Winthrop University Foundation
Operating Manual
Policies, Procedures & Practices
Updated September 2014
Contents
Introduction .............................................................................................................................. 3
Asset Management ................................................................................................................... 4
Funds Administration............................................................................................................... 4
Establishing New Foundation Funds ....................................................................................... 6
Working with Winthrop University Departments, Divisions and Constituents ....................... 7
Private Grants .......................................................................................................................... 7
Memorial and Tribute Contributions ....................................................................................... 7
Deposits ................................................................................................................................... 9
Types of Asset ......................................................................................................................... 9
Types of Deposit ...................................................................................................................... 9
Fund Number and Name ........................................................................................................ 10
Cash ............................................................................................................................... 10
Checks ............................................................................................................................ 10
Credit Cards ................................................................................................................... 10
Stocks/Appreciated Securities........................................................................................ 11
Asset Transmittal Form: Instructions................................................................................. 11
Name and Address of Donor/Payer ............................................................................... 11
Signature of Fund Administrator ................................................................................... 11
Prepared By.................................................................................................................... 11
Gifts of Real Estate ........................................................................................................ 12
Gifts in Lieu of Honoraria...................................................................................................... 12
Pledges ................................................................................................................................... 13
Receipts, Acknowledgements, and Quid Pro Quo ................................................................. 13
Prior Approval for Solicitations ..................................................................................... 13
Receipting Rules ............................................................................................................ 13
Spending Available Monies ................................................................................................... 14
General Disbursement Policy – Applicable to all Funds ................................................... 14
Authority and Responsibilities............................................................................................... 16
Travel and Entertainment Reimbursement ............................................................................ 17
Business meals away from home: ...................................................................................... 17
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Receipt Documentation Guidelines........................................................................................ 19
The following guidelines are applicable to all requests for payment/reimbursement:....... 19
Completing the Disbursement Request Form ................................................................ 19
Payee Information .......................................................................................................... 20
Reason and Purpose ....................................................................................................... 20
Requestor Information ................................................................................................... 20
Approval......................................................................................................................... 20
Completing the Expense Reimbursement Form..................................................................... 21
Payee Name and Fund Number.......................................................................................... 21
Organizing your Expense Reimbursement Request ........................................................... 21
Purchase of Goods and Services from Vendors ..................................................................... 22
Scholarships, Awards, Fellowships or Assistantships ........................................................... 23
Scholarships ....................................................................................................................... 23
Responsibilities of Scholarship/Award Recipients ............................................................ 24
Payments to Independent Contractors/Vendors ..................................................................... 25
Confidentiality and Winthrop University Foundation Records ............................................. 26
Appendix Contents:................................................................................................................ 27
Glossary ............................................................................................................................. 27
Library of Forms ................................................................................................................ 27
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Introduction
The Winthrop University Foundation, Inc. (WUF or the Foundation) is a non-profit
institutionally-related organization responsible for accepting, managing, investing,
administering, and disbursing private support for the benefit of Winthrop University.
In 1973, the State of SC certified the Foundation under its current name: the “Winthrop
University Foundation, Inc.” The Foundation is designated as a tax-exempt, charitable
organization under Section 501(c)(3) of the Internal Revenue Code.
The mission of the Winthrop University Foundation, Inc., which is governed by a volunteer
board of directors, is to “support and enhance Winthrop University by encouraging alumni
and friends to provide private funds and other resources for the University’s benefit, to
manage those assets, and to provide volunteer leadership in support of the University’s
objectives.”
Please note that this document references both board-adopted policies as well as standard
operating procedures for Foundation operations and activities. We have included an
Appendix, Glossary, and Library of Forms for your convenience as these documents are
often referred to in the pages that follow.
We welcome your inquiries and are happy to share additional information with you. Please
contact us with any questions you have about the operating guidelines shared in this
document.
We invite your call or visit:
803/323-2229 | 302 Tillman Hall
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Asset Management
The Foundation manages many types of assets for the benefit of Winthrop University. These
assets may be received in the form of cash, securities, planned gifts, or pledges. Each asset
type is managed according to specific guidelines outlined in our Gift Acceptance Policy,
found in Appendix A.
Also outlined in the Gift Acceptance Policy are the current rules governing investment,
spending, and managing assets for the Foundation. This policy is periodically reviewed and
updated by the Winthrop University Foundation Board in conjunction with
recommendations from staff and as informed by industry best practices and changes to
legislation or IRS rules.
Funds Administration
Please see the Glossary included in the Appendix for full definition of vocabulary and
terms applicable to Foundation and Advancement activities.
The Foundation accepts and manages many types of gifts, including endowments, annual
restricted funds, split-interest accounts, and a variety of planned giving vehicles. Annually,
the net spendable income from endowments (as determined by the Spending Rule set by the
Foundation Board of Directors) is released for current or future use.
For non-endowed funds, no distinction is made between principal and income, as both gifts
and income, if any, are available for use.
Annual Restricted Funds are not invested and operate as declining balance funds in a fashion
most similar to a checking account.
In order to ensure compliance with donors’ restrictions on the use(s) of their gifts, the
Foundation practices fund accounting, with each fund assigned a Fund Administrator in the
department, college, or division that the fund was established to support.
Fund Administrators must be employees of Winthrop University, the Foundation, or the
Eagle Club. The Fund Administrator, in conjunction with his or her supervising Dean,
Director or Vice President, is responsible for approval of disbursement requests to obligate
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monies for the purpose(s) set out by the donor in the related Deed of Gift (DOG) that defined
the fund at its inception.
In most cases, the wishes of the donor(s) clearly articulate the criteria for determining a
fund’s restricted purpose. In some instances, funds are established for the general use of a
given department, school, or program, with no specific donor restrictions beyond that of
general support. Such funds are expended at the discretion of the Fund Administrator, within
the guidelines established in the Disbursement Policy for the Foundation.
Fund descriptions are available upon request and will include the official fund name, any
existing selection or spending criteria and, when appropriate, donor names. Information on
all funds is shared annually with Fund Administrators at the Scholarship & Foundation Fund
Summit held in the spring semester of the academic year.
