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    Chattanooga State Technical Community College
   
 
  Sep 21, 2017
 
 
    
Policies

10:00:00 Leadership and Fund Development Policies and Procedures


  1. Introduction
    1. The purposes of Leadership and Fund Development, herein referred to as the Development Office, are (1) to create an awareness within the private sector of the financial needs of the College which are not met by state and federal support and (2) to implement a plan by which these financial needs can be met through private gift support and cooperation with the community. In fulfillment of these purposes, it is the responsibility of the Development Office to initiate and maintain an organized program for addressing private financial needs of the College.Coordination of fundraising activities through the Development Office provides a continuity of message in building understanding and support for funding needs, avoids conflict and duplication of effort, and maximizes the contribution from each potential donor.
  2. Delegation of Authority
    1. All fundraising and related development activities of ChSCC and its units are coordinated by the Development Office, as designated by the President. Solicitation of gifts, funds or property should not be made by anyone in the name of, or for the benefit of Chattanooga State without communication and guidance from the Development Office on behalf of the Chattanooga State Foundation.
    2. The Chattanooga State Foundation, a 501(c)3 organization, consists of volunteer community leaders responsible for raising funds from individuals, corporations, foundations, and organizations in support of the mission of the College. All gifts in support of the College should be directed to the Foundation. The Associate Vice President for Leadership and Fund Development (Chief Development Officer) serves in the executive staff role to the Foundation. The Foundation receives, invests, administers and disburses restricted and unrestricted gifts according to TBR and IRS regulations as well as their own by-laws.
    3. In the case of fundraising activities sponsored by student groups, in addition to notifying the Development Office, prior approval of the Executive Vice- President of Business and Finance is required.
  3. Plan for Prioritizing Needs
    1. A plan for prioritizing college-initiated private gift requests will be established by the Development Office based on the College's strategic plan with input from the President, Department and Divisions heads, and the Foundation Board. The plan will prioritize fundraising activities based on equipment, scholarships, buildings, faculty endowed chairs, and other needs. These priorities will dictate and shape the fundraising plan.
  4. Criteria for Evaluation of Gifts
    1. The following guidelines will be used in evaluating gifts to the college:
      1. The purpose for which the gift is given must be consistent with the stated goals, objectives and educational philosophy of the college.
      2. All gifts must be within IRS regulations governing charitable contributions and cannot be restricted for the donor's direct benefit nor used in any way, which could be construed as a conflict of interest for the donor. Such a conflict includes but is not limited to donors selecting scholarship recipients. Nor shall any gift be accepted which is so restrictive as to make it use impossible or unnecessarily difficult.
      3. The nature of the gift, the identity of the donor and the kind of program which the gift is intended to support shall be carefully evaluated in order to avoid placing the College or Foundation in an undesirable position. A prospective gift which could subject the College or Foundation to criticism and controversy must be weighed against its ultimate value to students and the community.
      4. Policies established by the Foundation in accordance with Generally Accepted Accounting Principles, IRS and TBR regulations concerning accounting procedures and funds designation must be followed.
      5. The acceptance of all gifts is subject to confirmation of the President and the Chief Development Officer.
  5. Guidelines for Soliciting Gifts
    1. By the Development Office
      1. The office will seek gifts for support of projects, programs and operating support determined to be priorities of the College through the Strategic Plan. One-, three- and five-year goals will be determined using the strategic planning document as a basis for development.
  6. By Individuals, Departments or Programs Outside the Development Office
    1. An employee who seeks to initiate any type of fundraising activity in the name of the College involving individuals, business, industry, foundations or community organizations shall follow these guidelines:
      1. Before pursuing formal discussions with any potential donor for cash or non-cash support for any program or project, staff should inform the requisite vice-president.
      2. Complete and receive approval on the Solicitation Proposal Form, available through the Development Office, before initiating a formal request for support from the potential donor.
      3. When contact is originated by the potential donor, complete the Solicitation Proposal Form, available through the Development Office, in a timely manner.
      4. Non-cash gifts such as equipment, materials, real estate, insurance, bequests, and other assets should be directed to the Chattanooga State Foundation through the Development Office rather than directly to the College. Cash contribution should be made payable to the Foundation indicating the specific restrictions rather than to the College.
    2. The Development Office will recognize any staff person who successfully cultivates a gift.
    3. Staff should not automatically indicate acceptance of any gift offered; some donations are not suitable for the College due to restrictions or other reasons. Staff should maintain open communications with the Development Office to minimize the possibility of accepting inappropriate gifts. Gift acceptance can only be signed by the President or his/her designee.
  7. Procedures for Acceptance
    1. Types of Gifts Accepted

