Fundraising Policy and Procedures
Approved by Trustee Development Committee October 1995
The Office of Development was established to promote the welfare, efficiency, objectives and mission of Georgetown College, and for this purpose to encourage private gifts of money, securities, land, or other property. To that end the Office of Development will receive and use any gift, grant, devise, or bequest for the benefit of Georgetown College in the manner requested by the donor. Unrestricted gifts will be applied to the general purposes of the college, for the general endowment or general budget. The Office of Development will accept, execute and administer any trust under the instrument creating the trust and do any other act incidental to or connected with the foregoing purpose.
Please click here to contact someone in the Development Office for additional assistance.
Table of Contents
- General Policies Pertaining to the Use of Gifts
- .Guidelines for Policy Implementation
- Appeals for Funds and Approaches to Donors
- Gift Processing
- Minimum Funding Requirements
- Budget Formulation for Fundraising
- Fundraising Literature
- Reports to Donors
- Maintenance of Prospect Files
- Volunteers
- Solicitation of Corporations and Foundations
- Public Statements Regarding Gifts
- Gift Opportunities
- Gift Type
- Gift Use
- Donor Intent
- Donor Recognition
- Honor/Memorial Gifts
- Endowment Funds
- Forms of Planned Gifts
- Pledges
- Donor Research
- Stewardship
- Georgetown College Data Base
- Addendum A: CODE OF ETHICS AND PROFESSIONAL PRACTICES
- Addendum B: ANNUAL FUND GUIDELINES
- Addendum C: GIFT CLUB GUIDELINES
- Addendum D: GIFTS OF REAL ESTATE
- Addendum E: PLANNED GIVING OPPORTUNITIES
I. General Policies Pertaining to the Use of Gifts
- Gifts are to be in the best interests of the college.
- Gifts must meet legal requirements.
- The intentions of the donor must be met as far as possible.
- The donor is entitled to accountability and appreciation for his/her donation to the college.
All gifts should be processed through donor accounting in the development office in order to assure that the above requirements are met.
Gifts can be classified in two general categories: unrestricted and restricted and in various sub-categories.
Unrestricted gifts are made in general support of the college with no other stipulations on the part of the donor.
Restricted gifts bear stipulations by the donor. In some cases, restrictions may be set by the college, as in the case of unrestricted bequests being placed in endowment. Restricted gifts are placed in special funds in order to fulfill the intent of the donor.
Fundraising efforts in support of the current budget will receive the greatest emphasis.
"Annual Fund" shall be defined to include all expenditures for current operating purposes.
The wording of any appeal or solicitation states the purpose of the gift requested.
II. Guidelines for Policy Implementation
To maximize the effectiveness and efficiency of the services provided by the Office of Development, the guidelines that govern fundraising for the benefit of Georgetown College and all of its functional units are defined herein. The policy establishes the fact that the coordination and direction of all gift solicitation is the sole responsibility of the Office of Development
A. Appeals for Funds and Approaches to Donors
It shall be the responsibility of the Office of Development to coordinate all types of fundraising programs, to solicit funds from individuals, foundations, businesses, corporations, and organizations in order to avoid an excessive number of solicitations in the name of the college. Requests to undertake a fundraising program or to solicit contributions from individuals, foundations, businesses, corporations, and organizations must be submitted on appropriate form supplied by the Office of Development. These requests shall be reviewed first by the appropriate department head and/or vice president then submitted for review and approval by the Office of Development.
Examples of fundraising programs:
1. annual solicitation of alumni
2. establishment of giving clubs or donor recognition groups
3. appeals to constituents for support of scholarships, memorial funds, fellowships, etc.
4. solicitations in support of construction, renovation or expansion
5. requests for support of new or existing academic programs
6. requests for support of new or existing athletic programsB. Gift Processing
It shall be the responsibility of the Office of Development to officially record and acknowledge receipt of all gifts, including cash, pledges, securities, trusts, insurance policies, estate gifts, real estate, grants and other gifts-in-kind. Therefore, all gifts and donations should be processed through the Office of Development before being deposited in any college account or outside organizational account. Donor anonymity will be protected whenever desired by the donor.