The Winthrop University Foundation works in conjunction with the Winthrop University
Real Estate Foundation (a separate 501(c)(3) tax-exempt, charitable organization) which
manages gifts of real property for the benefit of Winthrop University. The Winthrop
University Real Estate Foundation (WUREF) accepts gifts of real estate and manages them
until such time as they are liquidated and accrued to the benefit of Winthrop University via
deposit with, and allocation by, the Winthrop University Foundation. In some cases, the
Winthrop University Real Estate Foundation manages properties with rent or other income
benefitting a designated purpose for Winthrop University via deposit and disbursement
through the Winthrop University Foundation.
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Establishing New Foundation Funds
A new fund in the Foundation may be established for any purpose that falls within the
Foundation’s mandate to further the mission of Winthrop University. The Foundation cannot
establish funds for programs or purposes that:
•
•
involve contract deliverables, fees-for-services, tuition for a specific student, or sales
of merchandise;
could jeopardize the Foundation’s tax-exempt status.
When monies are received to create a new fund, the appropriate paperwork must be
completed to establish an agreement between the donor(s) and the Winthrop University
Foundation for the funds’ use.
In cases where funding is received in advance of the formal paperwork being completed by
gift solicitors, monies will be deposited into a Foundation Holding Account, where they will
remain separate from the investment pool. Such funds will remain unallocated until the Deed
of Gift is fully executed with the donor, and the monies are transferred into the named fund
for which they were given.
Please see Appendix D: the Standard Operating Procedure for Establishing a New
Fund and Form WUF-A for more information.
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Working with Winthrop University Departments, Divisions
and Constituents
The Winthrop University Foundation works collaboratively with Winthrop’s Division of
Institutional Advancement to support efforts related to fundraising and solicitation of private
gifts to support the University.
Any solicitation for gifts to be received by the Winthrop University Foundation must
receive prior approval and calendaring from the Division of Institutional
Advancement. Having your solicitation calendared and approved in advance is vital to
allow appropriate receipting, and remain in compliance with auditing standards of the
Foundation. Receipting details and quid pro quo must be established prior to the
solicitation commencing so that gifts are receipted and acknowledged in a seamless
manner without delay. Quid pro quo is discussed on page 13 of this manual in more
detail.
This procedure ensures that donor information is documented appropriately, gifts are
credited properly, and that all receipting for gifts by the Foundation remains in compliance
with current IRS regulations and are fully deductible by the donor to the extent provided by
law.
Private Grants
Any grant request to a private foundation or corporate giving department that requires use of
the Winthrop University Foundation Federal Tax ID Number and receipting or disbursement
activity must be approved and coordinated in advance of submission with senior
management of the Foundation.
Memorial and Tribute Contributions
Memorial or Tribute Contributions are those gifts given in honor of a person (or persons) to
celebrate a special event or accomplishment, or in memory of a person (or persons) who
have passed away.
As faculty and staff become aware of the intention to make memorial or tribute gifts, it is
extremely helpful for the Foundation to receive advance notification so that these gifts will
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receive special handling as they arrive. This includes publishing formal acknowledgements
to the recipient, their family member(s) when appropriate, as well as the gift donor.
The Foundation requires the following information to acknowledge these special gifts:
• full name of honoree or decedent;
• name and address of spouse, family member(s), or next of kin to be informed of
memorial or tribute gifts;
• reason for tribute; and
• Foundation Fund name and number to be credited.
Please call the Foundation office 803-323-2229 and speak with any staff member to share
information about anticipated Memorials and Tribute gifts.
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Deposits
This section includes important information about how to deliver contributed funds to the
Foundation for deposit. Please read carefully so that your division or department’s
process will be in compliance with the Foundation’s internal control requirements.
Types of Asset
Each type of asset requires a separate form.
•
All gift assets, including cash, checks and all negotiable securities received by a
Winthrop employee, must be delivered in person to the Foundation Office to
expedite processing and to ensure receipt by the Foundation. Please DO NOT send
cash via Campus Mail.
•
All assets delivered to the Foundation for deposit should be accompanied by a
Foundation Asset Transmittal Form.
•
Winthrop employees assigned the responsibility for delivering gifts to the
Foundation must be prepared to wait for verification of the transmittal and a signed
verification of receipt of the gifts.
Contact the Winthrop University Foundation for further information on types of assets to be
deposited if needed.
Types of Deposit
The Foundation accepts two categories or types of fund deposits: gifts and non-gifts.
•
Gifts are contributions which qualify as charitable contributions less any quid pro
quo – (please see Appendix A: Winthrop University Foundation’s Gift Acceptance
Policy for a detailed definition of quid pro quo requirements.)
•
Non-gifts are deposits to funds which do not have a charitable purpose such as
library book sales and pottery sales by art students.
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•
Check only one type of deposit per transaction form and indicate whether the deposit
is a gift or non-gift. Please do not list gifts and non-gifts on the same transmittal
form.
Fund Number and Name
Be sure to verify the Fund Number and Name before submitting assets to the Foundation for
deposit. Transposition errors can result in the asset(s) being deposited to the wrong fund.
Note: If you are depositing an asset into a newly established fund still in process, enter the
fund name and “to be assigned” for the fund number. Submit the Asset Transmittal with the
asset, and a copy of the Fund Information Form.
Internal Controls & Types of Assets
The Foundation’s internal control procedures require that cash gifts are hand-delivered to
the Foundation Office by a courier from your department or division.
Cash
• The cash amount will be verified by Foundation staff upon arrival of the courier.
Employees assigned this task must be prepared to wait for verification.
•
The courier will be required to sign the cash verification form and must wait to
receive a cash receipt to confirm the delivery.
Checks
•
Checks should be made payable to the Winthrop University Foundation.
•
Checks made payable to Winthrop University or any University entity, such as a
college, department, or program, which clearly represent gifts to the University
may also be deposited into the appropriate Foundation fund.