The Foundation may accept outright gifts of the following types of assets:

  1. Cash;
  2. Marketable securities;
  3. Closely held stock or partnership interests, pursuant to the guidelines set forth in Section 5.2.3 herein;
  4. Real estate, pursuant to the guidelines set forth in Section 5.2.4 herein;
  5. Personal property (gifts-in-kind), pursuant to the guidelines set forth in Section 5.2.5 herein;
  6. Life insurance, pursuant to the guidelines set forth in Section 5.2.6 herein;
  7. Retirement benefits, pursuant to the guidelines set forth in Section 5.2.7 herein.

 

  1. The Foundation may accept planned gifts by bequest, outright or in trust, of the following types of assets:
    1. Cash;
    2. Marketable Securities;
    3. Closely held stock or partnership interests, pursuant to the guidelines set forth in Section 5.2.3;
    4. Real estate, pursuant to the guidelines set forth in Section 5.2.4 ;
    5. Personal property (in-kind gifts), pursuant to the guidelines set forth in Section 5.2.5;
    6. Life Insurance, pursuant to the guidelines set forth in Section 5.2.6; and
    7. Retirement benefits, pursuant to the guidelines set forth in Section 5.2.7.
  2. The Foundation may accept planned gifts where designated as a beneficiary of charitable remainder unitrusts, charitable remainder annuity trusts or charitable lead trusts.
  3. The Foundation may not serve as trustee. Exception to this Trustee policy may be made only upon majority vote of the Board on written opinion of outside counsel.
  4. The Foundation may accept annuities, including deferred annuities, pursuant to Section 5.2.9 herein.
  1. Evaluation of Gifts
    1. The College President or Development Office will evaluate the prospective gift using the established TBR and college criteria for evaluation and may consult with other persons for such purpose. Confidentiality must be maintained in such discussions.
      1. Cash;
      2. Marketable Securities;
      3. Closely held stock or partnership -
    2. The Foundation may accept gifts of closely held stock or partnership interests by adhering to the following:
      1. Evaluation -
      2. For gifts of personal property, the Executive Committee, along with such other ChSCC staff and faculty as deemed appropriate by the Executive Committee, will evaluate the following:
  • The usefulness of the property for ChSCC or Foundation purposes;
  • The resale potential of the property;
  • The nature of any restrictions;
  • Legal and other liabilities associated with the asset;
  • Carrying costs, including insurance, maintenance expenses, administrative and legal fees, expenses of sale and other such costs;
  • The means by which the Foundation will pay carrying costs;
  • Fair market value; and
  • Exposure to unrelated business income tax liability. The Development Office will submit such written opinion to the Gift Review Committee for its review.
  1. Appraisal 
    1. If the value of the property is greater than $5,000, a qualified independent appraiser will make a written appraisal of the gift property. The appraisal should be paid for by the donor.
  2. Real Estate
    1. The Foundation may accept gifts of real estate by following the procedures set forth in this section.
    2. For all gifts of real estate, the Executive Committee, along with such other ChSCC staff and faculty as deemed appropriate by the Executive Committee, shall evaluate the following factors:
      1. The usefulness of the property for CSTCC or Foundation Purposes, including environmental issues;
      2. The resale potential of the property;
      3. The location of the property;
      4. Carrying costs, including taxes, insurance, maintenance or repair expenses, expenses of sale, association dues and other such costs;
      5. The means by which the Foundation will pay carrying costs;
      6. Fair market value of the property
      7. Exposure to unrelated business income tax liability;
      8. An inquiry of the present owner regarding his, her or its knowledge of the history of the property, including environmental issues; and
      9. An inspection of the property for any evidence of environmental hazards.
  3. Gift Review Committee -
    1. The Chief Development Officer will submit such findings to the Gift Review Committee. If, based upon its review of such findings, the Gift Review Committee determines that the real estate may constitute an acceptable gift; the Committee will obtain a title opinion letter from independent legal counsel, and may also require an environmental study. The title opinion letter and environmental study, if applicable, will be used by the Gift Review Committee to determine the following factors:
      1. Assurance of marketable title;
      2. The existence of restrictions, easements, or other limitations;
      3. The existence of encumbrances, such as mortgages or mechanics liens; and
      4. Determination of prior owners, indicating possible environmental issues.
  4. Appraisal -
    1. If the value of the property is greater than $5,000, a written appraisal of the gift property will be made by a qualified independent appraiser. The appraisal should be paid for by the donor.
    2. Personal Property (In-kind Gifts) Solicitation of gifts which may require a commitment of college resources must be approved by the President or Chief Development Officer. Gifts with costs associated with them that will ultimately require consideration by the Board must be approved by them prior to acceptance. The Foundation may accept gifts of personal property (in-kind gifts), valued in excess of $5,000, by adhering to the following procedures:
    3. For gifts of personal property, the Executive Committee, along with such other ChSCC staff and faculty as deemed appropriate by the Executive Committee, will evaluate the following:
      1. The usefulness of the property for ChSCC or Foundation purposes;
      2. The resale potential of the property;
      3. The nature of any restrictions;
      4. Legal and other liabilities associated with the asset;
      5. Carrying costs, including insurance, maintenance expenses, administrative and legal fees, expenses of sale and other such costs;
      6. The means by which the Foundation will pay carrying costs;
      7. Fair market value; and
      8. Exposure to unrelated business income tax liability.
  5. Gift Review Committee -

