subject to prior contractual or charitable commitments to other entities

vi. the property is neither the subject of nor threatened with litigation

vii. the property undergoes an environmental assessment, with a “transactional screening,” or elemental Phase I investigation as a required minimum, with the costs to be borne by the donor

viii. the property undergoes a general inspection by the Executive Director of Facilities Operations, or his or her designees.

ix. the value of the property is established by a qualified appraiser, with the costs of appraisal borne by the donor

x. the property is not subject to a mortgage

xi. the property is not presently leased or occupied by tenants (occupation by donors under a retained life estate arrangement is distinct, and is outlined in Gift Planning Policies and Gift Planning Procedures) OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

xii. the property is conveyed through a deed prepared by the donor’s counsel, and paid for by the donor. Recording of the deed shall be done with the assistance of the Office of General Counsel and constitutes acceptance on the part of the University. b. Acknowledgement/Receipt – when the finalized deed is obtained, the relevant Development officer shall take the following steps:

i. notify the Office of Finance and Administration of our receipt by providing copies of the deed and appraisal, along with the name and relevant information of the donor.

ii. notify the Office of Development Services of our receipt by providing a copy of the deed along with the standard Gift Information Form. For this completed gift, the Office of Development Services shall send an acknowledgement of the charitable contribution to donor, citing “property independently appraised” at the appraisal value, and shall provide the relevant Development Officer with a copy of that acknowledgment.

iii. see that a personal acknowledgement from the President’s office is sent to the donor if appropriate. c. Ongoing Administration – as outlined in Gift Acceptance Policies, the University shall aim to liquidate the property as soon as possible, and the relevant development officer shall proceed in accordance with the following procedures:

i. The Executive Director for Facilities and Operations, or his or her designees, shall take steps to secure the property, including but not limited to lock changes and security system installation as appropriate.

ii. The Associate Vice President for Business Services, or his or her designees, shall arrange for property insurance coverage for the period the property is held by CUA.

iii. The Executive Director for Facilities and Operations, or his or her designees, shall take the necessary steps to prepare the physical premises for sale. d. The Office of Finance and Administration shall arrange an appropriate title search and obtain title insurance in anticipation of sale. e. The Office of Finance and Administration shall engage a realtor to sell the property f. The Office of Finance and Administration shall, as necessary, arrange for the payment of any real estate taxes, and related reimbursements, for the period the property is held by CUA. g. The Office of Finance and Administration, at the direction of the relevant gift officer, shall deposit the sale proceeds in the appropriate channel in accordance with the procedures outlined in Section III.A.1.a.iii. above. The University may OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

for various reasons, choose to retain rather than sell the property, in which case the Office of General Counsel should be consulted for application of appropriate policies and procedures.

h. Closure – following deposit of the sale proceeds in the appropriate channel, the relevant gift officer can move the file from a status of “active” to “closed.”

2. Gift Planning – real estate donated in the context of a planned gift shall be administered in accordance with the procedures outlined in III.C.1.a-d above, and further relevant procedures as detailed in Gift Planning Procedures.

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of real estate for School Advancement shall be the same as outlined in III.C.1.a above.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of gifts of real estate for School Advancement shall be the same as outlined in III.C.1.b above.

c. Ongoing Administration – procedures for the ongoing administration of gifts of real estate for School Advancement shall be the same as outlined in III.C.1.c above.

d. Closure - following deposit of the sale proceeds in the appropriate channel, the relevant gift officer can move the file from a status of “active” to “closed.”

D. Tangible Personal Property - Tangible personal property may include, but is not limited to antiques, artwork, automobiles, books, coins, jewelry, and stamps.