Credit Cards
•
All credit card gifts must be accompanied by a Foundation Gift Processing Form,
complete with:
o
The credit card number, expiration date, and CID code.
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o
If received by phone, the signature of donor or staff member who received
the information.
Stocks/Appreciated Securities
•
Instructions and forms for this type of gift are available on the Foundation’s
website: http://www.wufoundation.com
Asset Transmittal Form: Instructions
Name and Address of Donor/Payer
•
List each donor separately. Attach a list of donors/payers if necessary.
•
Be sure to provide a current address for the donor/payer if one is not shown on the
asset.
o
•
Names and addresses are required per IRS regulations to send gift
receipts/acknowledgments to donors and to identify the correct donor
record in our files.
In the case of corporate checks, it is especially important to specify the company
representative’s name and the correct mailing address, if different from the address
provided on the check.
Signature of Fund Administrator
•
The Fund Administrator’s signature is required on every Asset Transmittal Form.
•
By signing this form, the Fund Administrator indicates that he/she has reviewed the
information on the form, and that the assets being deposited are not in conflict with
Foundation policies.
Prepared By
•
The name and telephone number (including extension) of the preparer is required, so
that we can contact that person if questions arise.
•
Print or type this information clearly.
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Gifts of Real Estate
•
Gifts of real property must be coordinated in advance with the Executive Director of
the Winthrop University Real Estate Foundation. Please call the Winthrop
University Foundation office for contact information and procedures.
Payroll Deductions
Winthrop University faculty and staff, Winthrop University Foundation staff, and Winthrop
University student workers may make charitable contributions through payroll deduction to
any fund with an active status at the Foundation.
•
To initiate a payroll deduction, complete and submit a Faculty/Staff Payroll
Deduction Gift Authorization Form to the Foundation office.
•
The donor should indicate the total amount to be deducted semi-monthly and the
fund number or name of the program to be supported. Payroll deductions are
scheduled for 24 pay periods annually.
•
Payroll deductions will continue until employment terminates or until the
Foundation is notified, in writing, of the donor’s desire to cease the deduction.
•
Include the donor’s Winthrop CWID number on all correspondence regarding
payroll deductions.
Gifts in Lieu of Honoraria
An honorarium is a payment given for a professional service rendered nominally without
charge. A payer may make a gift to the Winthrop University Foundation in lieu of paying
honoraria, providing a letter of intent accompanies the payment from the donor identifying
the payment as a charitable contribution.
If an honorarium check naming a faculty member as a payee is endorsed to the Winthrop
University Foundation it will be receipted as a gift from the payee. The payee is responsible
for reporting the honoraria as income for IRS purposes.
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Pledges
A pledge is a promise to give a specific amount over a period of time.
General Pledge Form – A Pledge Commitment Form is found in the Library of Forms
section of this document and on the Foundation website.
It is very important that the date the donor’s pledge payments will begin and the frequency
of the pledge reminders are clearly indicated prior to submitting the form to the Foundation.
Receipts, Acknowledgements, and Quid Pro Quo
Please note: When gifts are received by the Foundation, a receipt and acknowledgement
is generated to be sent to each donor which reflects the amount of the gift and fund to
which the gift was credited.. In the case of memorial and tribute gifts, special
acknowledgements are sent to donors and families or honorees to announce the donation.
Receipts are not sent for non-gift items such as expense reimbursements.
Prior Approval for Solicitations
It is vitally important for each department or division at Winthrop to plan gift
solicitations with the larger institutional impact in mind. Thus, prior approval and
calendaring is required for any gift solicitation from a Winthrop constituent group.
Receipting Rules – Quid Pro Quo
The IRS requires any donor who claims a deduction of $250 or more to obtain a written
receipt from the charitable organization stating whether any goods or services in
consideration for the contribution.
•
If goods or services are provided to the donor in exchange for the contribution (a quid
pro quo contribution), the written acknowledgment must include a good faith estimate
of the value of the goods or services. Form WUF-C must be completed prior to the
solicitation commencing.
•
A charitable organization must provide a written disclosure statement to donors of a quid
pro quo contribution in excess of $75. If donors decline any benefit to be received in
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conjunction with a gift, this must be done at the time the gift is made, as prescribed by
current IRS regulations:
“The charity must furnish the statement in connection with either the
solicitation or the receipt of the quid pro quo contribution. If the disclosure
statement is furnished in connection with a particular solicitation, it is not
necessary for the organization to provide another statement when the associated
contribution is actually received.”
•
A financial penalty is imposed on a charitable organization that does not make the
required disclosure in connection with a quid pro quo contribution of more than $75.
The penalty is $10 per contribution, not to exceed $5,000 per fund-raising event or
mailing.
o
For example, if a donor gives a charity $100 and receives a concert ticket
valued at $40, the donor has made a quid pro quo contribution. In this example,
the charitable contribution portion of the payment is $60. Even though the part
of the payment available for deduction does not exceed $75, a disclosure
statement must be filed because the donor's total payment (including the quid
pro quo portion) exceeds $75. As prescribed by the IRS, the required written
disclosure statement must:

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

Provide the donor with a good faith estimate of the value of the goods or
services that the donor received.
Spending Available Monies
General Disbursement Policy – Applicable to all Funds
All funds shall be administered with due regard to:
•
•
conditions attached to the gift and governing state and federal statutes and
regulations;
in accordance with what is reasonable and equitable, and
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•
in the manner in which persons of ordinary prudence would act in the management
of the property of another.
Please be advised that, in accordance with Foundation policy, all disbursements are subject
to public disclosure upon receipt by the Foundation of an appropriate written request.
All disbursements are subject to review by external auditors and must include written
justification required for audit purposes.
The following guidelines govern all disbursements:
•
The Fund Administrator is responsible for ensuring that there are sufficient monies in
the applicable fund to cover requested disbursements. Requests from funds with
insufficient available balances will be returned without processing.
•
The disbursement must be for a reasonable and customary business purpose, and clearly
indicate a benefit for Winthrop University.
•
The use must fall within the donor’s intent for the gift.
•
The use must not jeopardize the Foundation’s tax-exempt status.