    1. The Development Office will submit such findings to the Gift Review Committee. If, based upon its review of such findings, the Gift Review Committee deems it advisable; the Committee may seek opinion of independent outside counsel.
    2. Appraisal -If the value of the property is greater than $5,000, a written appraisal of the gift property will be made by a qualified independent appraiser. The appraisal should be paid for by the donor.
    3. IRS Reporting Requirements - IRS form 8283 must be filed by the donor for any non- cash contribution valued at over $5000. The donor must get an independent appraisal of the fair market value of the gift. It is the donor's responsibility to complete the form; the Chief Development Officer must also sign it. If the college disposes of a gift within 2 (two) years of the date of the  gift for less than the donor claimed as the value of the gift, the college must complete, on behalf of the Foundation, an IRS 8282 and send a copy to the donor. Gifts valued at less than $5,000 - If the donor believes that the gift has a fair market value less than $5,000, then the donor can self-value the gift. The IRS defines "fair market value" as "the price a willing, knowledgeable buyer would pay a willing, knowledgeable seller when neither has to buy or sell." Obtain from the donor a signed, dated statement that the donor is making the gift to the Foundation and what value the donor places on the gift. If a gift is valued at less than $5,000, the donor must file IRS form 8283 but the Foundation does not have to sign it.
    4. Life Insurance - The Foundation may accept gifts of life insurance, commercial annuities or allied products by signature of one person as set forth in Section 3.5. All premiums should be paid up or the donor should agree in writing that the policy may be converted to cash surrender value immediately. Any exceptions to this policy will be made only upon full review and majority vote in writing by the Gift Review Committee.
    5. Retirement Benefits -The Foundation may accept gifts of retirement benefits funded with marketable securities by signature of one person as set forth in Section 3.5. All other gifts of retirement benefits may be accepted only upon full review and majority vote in writing by the Gift Review Committee. All such gifts shall comply with IRS code requirements. The Foundation strongly recommends that the donor obtain written advice from the donor's tax advisor as to the impact of such gift on the donor's financial situation.
    6. Life Tenancies - The Foundation may accept gifts subject to life tenancies by following the procedures set forth in Section VI, 4, Real Estate. Prior to acceptance of such gifts, the Foundation will execute a written agreement with the life tenant setting forth the responsibilities of both parties, including duties related to taxes, upkeep, repairs, insurance and attendant costs.
    7. Annuities - The Foundation will accept annuities, including deferred annuities, funded with the following types of assets:
      1. Cash;
      2. marketable securities;
      3. or retirement benefits funded by marketable securities.
  6. Other guidelines governing the acceptance and administration of annuities are as follows:
    1. Minimum Age - Minimum age for all life annuitants is 55. Deferred annuities will not begin distributions before age 55.
    2. Minimum Value - Minimum value of initial gift is $10,000.
    3. Rates - Rates to be paid to annuitants may not exceed the rates set forth in the tables prepared by the Council on Charitable Gift Annuities as of the date of the gift, unless otherwise approved by a majority vote of the Executive Committee.
  • Payment for Estate Plans - Inherent conflict of interest problems occur when a charitable entity pays in whole or in part for estate planning legal documents that name the charitable entity as a beneficiary. Therefore, the Foundation will not pay or reimburse the legal fees for estate plans that include the Foundation. In addition, counsel employed by the Foundation or ChSCC may not act in the capacity of the donor's counsel. The term "estate plan" includes, but is not limited to, wills, trusts, charitable gift annuities or any other planned giving arrangement.
  1. Processing and Routing or Gifts
    1. It is the responsibility of the Development Office to officially record and acknowledge receipt of all gifts to the Foundation including cash, pledges, securities, trusts, insurance policies, real estate, and other gifts-in-kind. All gifts should be processed through the Development Office before being deposited in any college account.