1. Gift Acceptance: Gifts must be transmitted to the Development Office at the earliest possible opportunity accompanied by all original correspondence pertaining to the gift (becomes part of the permanent gift files) and the following specific information:
a) Donor's name and complete address. If the gift is from other than an individual, i.e., corporation, foundation, association, etc., an individual's name and title should be reported in addition to that of the firm.
b) Amount of the gift.
c) Date gift was received.
d) Account number and name in which gift is to be deposited. If a new account is to be established for the gift, so indicate.
e) Designation of the gift to which department or activity, if applicable.
f) Purpose (scholarship, institute, cost of education, research, general fund, etc.).
g) Other comments or special instructions. If no original correspondence accompanied gift, state this in writing when the gift is transmitted.
h) All gifts-in-kind to the college for its benefit shall be reviewed by the Office of Development in conjunction with the unit designated to receive the gift. (Please refer to detailed policy on gifts-in-kind).
2. Gift Recording and Acknowledgment:
a) Upon receipt of a gift and/or any related documents, the Office of Development will record the gift and send acknowledgement to the donor.
b) Gifts will be recorded by the use of gift codes that are connected to account numbers set up by the Business Office.
c) Donors of gifts of $1,000 or more will receive thank-you letters from the President with copies to the Office of Development.
d) Staff or faculty involved in the securing of said gift may also express written gratitude to the donor and forward a copy of the letter to the Office of Development.
C. Minimum Funding Requirements
The Office of Development shall maintain up-to-date information as prescribed by the Board of Trustees pertaining to fund-raising matters, including the percentage or amount of gifts expected or required to name buildings, endow professorships, establish named scholarship funds, etc.
D. Budget Formulation for Fundraising
The formulation of budgets for fundraising projects is the consultative responsibility of the Office of Development, the Executive Vice President, and the President.
E. Fundraising Literature
Any literature, including brochures, booklets, and letters used to attract private funds shall be coordinated through the Office of Development so that the most accurate information appropriate to a particular fundraising effort is reflected. Accordingly, the Office of Development will be responsible for establishing and maintaining a master calendar that incorporates the schedules of all fundraising mailings and solicitations.
F. Reports to Donors
It shall be the responsibility of the Office of Development to compile official reports on grants as required or requested by outside agencies or individual donors.
G. Maintenance of Prospect Files
It shall be the responsibility of the Office of Development to establish and maintain prospect and resource files for the purpose of providing timely and relevant information about prospective individual donors, foundations and corporations.
H. Volunteers
Whenever volunteers are to be involved in fundraising efforts, it shall be the responsibility of the Office of Development to assist in the selection and recruitment of the volunteers, and to provide them with the training and information required for them to be effective in soliciting funds.
I. Solicitation of Corporations and Foundations
It shall be the responsibility of the Office of Development to coordinate the cultivation and solicitation of corporations and private foundations. This coordination will ensure that excessive solicitation of any single source of funds is avoided. In the case of contract proposals to corporations, the Office of Development should be notified by the appropriate Georgetown College unit in advance so that the corporation's contracted involvement will be reflected in the Office of Development's prospect files.
J. Public Statements Regarding Gifts
It shall be the responsibility of the Office of Public Relations to initiate the preparation of all public statements concerning gifts to the institution or any units thereof. Coordination should also include the unit designated in a restricted gift.
K. Gift Opportunities
Each natural constituent should be given the opportunity (1) annually to support the college, (2) periodically to support special capital fund programs and (3) regularly to consider a planned gift.
The Office of Development shall seek and encourage gifts from individuals, organizations, associations, and businesses; and grants from private foundations, businesses, and other sources. It is the policy of the Office of Development to offer diverse gift and/or grant opportunities to all constituents for (1) recurring annual support, (2) for special capital fund support, and (3) endowment supported by cash, securities, insurance, property, annuities, trusts, and other asset resources by bequest or estate plan or through devices reserving life income to themselves or other beneficiaries and to aggressively communicate gift/grant resources for a full and effective service program both to potential donors and to the institution.
At all times officers, staff and volunteers must urge that each prospective donor contact personal financial consultants before offering specific, technical counsel on the disposition of resources. Exceptions to policies must be approved by the Board of Trustees in advance of final negotiations.
1. Annual Fund: These gifts to the college have no restrictions and help underwrite the annual operating budget. Designated Annual Fund: These gifts to the college are designated for the operating needs of a specified department/cost center/area. Designated annual fund gifts do not increase the budget of the designated department/cost center/area through a restricted account.