•
The use must comply with all applicable state and federal statutes and regulations.
•
No individual may enter a contract bearing the name of Winthrop University Foundation
without prior authorization by the Executive Director of Winthrop University
Foundation.
•
No expenditure - direct or indirect - may be made for political contributions, dues to
social clubs, or to pay fines or penalties.
•
Expenditures that result in personal benefit to the payee are inappropriate and will be
disallowed.
•
In accordance with IRS regulations, gifts for Winthrop employees must have a value of
$25 or less to avoid designation as taxable income to the employee.
o
Gifts for significant occasions, e.g. retirement, may be eligible for exception to
these regulations but must be approved in advance by the Senior Director of
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Financial Affairs. Please contact the Foundation office for additional
information regarding these types of gifts prior to incurring the expense.
•
The purchase of gift certificates or gift cards in the amount of $25 or less for a bona fide
business purpose are permissible so long as the purpose conforms with the established
criteria for the fund being used to make or reimburse the purchase.
o
Each gift card recipient must be named, with contact information provided for
verification of receipt following the disbursement process.
•
In cases where Foundation funds will be used to reimburse the University for an expense
or activity, the fund administrator will submit a completed Winthrop University Finance
and Accounting Purchase Requisition Form along with copies of all related
documentation to the Foundation. The Foundation will then transfer payment to
Winthrop University via the University’s Accounts Payable system.
•
Monthly reports with balance information are available for all funds and may be queued
and forwarded to Fund Administrators upon request.
Authority and Responsibilities
The University President and Vice Presidents are solely responsible for approving
disbursement requests from funds for which they are named fund administrators.
•
Upon assignment and approval of the appropriate Vice President, the Dean or
Director of a department is responsible for approval of all Foundation disbursements
from funds that benefit their faculty, staff, and programs.
•
The Dean, Director or Vice President may serve as, or may appoint, a Fund
Administrator for each department’s funds. In the absence of the Fund
Administrator, the appropriate Dean, Director, or Vice President may provide
authorization for disbursements on behalf of the Fund Administrator.
•
Deans, Directors, or Vice Presidents may not approve payments to themselves. An
appropriate supervising official must approve the disbursement request.
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Travel and Entertainment Reimbursement
Please note: The information below reflects key points from the Foundation’s Travel and
Entertainment Policy, found in Appendix B. It is the responsibility of those seeking
reimbursement for expenses related to travel and entertainment to become familiar with
the policy in its entirety. We encourage you to contact us with questions before incurring
expenses for which reimbursement/payment will be sought.
All requests for reimbursement for travel and entertainment expenses must comply with
current IRS regulations. Reimbursements that create tax consequences are considered salary
supplements, which cannot be paid directly by the Foundation. This type of reimbursement
must be routed via the university payroll system and billed to the Foundation through
university invoicing.
•
The Foundation does not pay a per diem for travel.
•
Original receipts are required and should be taped to a sheet of letter-size paper and
attached to the Expense Sheet.
•
Receipts should be dated originals and have the vendor’s name printed on them.
•
Receipts must show itemized charges. IRS regulations require detailed
information for such reimbursement. In the case of meals, the itemized receipt
must be included with the total transaction receipt that indicates any gratuity
paid.
o
Hotel bills must be itemized with business expenses indicated.
•
Employees using travel agents should make the reservations and pay for them
personally, then submit a request for reimbursement upon completion of the travel.
•
Travel advances are not allowable.
Business meals away from home:
•
Meals incurred while traveling on business are reimbursable if the travel includes
being away from home.
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•
Meals consumed away from home but not related to business (e.g. breakfast eaten in
Rock Hill prior to traveling out of town) are not reimbursable.
•
Meals consumed by faculty/staff while not away from Rock Hill are not normally
reimbursable by the Foundation. The IRS allows certain exceptions. The primary
exceptions are:
•
•
•
o
A faculty/staff member has a meal with a prospective donor or
volunteers.
o
A faculty/staff member has a meal with a representative of an external
business related organization to discuss matters of benefit to the
University.
o
Faculty/staff have a meeting with a Winthrop University business
purpose and the meal is consumed during that meeting.
o
Faculty/staff attend a division or department-wide holiday party or a
picnic for employees (may include their families).
o
The cost of a meal for a faculty/staff guest may be reimbursable if there
is a clear business purpose, rather than a personal or social purpose for
the guest’s attendance (tax standard states: “reimbursable if impractical
to entertain for the business purpose without the guest”).
o
Receipts for meals must clearly indicate the names of all who attended
the meal and the receipt documentation must state the relationship of
each person to Winthrop, the business purpose and expected benefit of
the meal to Winthrop.
The IRS does not consider the following meals to be reimbursable:
o
Meals furnished to promote goodwill or boost morale.
o
Meals that have no business benefit to the University.
Limits and rules related to the purchase of alcohol can be found in the Travel
and Entertainment Policy in Appendix B.
Travel expenses incurred by or for the benefit of a nonresident alien must
comply with all aspects of the current policy statement.
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Receipt Documentation Guidelines
For detailed instructions, please refer to the Foundation Travel and Entertainment Policy
in Appendix B.
The following guidelines are applicable to all requests for
payment/reimbursement:
•
Foundation funds may not be expended for first class travel.
•
Disbursement/reimbursement requests must be submitted within 90 days of the date
expenses were incurred.
•
All requests for reimbursement must constitute a reasonable and customary business
purpose as recognized by the IRS.
•
Travel expenses may include lodging, airfare, mileage, gas, taxi fares, tolls, parking,
charges for business use of hotel telephone or fax, meals and tips.
•
The Foundation reimburses the least expensive method of travel, including analysis
of rental car expense versus mileage reimbursement for authorized business trips.
o
•
The Foundation reimburses mileage at a rate consistent with the SC state
reimbursement rate. Your travel itinerary including any meeting or
conference agenda/schedule must be attached.
Receipts for meals must clearly indicate the names of all who attended the meal
and the receipt documentation must state the relationship of each person to
Winthrop, the business purpose and expected benefit of the meal to Winthrop.