1. Capital Campaign

a. Negotiation/Acceptance – a donor interested in gifting tangible personal property shall be asked to provide:

i. Description of item(s)

ii. Appraisal or proof of value of the gift (form of documentation needed to sufficiently verify the value can vary based on gift type, subject to the discretion of the Offices of University Development and Finance and Treasury)

iii. Area in which item is to be used and/or stored.

iv. Proposed use of item, or plan to convert asset.

v. Restrictions on gift.

vi. Funding for costs involved in the transfer of the item or items to the University

OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES b. Acknowledgement/Receipt – when the written conveyance and appraised value (where appropriate) are obtained, the relevant Development officer shall take the following steps:

i. notify the Office of Finance and Administration of our receipt by providing copies of the written conveyance and appraisal or proposed value, along with the name and relevant information of the donor.

ii. notify the Office of Development Services of our receipt by providing a copy of the written conveyance, and appraisal or proposed value along with the standard Gift Information Form. For this completed gift, the Office of Development Services shall send an acknowledgement of the charitable contribution to donor, citing “property independently appraised” at the appraised or proposed value, and shall provide the relevant Development Officer with a copy of that acknowledgment.

iii. see that a personal acknowledgement from the President’s office is sent to the donor, if appropriate. c. Ongoing Administration

i. where the item is to be retained for an identified purpose, the relevant development officer shall work with the Executive Director of Facilities Operations, and any other relevant university offices, to arrange the appropriate delivery, storage, and use of the item.

ii. where the item is to be liquidated, the relevant development officer shall work with other relevant university offices, and outside vendors, as necessary to facilitate sale of the item. The Office of Finance and Administration, at the direction of the relevant gift officer, shall deposit the sale proceeds in the appropriate channel in accordance with the procedures outlined in III.A.1.a.iii. above.

iii. where the amount of the donor’s deduction for all non-cash gifts is more than $500.00, the donor must file Form 8283 with the Internal Revenue Service. The donor must complete and list in Section A of Form 8283 only items for which the donor claimed a deduction of $5,000.00 or less. Regarding items for which a deduction of $5,000.00 or more is being claimed, the Donor and/or appraiser must complete Parts I, II, and III of Section B of Form 8283. The Office of Finance and Administration, on behalf of the university as donee, shall complete Part IV of Form 8283 to indicate its receipt of the donated property as described by the donor in Section B, Part I. The donee also affirms that if it sells, exchanges, or otherwise disposes of the property received in this category within two years after the date of the receipt, the donee will file Form 8282 (Donee Information Return) with the IRS and give the donor a copy of that form. As such, the Office of Finance and Administration shall utilize appropriate mechanisms to trigger a filing of Form 8282 when property received in this category is disposed of within that two-year period. The relevant Gift Officer, in the interest of good donor relations, should advise the donor of this intention if it is known at the time of the donation.

iv.In addition to the requirements noted above, the donee must indicate on Form 8223, Section B, Part IV, whether it intends to use the donated property in this category (non-cash contributions of more than $5,000) for an "unrelated use." In undergoing the receipt and administration of gifts in this category, particularly for items III.D.1.c.iii-iv above, the Development Office and Office of Finance and Administration shall consult the resources and personnel of the Office of General Counsel as necessary.

d. Closure – following distribution of the item or deposit of sale proceeds, as appropriate, the relevant development officer shall move the gift to a “closed” status.

2. Corporate and Foundation Relations – tangible items from corporations or foundations are administered in accordance with the procedures outlined in III.D.1.a- d above, and further relevant procedures as detailed in Corporate and Foundation Relations Procedures.

3. Gift Planning – tangible items donated in the context of a planned gift shall be administered in accordance with the procedures outlined in III.D.1.a-d above, and further relevant procedures as detailed in Gift Planning Procedures.

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of tangible personal property for School Advancement shall be the same as outlined in III.D.1.a above.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of gifts of tangible personal property for School Advancement shall be the same as outlined in III.D.1.b above.

c. Ongoing Administration – procedures for the ongoing administration of gifts of tangible personal property for School Advancement shall be the same as outlined in III.D.1.c above.

d. Closure - following distribution of the item or deposit of sale proceeds, as appropriate, the relevant development officer shall move the gift to a “closed” status.

E. Intangible Property - Intangible property may include, but is not limited to: partial interests in real property which could be auctioned off for the university’s benefit, such as a week in a vacation home; “quid pro quo” contributions, where the university provides goods or services to the donor in exchange for the contribution of assets; closely held stock; copyrights; patents; partnerships; promissory notes; royalties; trademarks; gifts in kind (insurance policies are addressed in Gift Planning Procedures).