2. Endowment Funds: Permanent income from endowment represents institutional savings for operations or for specific purposes. Most endowment objectives can be initiated for a donor's personal fulfillment while living and secured by bequest, estate plan or the transfer of real or personal property in diverse forms. Budget relief items, those operating units in regular budget, can be "endowed out" of the budget when presented as gift opportunities in whole or in part, freeing funds for other purposes. Also, a physical plant inventory of all rooms, facilities and features available for memorial or tribute names can provide for free funds to be used as term funds or for endowment.
Return to top
3. Capital Funds: From time to time the Board of Trustees may authorize a special fundraising effort to meet extraordinary needs. These efforts can be in addition to the annual fund. The Board is to determine the duration of such an effort and how funds are to be credited toward the funding of identified projects during this period.
4. Forms of Gifts: Individuals and organizations may have several options to fulfill gift/grant commitments which, if not mentioned, may be considered as resource options. Some of the options are:
- Cash
- Bequests
- Charitable remainder annuity trusts
- Charitable remainder interest
- Copyrights, Patents
- Gift annuity agreements
- Gift of home or farm with life ownership retained
- Gifts-in-Kind: automobiles, trucks, furniture, equipment, etc.
- Insurance: paid up, current, new or contingent designation
- Mineral Rights
- Oil Leases
- Personal property: furniture, jewelry, collections (books, stamps, etc.)
- Planned estate gifts
- Real property: residences, farms, business, property, buildings, equipment
- Securities: stock, warranties, debentures
L. Gift Type
1. Gifts-in-Kind: Gifts-in-kind (art objects, equipment, securities, real estate, etc.) should be reviewed with special care to ensure that acceptance will not involve financial commitments in excess of budgeted items or other obligations disproportionate to the usefulness of the gift. Consideration will be given to the cost of maintenance, cataloging, delivery, insurance, display, and other space requirements for exhibition or storage.
Appraisals: When gifts-in-kind are made with the intent of the donor to receive a tax deduction, it shall be the responsibility of the donor, not the college, to obtain a qualified appraisal of the gift for tax purposes. The college shall not become involved in the appraisal process. Direct involvement of the college in securing appraisals could result in the appraisal's accuracy and objectivity being challenged by the Internal Revenue Service. It is in the donor's best interest that the college neither provide directly nor be responsible for securing the services of appraisers in connection with gifts. A report of all prospective gifts-in-kind should be submitted to the Office of Development. Subsequently, all gifts-in-kind will be inventoried by the Business Office and will become the property of the institution.
2. Gifts of Tangible Property: An offer of a gift of tangible property may be accepted conditionally provided that: (1) initial and/or ultimate acceptance of such gifts shall not involve significant or unbudgeted additional expense for their present or future use, display, maintenance, transfer, insurance, fees or other institutional costs; (2) no financial or other burdensome academic, technical or service obligation or expense is or will be directly or indirectly incurred by the institution as a result thereof; the immediate notification of receipt of such tangible gifts by deans, department heads, faculty or others shall be reported in advance of acceptance with a comprehensive report in detail for official and ultimate acceptance; (3) whenever possible, the terms of the gift of any object or collection or site should expressly authorize the sale and/or exchange as appropriate with income from such sale to be for unrestricted purposes or such purpose as the donor may wish; (4) gifts of tangible personal property (books, paintings, etc.) will not be acceptable if made on the condition, or understanding, or expectation that the items will be loaned back to the donor or to donor's designee for life or extended periods of time to be determined by the donor.
3. Restricted Gifts: 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 reviewed with the utmost care to ensure that it does not hamper the usefulness and desirability of the gift. If a gift is deemed unacceptable because of the restrictions the donor has placed on its use, the donor will be counseled to remove or modify the restrictions. Gifts will be refused or returned when the purpose (1) is inappropriate or not conducive to the best interest of the college; (2) is clearly a commercial endeavor; or (3) would obligate the college to undertake responsibilities, financial or otherwise, which it may not be capable of meeting for the period required by the terms of the gift.