      1. Checks should be made out to the "Chattanooga State Foundation." All checks will be recorded by the Development Office staff on the day they are received. Recorded data must include date, name of donor, amount, description, source, check number, and initial of person handling the transaction. Checks will be deposited into the appropriate account through the Business Office within two (two) business days of receipt.
      2. Donors making gifts of stock should be directed to 1) send the stock certificate and stock power under separate cover to the Development Office or 2) transfer ownership of the stock through the broker of their choice. The Investment Committee of the Foundation Board will determine if stock should be held or sold. Corporate stock given to the Foundation may be sold by the college through or in consultation with a registered security broker.
      3. Credit Cards -
      4. Electronic Transfers -
  2. Gifts coming indirectly to the Development Office
    1. Gifts received by persons or offices other than the development office should be transmitted to the Development Office according to the following guidelines:
      1. Cash or assets in the form of documents such as CDs transferred to staff outside the Development Office should be hand-delivered to the Development Office. The Office administrative assistant or other staff member receiving the gift will log in on the receipt log stating date, amount of gift, name of donor, name of person delivering gift, check number and short description of gift. Both parties will sign or initial the log.
      2. Non-cash gifts will be received where physically appropriate. Copies of any documentation such as packing slips, invoices or correspondence concerning the gift will be sent to the Development Office along with the Gifts-in-Kind Report Form. This form should be completed and returned to the Office within 2 (two) days of receipt of gift in order to promptly acknowledge the gift.6. Stewardship Plan
  3. Donors who feel that their gift is appreciated and responsibly utilized are more likely to maintain their interest in the College and its needs. Proper gift acknowledgement and follow-up is necessary for the cultivation of future gifts.
    1. The Development Office will send acknowledgements within two days of receipt of gifts. Any person, project, program or division that benefits from a gift is expected to cooperate as needed with the Development Office in appreciation efforts.
    2. The Stewardship Plan will apprise donors of the use or results of their gifts over the longer term. The Development Office will adhere to the stewardship schedule even when the donor does not specifically request accountability.
  4. Public Acknowledgement of Gifts
    1. News release announcements of gifts will be determined on an individual basis. All news releases will be issued by the Development Office through the Marketing Department. In order to maximize and coordinate media coverage, all requests for news releases, photographs or other media assistance should be directed to the Marketing Department in a timely manner.
  5. Responsibility for Reporting
    1. The Development Office will maintain proper accounting and reporting systems in compliance with IRS and TBR policy. The Office will maintain a complete, accurate and confidential record of every donor to the Foundation. Donor anonymity will be protected when requested by donor.
    2. Recipients will follow donor-imposed restrictions under Development Office oversight including documentation of expenditures and results when required. Programs, departments or other units receiving donations are expected to cooperate with the Development Office in reporting activities as needed.
    3. The Chief Development Officer will submit quarterly financial and activity reports to the College President and the Foundation Board. The Development Office will also issue an annual report detailing Foundation activity and will distribute it widely. A summary of all gifts to the College or Foundation during a fiscal year shall be included in the college's annual report to the TBR Board as required by Board policy. A 990, Return of Organization Exempt from Income Tax, will be filed every year as required by law. Any other forms required by law should be filed in a timely manner.


Approved: Executive Staff, 05/20/09
Approved: President's Cabinet, 05/20/09
Approved: President, 05/20/09
Reviewed and Revised by: Department, 04/07/2009