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University Policy 1100

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Handbook and paperwork for the newly hired.

Old Dominion University

University Policy

1100 Gift Management

Responsible Oversight Executive: Vice President for University Advancement
Date of Current Revision or Creation: August 9, 2018
  1. Purpose

    The purpose of this policy is to outline the responsibilities for the proper receipt, transfer and expenditure of gifts to the University and those managed by the University-affiliated Foundations.

  2. Authority

    Code of Virginia Section 23.1-1301, as amended, grants authority to the Board of Visitors to make rules and policies concerning the institution. Section 6.01(a)(6) of the Board of Visitors Bylaws grants authority to the President to implement the policies and procedures of the Board relating to University operations.

    Code of Virginia Section 23.1-2003, as amended - Powers and Duties

    Board of Visitors Policy 1631 - Spending Policy for Endowed Funds

    Board of Visitors Policy 1801 - Development Policy

    Board of Visitors Policy 1802 - Acceptance of Gifts-in-Kind to the University

  3. Definitions

    Gift - Any receipt of funds that involves money or other property (including gifts-in-kind) given voluntarily and made without receiving, or expecting to receive, anything of equal value (as defined in Publication 526 of the Internal Revenue Service).

    Gifts-in-Kind - Non-monetary gifts including, but not limited to, art, books, collections, equipment, real estate, software, and intellectual property.

    Ledger 6 Gift Accounts - University budget accounts that are established for managing gifts to the University and are available for those items that benefit the University but are not permissible by the expenditure guidelines established by the Commonwealth.

    University-affiliated Foundations - Includes the Educational, Athletic, Museum, and Real Estate Foundations that are tax-exempt nonprofit organizations created to further the educational purposes, athletic activities and related objectives of the University.

  4. Scope

    This policy applies to all employees, students and employees of affiliated organizations who are paid through the University. Employees include all staff, administrators, faculty, full- or part-time, and classified or non-classified persons who are paid by the University. Students include all persons admitted to the University who have not completed a program of study for which they were enrolled; student status continues whether or not the University's programs are in session. Affiliated organizations are separate entities that exist for the benefit of the University through an operating agreement and include the Foundations, the Community Development Corporation, and the Alumni Association.

  5. Policy Statement

    The Board of Visitors has delegated responsibility to the Educational, Athletic, Museum, and Real Estate Foundations to receive and acknowledge gifts on the University's behalf. Gifts shall be properly received, acknowledged and expended by the Foundation in accordance with any donor restrictions, and gift resources shall be transferred to the University in a planned and prudent manner.

  6. Procedures

    1. Gifts for the benefit of the University will be deposited in the appropriate accounts of the University, Educational Foundation, Athletic Foundation, Museum Foundation, or Real Estate Foundation. Gifts may be restricted to a College, department, or program by the donor with the approval of the Vice President for University Advancement or his/her designee.

    2. By February 15 of each year, the Vice President for University Advancement or his/her designee will submit to the President a report including the total of all gifts received during the past fiscal year by the Foundations or other calculated amounts in accordance with applicable spending policies in effect at that time. Included in the report will be details on any donor restrictions and the amounts available for expenditure.

    3. As part of the University's annual budgeting process:

      1. Each Vice President is responsible for requesting gift and endowment transfers to existing Ledger 6 budgets and establishing, as necessary, the ledger 6 budgets for restricted gifts available for expenditure in the appropriate budget unit. Normally gifts will be expended from a single department or College Ledger 6 budget account following transfer from the Foundations. The Budget Unit Director responsible for each Ledger 6 budget must ensure that any and all gift restrictions are met in accordance with the Memorandum of Understanding maintained by the Foundations. It is expected that the funds will be expended by the department or College during the fiscal year in which they are budgeted.

      2. Following approval of the Operating Budget and Plan by the Board of Visitors, the Budget Office will prepare a written request to the Foundations to transfer to the University their respective funds to be budgeted for the coming year and provide the option for direct expenditure from the Foundations at the request of the President of the University. The Budget Office will specify Foundation accounts and corresponding Ledger 6 budgets for cash transfers.

      3. Vice Presidents or their designees may petition the University Budget Office for exceptions to this policy in order to expend restricted gifts needed or designated for the current year.

  7. Records Retention

    Applicable records must be retained and then destroyed in accordance with the Commonwealth's Records Retention Schedules.

  8. Responsible Officer

    Associate Vice President for Foundations

  9. Related Information

    Board of Visitors Policy 1810 - Naming of University Buildings, Building Spaces, or Areas

    University Policy 3001 - Responsibility of Budget Unit Directors on Use of Funds (Expenditures)

Policy History


Policy Formulation Committee (PFC) & Responsible Officer Approval to Proceed:

/s/ Maggie Libby
Responsible Officer
July 17, 2018
Date

Policy Review Committee (PRC) Approval to Proceed:

/s/ Donna W. Meeks
Chair, Policy Review Committee (PRC)
May 22, 2018
Date

Executive Policy Review Committee (EPRC) Approval to Proceed:

/s/ Alonzo Brandon
Responsible Oversight Executive
July 17, 2018
Date

University Counsel Approval to Proceed:

/s/ R. Earl Nance
University Counsel
August 7, 2018
Date

Presidential Approval:

/s/ John R. Broderick
President
August 9, 2018
Date

Previous Revisions

December 1, 1988; August 22, 2003; February 21, 2011; August 9, 2018

Scheduled Review Date

August 9, 2023