4. Major Gifts: Donors who wish to do so are encouraged to make contributions toward capital needs, endowed funds, equipment, and special departmental needs that are over and above the approved operating budget of the college. Gifts of this kind are needed and most welcome.
5. Donations of Stock: Donations of stock are to be credited to the donor on the date the stock is received by the college and are to be entered as a gift at that day's value. The Business Office has the challenge to sell the stock as soon as possible to guarantee it is counted in the appropriate fiscal year. The donor credit for the gift is not affected by the actual selling price of the stock.
6. Matching Gifts: Designation of matching gifts is determined by the wishes of the employee-donor as long as it is consistent with the policy of the matching company and the college. Gifts are reviewed to determine if there is a matching opportunity and what the company's stipulations are.
7. Gifts of Real Estate: See Addendum D
M. Gift Use
Many options are available for donors to consider to provide the greatest service and impact on the college. Some are:
1. Unrestricted Endowment: For general purposes as the Board of Trustees determines. For general purposes for department/services:
For Students
- Honor Scholarships
- Financial Aid Grants
- Loans
- Work-Study Grants
- Achievement Awards
- Independent Study
- Student Activities
For Faculty
- Distinguished Professorship
- Professorships
- Visiting Artists/Scholars
- Lectureships
- Publications Funds
- Professional Travel Funds
- Faculty Development Fund
- Special Research
- Achievement Awards/Honors
- Special Research
- Achievement Awards/Honors
For Departments
- Funds for Excellence in Teaching
- Program Innovation
- Library/Publications Acquisitions
- Collections
- To name departments/schools
For Physical Plant
- To name buildings, floors, laboratories, residence rooms, offices, fixture, etc.
- To renovate buildings
- Maintenance
- Campus beautification
Return to top
2. Permanency Clause: As appropriate, the terms of any restricted or endowed funds may include language to permit the Board of Trustees to assign different alternatives, modified but related use of such funds as conditions dictate in some distant future. Such actions may be authorized by the donor by including the following clause in the transfer of assets while living or by bequest:
"If, in the opinion of the Board of Trustees of Georgetown College all or part of the earnings of the fund cannot be usefully applied to the purpose designated (or in the manner requested), the Board of Trustees may use the same for any purpose within its corporate powers to decide or for any other purpose which, in its opinion, will most nearly accomplish my purposes, wishes and intent."
N. Donor Intent
1. Allocation of Gifts: All gifts, grants asset income or other financial resources will be allocated first according to the donor's wishes and/or presumed intent, next as determined by the Board of Trustees.
2. Acceptable Gifts: Gifts of cash, securities and other personal and real property directly and indirectly through fiduciary devises are acceptable unless contrary to public policy.
a) Restrict use based upon age, race, color, creed, nationality, or sex.
b) Restrict use to relatives or descendants as beneficiaries per current tax laws.
c) Restrict the designation of beneficiary of gift to the donor or his/her assigns; i.e., scholarships, professorships. (Such "gifts" restrict donor tax consequences.)
d) Restrict the future employment of an eligible scholarship/award recipient..
e) Are for an endowment fund with a corpus under $5,000 for which additional sums are not assured in writing.
f) Are gifts to campus organizations. Such gifts are not actually gifts to the college and, therefore, should not go through the donor accounting process nor should the donor receive a receipt from the college indicating a gift was made to the college. The fact that the college carries the organizations' accounts does not justify our treating such donations as gifts to the college; the organization, not the college, controls the expenditure of these gifts. Contributions to campus organizations are passed on to the Business Office, the organization is notified of the gift, and the organization has responsibility for thanking the donor.
4. Named Funds: Named funds can be established only for those endowments with a principal amount to reach the minimum required. (See Endowment Funds)
5. Group Funds: The solicitation of institutionally maintained funds which are to be used or administered by groups of alumni or individuals is discouraged. Gifts of funds either for current use or endowment solicited by officers, faculty or staff should be solicited in the name of the institution only when approved in advance for receipt and expenditure by the Office of Development. It should be noted that special funds to be held by deans, department heads, etc. outside the normal accounting and acknowledgement procedure are considered illegal.
6. Matching Gifts: As stated above, we comply with the donor's wishes for the use of matching gifts when they are consistent with the company's policy and college's policy.