Completing the Disbursement Request Form
•
Original receipts and invoices and any other pertinent documentation must
accompany all Disbursement Request forms.
•
Receipts should be dated originals and have the vendor’s name printed on them.
•
Receipts must show itemized charges. IRS regulations require detailed information
for such reimbursement.
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o
In the case of meals, the itemized receipt for food and beverages ordered
must be included along with the total transaction receipt that indicates any
gratuity paid.
•
Receipts should be taped individually onto a blank sheet of paper, suitable for
copying/scanning.
•
Receipts and all other forms of supporting documentation should be attached to the
Disbursement Request Form.
Payee Information
•
The request must provide the payee’s complete name, Social Security Number
(SSN) or Employer Identification Number (EIN), Winthrop ID number (if faculty,
staff, or student), and a complete mailing address.
•
Payments to new vendors require a completed form W-9 prior to disbursement.
Reason and Purpose
Please note: This section is vital for audit purposes and must be detailed enough to
explain the expense, its business purpose, and the benefit to the University.
•
Names of all attendees and their relationship to Winthrop (whether
faculty/staff/students, donors, alumni, prospects, or other guests) should be clearly
documented on the disbursement request documentation.
•
We have provided a template for your convenience in collecting and reporting
attendee information (included in the Appendix as Form WUF-D2.)
Requestor Information
This section should indicate the name, campus address, and telephone extension of the
person initiating the request. The Foundation Office will contact this person if additional
information is required.
Approval
No person may authorize a payment to themselves. An appropriate supervising official
must approve the disbursement request. The authorized Fund Administrator and the
appropriate Dean, Director, or Vice President must sign all Disbursement Requests.
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Completing the Expense Reimbursement Form
This form must be attached to a Disbursement Request Form whenever an individual
is reimbursed for out-of-pocket expenses such as travel, supplies, books, or dues.
Original receipts must accompany all expense sheets.
•
Foundation policy does not allow payment of per diem. All travel and
entertainment expenses must comply with IRS regulations and state the
Winthrop University business purpose for reimbursement.
Payee Name and Fund Number
Please note: The Payee, the Fund Administrator, and the supervising Dean,
Director, or Vice President must sign the Certification of Expenses and Expense
Documentation Forms.
The payee and approving official may not be the same individual.
•
This information should be the same on both the Disbursement Request Form
and the Expense Sheet.
•
Verify this information to ensure expenses are charged to the correct fund.
•
Date, Description, and Travel Origin: For all expenses, the description
should be complete and concise.
Organizing your Expense Reimbursement Request
•
Organize receipts by date and expense type. Tape them in that order to a
plain piece of paper.
•
Total expenses by date and type, then transfer amounts to the appropriate line
and column on the Expense Certification Form.
•
Highlight the amount on the receipt to be reimbursed and indicate expense
type if it is not clearly evident. Receipts in foreign currency must refer to the
exchange rate used and have the U.S. dollar equivalent written on each
receipt.
WUF Operating Manual 2014-15
Page | 21
Purchase of Goods and Services from Vendors
Please note: The vendor (payee) cannot be an employee of Winthrop University or an
affiliated organization.
Whenever possible, purchase of goods and services should be made utilizing the
University’s purchasing and procurement function. A Foundation fund may be the source of
funding for a transfer to a University budget account. Please contact Foundation staff
about initiating this type of payment.
•
A Disbursement Request Form (WUF-D) and the original invoice(s) are required for
all purchases and reimbursements. The original invoice must have the initials of the
individual authorizing payment, with the phrase “ok to pay.” Please see the example
provided in the Library of Forms.
•
An invoice must accompany payments to individuals for services.
•
Payments to nonresident aliens must follow the policy as stated in Payments to
Independent Contractors/Vendors on page 24.
•
For payments relating to a reception, events, or any group meeting or gathering
where food or refreshments are served, a copy of the invitation or announcement
should accompany requests for payment. Details such as date, time and reason for
the event are required.
•
A list of attendees is required. We have provided a template for your convenience in
collecting and reporting attendee information (included in the Appendix as Form
WUF-D2.)
o
If a list of attendees is not available or practical, the fund administrator must
identify the group invited and approximate the number attending.
WUF Operating Manual 2014-15
Page | 22
Scholarships, Awards, Fellowships or Assistantships
•
•
All payments to students must be processed through the appropriate University
account.
Monies can be transferred from a Foundation fund to a University account for
this purpose providing the transfer is in compliance with current University and
Foundation policy.
Scholarships
Scholarship information for each academic year will be released at the Scholarship and
Foundation Fund Summit convened during spring semester to the Deans, Athletic
Director, and other awarding officials for awards available for the following academic
year, e.g. 2014-15 award amounts were released at the Scholarship Summit held on
2/24/2014.
•
For endowed scholarships, the amount released will reflect the calculated
disbursement according to the current spending rule for endowments.
•
•
For annual restricted accounts, the total available balance will be announced.
Scholarship criteria, including the maximum annual amount to be disbursed, the
number of recipients, and other awarding detail will also be shared annually.
The Winthrop University Office of Financial Aid has oversight and administrative
responsibilities for applying scholarships for students.
•
Some scholarships are designated for awarding by a scholarship committee or
by deans or department chairs. These scholarships must be reported to Financial
Aid so that student accounts will reflect the award, and so that all scholarship
recipients may be included in the final list of recipients compiled for donor
stewardship activities.
•
All student scholarships will be reflected on student financial accounts or, in
select cases, may be posted through student payroll when appropriate. Except in
cases of funds that allow for specific expense reimbursement, no checks will be
issued directly to students.
•
The Office of Financial Aid will share a census of recipients, including
demographic information, award amount, and official fund/award name, with
WUF Operating Manual 2014-15
Page | 23
the Division of Institutional Advancement and the Winthrop University
Foundation each year.