1. Capital Campaign

a. Negotiation/Acceptance – a donor interested in donating intangible property shall be asked to provide: OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

i. Description of item(s)

ii. Estimated value of gift (or qualified appraisal as may be required for particular items)

iii. Proposed use of item, or plan to convert asset

iv. Restrictions on gift b. Acknowledgement/Receipt - Acknowledgement/Receipt – when the written conveyance and appraised value (where appropriate) are obtained, the relevant Development officer shall take the following steps:

i. notify the Office of Finance and Administration of our receipt by providing copies of the written conveyance and appraisal or proposed value, along with the name and relevant information of the donor.

ii. notify the Office of Development Services of our receipt by providing a copy of the written conveyance, and appraisal or proposed value along with the standard Gift Information Form. For this completed gift, the Office of Development Services shall send an acknowledgement of the charitable contribution to donor, citing “property independently appraised” at the appraised or proposed value, and shall provide the relevant Development Officer with a copy of that acknowledgment. Regarding “quid pro quo” contributions where the donor’s total is in excess of $75.00, written substantiation to the donor by the Office of Development Services shall inform the donor that the amount of the contribution that is deductible for federal income tax purposes is limited to the excess of any money (and the value of any property other than money) contributed by the donor over the value of goods or services provided by the charity, and shall provide the donor with a good faith estimate of the value of the goods or services that the donor received unless it meets one of the exceptions below:

a. “Insubstantial Value Exception” - where the goods or services given to the donor meet the standards for “insubstantial value.” For tax year 2006, insubstantial value is defined as $8.60, and a token gift that costs the university $8.60 or less does not need to be reported as goods or services received as long as the value of the contribution is at least $43.00. In the context of a larger donation for tax year 2006, the concept of insubstantial value is applicable when the fair market value of a benefit received in return for a contribution is not more than 2% of the contribution or $86.00, whichever is less.

b. “Intangible Religious Benefit Exception” – where only an intangible religious benefit is provided to the donor. The intangible religious benefit must be provided to the donor by an entity organized exclusively for religious purposes, and must be of a type that generally is not sold in a commercial transaction outside the charitable context. The procedures particular to “quid pro quo” contributions, above, are aimed at ensuring University adherence to relevant Internal Revenue Code Sections, including in particular Section 6115. The relevant Gift Officer shall consult OFFICE OF UNIVERSITY DEVELOPMENT GIFT ACCEPTANCE PROCEDURES

resources and personnel of the Office of General Counsel as necessary to ensure such compliance.

iii. see that a personal acknowledgement from the President’s office is sent to the donor if appropriate.

c. Ongoing Administration

i. where the item is to be retained for an identified purpose, the relevant development officer shall work with other relevant University offices, to arrange the appropriate delivery, storage, and use of the item.

ii. where the item is to be liquidated, the relevant development officer shall work with other relevant university offices, and outside vendors, as necessary to facilitate sale of the item. The Office of Finance and Administration, at the direction of the relevant gift officer, shall deposit the sale proceeds in the appropriate channel in accordance with the procedures outlined in III.A.1.a.iii. above.

2. Corporate and Foundation Relations - intangible items from corporations or foundations are administered in accordance with the procedures outlined in III.E.1.a- d above, and further relevant procedures as detailed in Corporate and Foundation Relations Procedures.

3. Gift Planning - tangible items donated in the context of a planned gift shall be administered in accordance with the procedures outlined in III.E.1.a-d above, and further relevant procedures as detailed in Gift Planning Procedures.

a. Negotiation/Acceptance - procedures for the negotiation and acceptance of gifts of intangible property for School Advancement shall be the same as outlined in III.E.1.a above.

b. Acknowledgement/Receipt - procedures for the acknowledgement and receipt of gifts of intangible property for School Advancement shall be the same as outlined in III.E.1.b above.

c. Ongoing Administration – procedures for the ongoing administration of gifts of intangible personal property for School Advancement shall be the same as outlined in III.E.1.c above.