O. Donor Recognition
The Office of Development will determine appropriate recognition for donors. Examples are placing the donor's name on a building, endowed fund, lectureship, or professorial chair. Donor's names may be published in the president's annual report or other appropriate publication. Appreciation may be shown through membership in donor recognition clubs, which may involve dinners or other events, tickets to campus events or occasional gifts. To comply with IRS regulations, any recognition bearing a cost will necessitate notifying the donor of the value of it is more than two percent of the value of the donor's gift or $50, whichever is less. Gift clubs are described in Addendum C.
P. Honor/Memorial Gifts
Gifts to honor, memorialize or otherwise recognize individuals, whether while donor is living or by bequest, will be received by the Office of Development. All such gifts will be considered unrestricted unless restriction approval is given by the Office of Development. It is the policy of the college not only to receive such gifts, but also to encourage efforts to memorialize and honor individuals.
Q. Endowment Funds
Minimum dollar amounts are based upon current costs (tuition and faculty salaries, for example) and trustee spending policy (five-and-a-half percent [5.5%] times the previous 12-quarter moving average of market value). As cost and/or spending policy changes, the minimum will be adjusted in order to ensure appropriate levels of support from new endowment funds.
1. Building the Endowment: Endowment funds may be established with amounts less than those stated herein, provided that within a reasonable period of time and with the agreement of the donor, the entire principal thereof, including capitalized earnings and additional gifts, shall equal at least one-half of the stated minimum of the desired objective. If one-half of the minimum fund has not been so provided in a reasonable time, the fund may be terminated and the amounts given may be used for the general purposes of the institution which are nearest the initial intent of the donor. The earnings from a fund so established and not terminated shall continue to be capitalized annually until the stated minimum has been reached and the purposes of the fund activated.
2. Assuring an Endowment: A fund may also be activated, even though the principal amount may not have reached the stated minimum, provided the donor will undertake a binding obligation to supplement the income of the fund with annual gifts to complete the endowment or by irrevocable estate planning provisions.
3. Types of Funds and Minimums:
(1) Endowed Chair/Distinguished Professorship - $1,500,000
May be established in a field, discipline or area of study within the college's basic academic offerings. Provides salary, benefits, travel and incidental expenses of the named faculty member.(2) Professorship - $1,000,000
Provides budget relief for a full faculty salary or a significant portion thereof.
(3) Scholar/Artist-in-Residence - $500,000
Provides operating expenses for a position that may be part-time for only one semester. (If salary is to be covered, the minimum required is $1,000,000.)(4) Lectureship - $250,000
Provides honorarium and expenses for top speakers.(5) Achievement awards/honors - $100,000
(6) Other Funds - $50,000
May be established upon approval of the Office of Development. Examples: faculty development (provides funding for innovation, research, equipment and professional activities) publication, travel.(1) Full Tuition Scholarship - $200,000
(2) Full Room and Board Scholarship - $100,000
(3) Partial Tuition Scholarship - $20,000
(4) Loan Fund - $20,000
(5) Other Funds - $10,000
May include achievement awards, student activities, travel-study awards, etc.Endowments for maintenance and campus beautification may be established upon request for amounts ranging from $20,000 to millions of dollars depending upon the size of the building or facility.
Return to top
R. Forms of Planned Gifts
See "Pawling Heritage Society Planned Giving Opportunities", Addendum E
S. Pledges
Donors may make pledge commitments to be paid over a specified period of time. The Office of Development will send pledge reminders. A pledge may be forgiven at the request of a donor. A donor's pledge status will be reviewed periodically by the Office of Development.
T. Donor Research
Research on donors and prospects is basic to determining strategy in their cultivation and solicitation. Following are general guidelines:
1. The information recorded should be relevant to the fundraising effort.
2. The information must be accurate and verifiable.
3. Confidentiality of information must be scrupulously protected.
4. When acquiring information, the institution must be identified.
A prospective donor has the right to see his or her file; this fact should help govern the type of information retained.
U. Stewardship
The Office of Development is responsible for providing stewardship reports to donors. Information on how a gift has been used is sent at appropriate intervals ranging from six months to several years after the initial gift was received.
Stewardship reporting may include, but is not limited to:
- letters to business/corporations/foundations six months after gift of $1,000 or more
- annual letters to scholarship donors or contact persons with names and information about current recipient(s)
- encouragement of and assistance with thank-you notes from scholarship recipients to primary donors or contact persons
- series of letters reporting on special projects.