Responsibilities of Scholarship/Award Recipients
Each recipient of a scholarship is required to participate in the annual Student
Scholarship Thank You Note Project so that the Foundation and Institutional
Advancement may provide comprehensive stewardship for fund donors. Students who
fail to meet this requirement will not be eligible to renew scholarship support at
Winthrop, nor qualify for future support until such time as this requirement is met.
For more information about fund stewardship and responsibilities of student scholarship
recipients, see the full Gift Acceptance Policy in Appendix A.
WUF Operating Manual 2014-15
Page | 24
Payments to Independent Contractors/Vendors
To request payment for services rendered, the following guidelines are applicable:
•
Payments for services must be made directly to the individual who performs
the service.
•
The Foundation will issue an IRS Form 1099 to the recipient for income tax
purposes.
•
Disbursement Requests must contain the individual’s full name, permanent
address used for income tax purposes, Social Security Number (SSN), or
taxpayer identification number.
•
An IRS Form W-9 completed and signed by the individual must be submitted
with the Disbursement Request for new vendors in order for processing to
commence.
•
According to South Carolina university system policy, payments for services
cannot be made directly by the Foundation to any employee of Winthrop
University or an affiliated organization.
•
Payments to nonresident aliens as “independent contractors” or as honoraria or
reimbursements must be processed through Winthrop University Accounts
Payables to ensure compliance with all IRS regulations and federal laws.
•
Monies from a Foundation fund designated for the expense purpose may be
transferred to an appropriate Winthrop University budget account to offset
these expenses.
•
The Foundation’s Conflict of Interest policy (included as Appendix D) is
applicable to all contracting and vendor expense payments. Please contact the
Foundation office to discuss contracting that could potentially involve a
family member or personally benefit the requestor. Written bids from several
parties, including the family member, are required prior to contracting. As
well, the requestor must have the business arrangements approved in advance
by the appropriate supervising official. Please contact Foundation staff for
assistance if you believe a Conflict of Interest exists or has the potential to
exist.
WUF Operating Manual 2014-15
Page | 25
Confidentiality and Winthrop University Foundation Records
A successful partnership between Winthrop University and the Foundation is based on
establishing trust and accountability. The Foundation, as a institutionally-related
organization of Winthrop University, acknowledges and affirms the importance of public
scrutiny of its financial affairs. The Foundation’s ability to assure donors and prospective
donors that their personal or financial information will be held in confidence is essential to
fulfilling its primary mission of accepting, managing, and disbursing private support for
Winthrop University.
Upon receipt of a specific request in writing, the Foundation will provide financial
information such as expenditures from Foundation funds, documentation regarding
completed business transactions, and information about the investment and management of
Foundation assets. Protected proprietary information of the Foundation or a third party will
not be included. The Foundation will furnish this information in a format and cost that is
reasonable to the requesting party. The Foundation will not, however, release any record or
information that includes personal or financial information about a donor, alumnus,
prospective donor, volunteer, or employee.
All records associated with such fundraising activities held by any Winthrop University
staff member, faculty, or student are considered Foundation records and thus
confidential in nature.
WUF Operating Manual 2014-15
Page | 26
Appendix Contents:
Appendix A:
Appendix B:
Appendix C:
Appendix D:
Appendix E:
Gift Acceptance Policy
Travel and Entertainment Policy
SOP for New Fund Paperwork
Conflict of Interest Policy
Current Foundation Staff Contact Information
Glossary
Library of Forms
•
•
•
•
•
•
•
•
•
•
•
WUF-A
Fund Information Form
WUF-B
Asset Transmittal
WUF-C
Accounting for Fund-Raising Event and Quid Pro Quo
WUF-D
Disbursement Request
WUF-D2
Food/Beverage Expense Documentation
WUF-E
Expense Report
WUF-K
Fund-To-Fund Transfer Request
WUF-L
Alternate Signature Authority Designation
WUF-R
Faculty/Staff Payroll Deduction Gift Authorization
WUF-S
Pledge Form
Stock Transfer Instructions
WUF Operating Manual 2014-15
Page | 27
Winthrop University Foundation
Gift Acceptance Policy
Updated September 2014
Winthrop University Foundation
Gift Acceptance Policy
Table of Contents
Purpose and Philosophy ________________________________________________________________ 5
Definitions ______________________________________________________________________________ 5
General Guidelines for Management and Reporting ____________________________________ 5
Conformity to National Reporting Standards ___________________________________________ 7
Campaign Gift Counting ________________________________________________________________ 7
Code of Ethical Principles and Standards of Professional Practice ______________________ 8
Management of Scholarships ___________________________________________________________ 8
Whistleblower Policy ____________________________________________________________________ 9
Protection from Retaliation _____________________________________________________________ 9
Where to Report _______________________________________________________________________10
Governance ____________________________________________________________________________10
Winthrop University Foundation Committees __________________________________________10
Related Policies and Procedures _______________________________________________________11
The Gift Acceptance Policy_____________________________________________________________11
Gift Acceptance Committee ____________________________________________________________11
Naming Opportunities for Major Gifts _________________________________________________11
Academic Appointments _______________________________________________________________11
Forms of Giving ________________________________________________________________________12
Cash Transactions _____________________________________________________________________12
Publicly Traded Securities _____________________________________________________________12
Receipting of Securities________________________________________________________________13
Non-liquid Business Interests __________________________________________________________13
Real Estate _____________________________________________________________________________14
Tangible Personal Property ____________________________________________________________15
Sponsorships __________________________________________________________________________15
Endowed Funds - General Policies _____________________________________________________15
Setting _________________________________________________________________________________17
Endowment Minimums ________________________________________________________________17
Naming Opportunities and Recognition for Major Gifts _______________________________17
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 2 of 39
Winthrop University Foundation
Gift Acceptance Policy
Funding Requirements_________________________________________________________________17
General Policy _________________________________________________________________________18
Minimum Gifts _________________________________________________________________________19
Acceptable Gifts _______________________________________________________________________19
Criteria for Acceptance ________________________________________________________________19
Costs of Implementation ______________________________________________________________19
Gift Agreements _______________________________________________________________________19
Timeframe for Pledged Gifts___________________________________________________________20
Named Gift Approval Process __________________________________________________________20
Naming of Buildings and Interior Spaces ______________________________________________21