V. Georgetown College Data Base
Biographical and financial records stored in any computer data base shall be treated as confidential information. The decision to release such information for the purpose of private enterprise or gain will be made on an individual basis by the Office of Development.
ADDENDUM A
CODE OF ETHICS AND PROFESSIONAL PRACTICES*
ENDORSED BY
GEORGETOWN COLLEGE
Professional fundraising executives are motivated by positive forces, by an inner drive to improve the society in which they live through the causes they serve. They seek to inspire others through their own sense of dedication and high purpose. They are committed to the improvement of their own professional knowledge and skills in order that their performance will better serve others. They recognize their trusteeship -- to assure their employers that needed resources are vigorously sought, and donors that their purposes in giving are honestly fulfilled. Such professionals write their own code of ethics every day.Professional Fundraising Executives Accept and Abide by the Following Code of Ethics and Professional Practices:
Members shall be responsible for conducting activities in accord with accepted professional standards of accuracy, truth, integrity and good faith.
Members shall encourage institutions they serve: to conduct their affairs in accordance with accepted principles of sound business management, fiduciary responsibility, and accounting procedures; to use donations only for donors' intended purposes; and to comply with all applicable local, state, provincial and federal laws.
Members shall manage all accounts entrusted to them solely for the benefit of the organizations or institutions being served.
Members shall recommend to the institutions they serve only those fundraising goals which they believe can be achieved based on their professional experience, and an investigation and rational analysis of facts.
Members shall make full disclosure to employers, clients or, if requested, potential donors all relationships which might pose, or appear to pose, possible conflicts of interest. As fundraising executives they will neither seek nor accept a "finder's fee."
Members shall hold confidential and leave intact all lists, records and documents acquired in the service of current or former employers and clients.
Members' public demeanor shall be such as to bring credit to the fund raising profession.
*SOURCE: National Society of Fund Raising Executives
Return to top
ADDENDUM B
GEORGETOWN COLLEGE ANNUAL FUND GUIDELINES
1. The stated purpose of the Annual Fund is to provide funds to support current operating needs of the college. Only those gifts that can be applied to the annual operating budget of the institution qualify as Annual Fund contributions.2. Donors are encouraged to make their Annual Fund gifts unrestricted.
3. Donors who wish to do so, however, may designate their Annual Fund contributions toward such general operating needs as "faculty salaries" or "student financial aid".
4. Some donors may wish to designate their contributions toward a particular department (or cost center) such as the Library or the Athletic Department or the English Department. In order to qualify for the Annual Fund, gifts so designated must go toward the annual operating costs of the department, not toward capital, equipment, or special needs.
5. It is understood that Annual Fund gifts designated for a particular department (or cost center) do not increase the established budget for the department until such time as the cumulative total of all Annual Fund gifts designated for that department exceeds the amount originally budgeted for its expenses.
6. Gift clubs are the means by which Georgetown college encourages and recognizes exceptional support of the institution.
ADDENDUM C
GEORGETOWN COLLEGE GIFT CLUB GUIDELINES
The primary purpose of gift clubs is to encourage and recognize exceptional support of the institution. It is understood, therefore, that only those gifts which meet the criteria established in these guidelines will serve to qualify a donor for gift club membership. Matching gift pledges count toward gift club membership.1. The President's Club recognizes donors who give $1,000 or more per fiscal year and has the following levels of recognition:
a. The Georgetown College Fellows: Members at this level make an unrestricted commitment of at least $25,000 over ten years. The first payment must be received within the fiscal year that the commitment is made. Payments must be kept current. ( i.e., minimum of $2,500 per fiscal year or prepayment in a larger sum covering future fiscal years within the 10 year commitment period).
b. The Robert L. Mills Membership: Named after Georgetown College's twentieth president, this level recognizes unrestricted gifts of $1,000 or more per fiscal year.
c. The Young Alumni Membership: Members at this level are graduates of the most recent ten years and give $500 per fiscal year.
d. The Howard Malcom Membership: Named after Georgetown College's fifth president, this level recognizes restricted gifts or a gift-in-kind valued at $1,000 or more per fiscal year.