New Construction______________________________________________________________________21
Renovations ___________________________________________________________________________21
Existing Buildings - Unnamed __________________________________________________________22
Interior and Exterior Spaces ___________________________________________________________22
Lifetime of the Building or Space ______________________________________________________22
Naming Rights for Endowment Projects _______________________________________________23
Academic Programs, Units and Positions ______________________________________________23
Student Scholarships, Fellowships, and Programming _________________________________24
Physical Tributes ______________________________________________________________________25
Annual Restricted Funds _______________________________________________________________25
Recognition ____________________________________________________________________________25
Immediate Naming Opportunities for Irrevocable Deferred Gifts ______________________ 25
Naming Opportunities for In-Kind Gifts________________________________________________26
Special Tribute or Memorial Occasions ________________________________________________26
Responsibilities to Donors_____________________________________________________________26
General Policy _________________________________________________________________________26
Gift Revocation and Refunds __________________________________________________________27
Ethics Clause __________________________________________________________________________28
Ways of Giving _________________________________________________________________________28
Current/Outright Gifts_________________________________________________________________28
Pledges ________________________________________________________________________________28
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 3 of 39
Winthrop University Foundation
Gift Acceptance Policy
Single Year and Multi-year Pledges ____________________________________________________29
Pledge Timeframe _____________________________________________________________________29
Planned Gifts __________________________________________________________________________29
Undesignated Planned Gifts ___________________________________________________________29
Bequests and Retirement Plan Designations ___________________________________________30
Life Insurance _________________________________________________________________________30
Charitable Gift Annuity ________________________________________________________________31
Charitable Remainder Trusts (CRATs, CRUTs) _________________________________________32
Charitable Lead Trust __________________________________________________________________33
Remainder Interest in Real Property ___________________________________________________33
Trusts Held by a Third Party ___________________________________________________________33
Effective Date and Amendments _______________________________________________________34
Effective Date of Policy ________________________________________________________________34
Authority to Make Amendments _______________________________________________________34
Appendix A | Guidelines for Reporting and Counting Charitable Gifts ________________ 35
Appendix B | ___________________________________________________________________________36
Donor Bill of Rights ____________________________________________________________________36
Appendix C | Endowment Reporting to Donors _______________________________________37
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 4 of 39
Winthrop University Foundation
Gift Acceptance Policy
Purpose and Philosophy
The purpose of this Gift Acceptance Policy (GAP) is to provide operational procedures for gift
officers and development staff working with prospective donors interested in making current and
planned gifts to benefit Winthrop University.
Winthrop University, through the Division of Institutional Advancement, seeks to encourage its
alumni and friends to make current and planned gifts that will provide financial support to meet the
needs of the University and its related foundations. Gift officers and development staff are expected
to facilitate only those current and planned gifts that are consistent with each donor’s overall
personal, financial and estate goals.
Definitions
The Winthrop University Foundation (hereinafter referred to as the Foundation) is an independent,
tax exempt, nonprofit 501(c)(3) institution. Its sole purpose is to accept, manage, and disburse private
resources for the benefit of Winthrop University (hereinafter referred to as the University) in the
accomplishment of the University’s stated goals and objectives and in accordance with donor
directives.
A gift, or donation, is a voluntary and irrevocable transfer of money, securities, tangible personal
property or real property to the Foundation made by a donor without any expectation or receipt of
direct economic benefit or provision of goods or services from the recipient. Donors may be
individuals, sole proprietors, partnerships, corporations, foundations, or organizations.
General Guidelines for Management and Reporting
The Foundation receives gifts to the University and for its benefit. Upon receiving a gift, the terms,
restrictions, and conditions of the gift will be recorded. The Foundation will deposit gifts toward
designations specified by donors and send, in a timely manner, an official receipt together with an
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 5 of 39
Winthrop University Foundation
Gift Acceptance Policy
acknowledgment of the gift, which shall comply with the substantiation regulations of the IRS and
message of gratitude to all donors.
Pledges will be recorded, and the Foundation will work with Institutional Advancement to implement
and maintain a pledge payment reminder system that maximizes fulfillment of pledges as well as
reflects current best practices of relationship management according to the higher education
fundraising sector. 1
Outright gifts to the Foundation shall be reported only when assets are actually and irrevocably
transferred to the institution.
•
Planned gifts shall be reported only when the assets are actually and irrevocably transferred to the
institution by trust or gift instrument.
•
Documented provisions in wills or other revocable instruments shall be acknowledged and
reported separately but not treated as charitable gifts to the Foundation until funds are actually
received.
Total fundraising at the Foundation shall be the sum of all new pledge commitments documented in
the reporting period and all new cash/cash equivalent gifts received by the Foundation in the same
period.
The amount of actual gifts received will be reported separately and will be the sum of all cash/cash
equivalents received in the reporting period, including payments on pledges.
Income from ticket-based operations and investment earnings are excluded from gift income. Net
proceeds from special events benefiting University programs shall constitute gift income.
In the normal course of business, the Foundation prepares financial statements based on GAAP
(Generally Accepted Accounting Principles.)
Additionally, the Division of Institutional Advancement will prepare fundraising statements to
capture philanthropic activity. Fundraising statements and financial statements may differ due to
counting practices for campaign versus GAAP standards for financial accounting.
1
Conformance to Financial Accounting Standards Board, rule 116, requires that the Foundation record pledges
as assets of the institution, since FASB 116 interprets a “pledge” as an unconditional promise to give an asset to
the Foundation.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 6 of 39
Winthrop University Foundation
Gift Acceptance Policy
Conformity to National Reporting Standards
The standards of accounting and reporting established by the Council for Advancement and Support
of Education (CASE) and the National Association of College and University Business Officers
(NACUBO) 2 as printed in CASE Reporting Standards & Management Guidelines for Educational
Fundraising, shall govern the management and reporting of gifts to the University.
The Annual Gift Report by the Foundation shall also conform to the Council for Aid to Education’s
(CFAE) annual Survey of Voluntary Support of Education (VSE).