2. The Big G Club recognizes donors who support the athletic program each fiscal year.
3. The Pawling Heritage Society recognizes donors who have purchased a deferred giving instrument to benefit the college and/or have named the college in their wills or estates.
TRUSTEE DEVELOPMENT COMMITTEE RESOLUTION OF
GEORGETOWN COLLEGE
REGARDING GIFTS, BEQUESTS AND DEVISES OF REAL ESTATEWHEREAS, the Development committee of the Board of Trustees of Georgetown college (herein after referred to as the College) desires to encourage the donation and bequest of real property which benefits the charitable purposes for which the College exists. Property which contains pollutants, contaminants, hazardous substances, or other waste may be a liability rather than a benefit to the College pursuant to the operation of local, state, or be a liability rather than a benefit to the College pursuant to the operation of local, state, or federal environmental laws and regulations. The costs of complying with solid or hazardous waste regulations and the costs of cleaning contaminated property can potentially exceed the value of the donated property. It is in the best interest of the College to determine in advance of accepting any legal interest in real property whether the property is or could be contaminated with pollutants, contaminants, or other wastes or has other environmental conditions which could affect the agency's intended use of the property. Accordingly, the Development Committee of the Board of Trustees hereby adopts the following resolutions affecting the College's future acquisition of gifts of real property:
RESOLVED, the College shall accept no gifts, bequests, or devises of real estate until a current title search of such property is performed.
RESOLVED FURTHER, the College shall accept no gifts, bequests, or devises of real estate if the College knows that a hazardous substance, pollutant, or contaminant exists on the property. All gifts of real property will be accepted by the College only after an inquiry (using one of the checklists provided by the Planned Giving Office) has been made by College staff or outside consultant, of the property's environmental condition, present and past uses, present and past ownership, and other reasonable matters. The scope of inquiry shall be commensurate with the nature of the real estate contemplated in the gift, and in all events shall be consistent with customary practices or good commercial practices in the area in which the property is located. As a part of the inquiry process, the prospective donor, individual, or institution shall be required to answer a questionnaire to be prepared by the College. In furtherance of this objective, after the above referred inquiries have been made, the Vice President, Chief Financial Officer shall, if he/she deems it is necessary, have a professional environmental consultant perform an on-site inspection of the property under consideration and a Phase I Environmental Audit before such property may be accepted by the College.
If it is determined that the property is contaminated in a manner not permitted by the law, the property shall not be accepted. If the initial investigation fails to disclose with reasonable certainty whether the property is contaminated, the College may have a professional environmental consultant perform a further investigation to establish such facts as may be warranted regarding the environmental condition of the property; provided the College shall notify the donor, or the personal representative of the donor, of the necessity for a further investigation and the possibility that the results of such investigation may have to be reported to the appropriate governmental authorities.
RESOLVED FURTHER, the expense of any title search and the initial investigation by an environmental consultant shall be borne by the College and the expense of any Phase I environmental audit and any additional investigation/audits after the Phase I environmental audit shall be borne by the donor or the estate of the donor, unless an exception is approved by the College's Vice President, Chief Financial Officer.
Checklists - Georgetown College Environmental (contact Planned Giving Office)
- Residential Properties Checklist
- Commercial/Industrial
- Acer-age
Questionnaire - Owner's (contact Planned Giving Office)
- Residential Properties
- Environmental Acer-age
- Environmental-Commercial/Industrial
PLANNED GIVING OPPORTUNITIES
Please contact the Planned Giving Office for more details. The following methods create planned gifts for Georgetown College.
1. Gifts of Securities, Bonds, Real Estate, Real and Personal Property.
2. Gifts of Closely-Held Stock
3. Gifts of Undivided Interest
4. Charitable Remainder Uni-trust
5. Charitable Remainder Annuity Trust
6. Bequest in Wills
7. Pooled Income Fund
8. Gifts of Life Insurance
9. Charitable Gift Annuity
10. Remainder Interest in Donor's Personal Residence
11. Gift Annuity for Remainder Interest
12. Charitable Lead Trusts
13. Grantor Lead Trusts
Please contact any one below for assistance.
Robin Oldham, Director of Planned Giving
Bonnie Redditt, Director of Grant Support
Laura Owsley, Assistant Director of Annual Fund
Dan Miller, Vice President for Intuitional Advancement