Campaign Gift Counting
Whenever Winthrop University launches a comprehensive fundraising campaign, the Foundation’s
Operations Committee will be responsible for recommending all campaign-specific policies and
procedures for campaign gift accounting and reporting to be adopted by the Winthrop University
Foundation Board of Directors.
These policies and procedures may differ from gift policies and procedures stated elsewhere, e.g.,
campaign gifts may include charitable commitments from donors that are not counted as assets of the
Foundation under Financial Accounting Standards Board (FASB) accounting standards. The
Foundation will count and report campaign gifts in categories as follows:
A. Gifts that are usable or will become usable during the course of the campaign;
B. Irrevocable Planned Gifts;
C. Revocable Planned Gifts with appropriate discounted value due to the nature of the
commitment.
2
The Foundation is required to follow Financial Accounting Standards Board (FASB) requirements for
financial reporting. Where NACUBO guidelines may propose Governmental Accounting Standards Board
(GASB) rules, the Foundation has elected to follow FASB.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 7 of 39
Winthrop University Foundation
Gift Acceptance Policy
Total campaign giving will be counted as all gifts in Category A, plus all gifts in Category B, plus all
gifts in Category C (see Appendix A).
Code of Ethical Principles and Standards of Professional Practice
All Institutional Advancement gift officers and development staff at the Winthrop University will
abide by the Association of Fundraising Professionals’ Code of Ethical Principles and Standards of
Professional Practice, as amended from time to time (adopted in 1964; amended October 1999).
Management of Scholarships
The Foundation’s Executive Director will authorize senior Foundation staff to implement and manage
the scholarship and foundation fund awarding process in conjunction with partners across the
university, especially collaborating with the Division of Access & Enrollment Management, the
Office of Financial Aid and the Office of the Provost.
Each spring semester, the Foundation will plan and host a Scholarship and Foundation Fund Summit.
Representatives of scholarship and foundation funds awarding groups (as determined by the Provost)
and Financial Aid will be invited to meet and receive notification of award amounts and criteria for
scholarships applicable to the upcoming academic year, e.g. February 2015 Scholarship & Foundation
Fund Summit will announce awards for the 2015-16 academic year beginning in August 2015. The
agenda for the Summit will include updates and reminders, such as:
•
Any changes to policies or legislation affecting the management, oversight, or application of
scholarships will be shared during the Scholarship and Foundation Fund Summit.
•
All scholarships available in an academic year are to be awarded for the following term no later
than the first day of exams during the spring term of that academic year.
•
Any funds overspent or not awarded according to the criteria of the respective scholarship(s)
involved will become the financial responsibility of the office responsible for making the award.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 8 of 39
Winthrop University Foundation
Gift Acceptance Policy
All scholarships and awards will be made through Winthrop’s Office of Financial Aid.
In the event of awards that are paid directly to students, per legally approved deeds of gift
signed by donors and approved by the Winthrop University Foundation, the Office of
Financial Aid will be notified so that they may report the support each student receives,
in compliance with Federal guidelines.
Approved awards held by the Winthrop University Foundation will be legally viable to award as
such and will be marked in the constituent relationship management (CRM) system (currently
Blackbaud’s Raiser’s Edge) as awards.
All scholarships and awards will be paid to the university, either through student accounts or via
university payroll for awards which cannot be issued through an existing student account, or in
the case of awards to faculty/staff.
o
•
•
Whistleblower Policy
The Whistleblower Policy of the Winthrop University Foundation encourages all Board members,
staff, and volunteers, acting in good faith, to report suspected or actual occurrences of illegal,
unethical, or inappropriate events; specifies that the Foundation will protect the individual from
retaliation; and identifies where such information can be reported. Winthrop University employees
are covered by the Code of Laws.
Encouragement of Reporting
The Foundation encourages reports of suspected or actual occurrences of illegal, unethical, or
inappropriate events, including illegal or improper conduct by the Foundation itself, by its leadership,
or by others on its behalf. Appropriate subjects to be raised under this policy would include financial
improprieties, accounting or audit matters, ethical violations, misappropriation or misuse of
Foundation resources, or other similar illegal or improper practices or policies. Other subjects on
which the Foundation has existing complaint mechanisms should be addressed under those
mechanisms, such as raising matters of alleged discrimination or harassment via the Foundation’s
human resources channels, unless those channels are themselves implicated in the wrongdoing. This
policy is not intended to interfere with legitimate employment decisions.
Protection from Retaliation
The Foundation prohibits retaliation by or on behalf of the Foundation against individuals for making
good faith disclosures under this policy or for participating in a review or investigation under this
policy. This protection extends to those individuals whose allegations are made in good faith, but
prove to be mistaken. The Foundation reserves the right to discipline individuals who report false
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 9 of 39
Winthrop University Foundation
Gift Acceptance Policy
allegations that are both unsubstantiated and made with malice or who otherwise abuse this policy.
Individuals who self-report their own misconduct are not afforded protection by this policy.
Where to Report
Complaints, reports, or inquiries may be made under this policy on a confidential or anonymous
basis. They should describe in sufficient detail the specific facts demonstrating the basis for the
disclosure and should be directed to the Foundation’s Executive Director or the President of the
Foundation Board as appropriate. If both of those persons are implicated in the report it should be
directed to the Vice President of the Foundation Board. The Foundation will conduct a prompt,
discreet, and objective review or investigation. An investigation of unspecified improprieties or broad
allegations will not be undertaken without verifiable evidentiary support.
It is the intent of the Foundation to take whatever action may be needed to prevent and correct
activities that violate this policy and to protect individuals against false allegations of illegal or
improper conduct.
At any time when a staff member, volunteer, or donor has a concern related to Foundation business
and its compliance with local, state, or federal law, or the legislation and regulations governing nonprofit organizations, s/he may express these concerns and be heard without fear of reprisal and may
do so safely and anonymously.
In these instances, please contact the Executive Director, Chairman of the Audit Committee, or the
President of the Winthrop University Foundation.
Governance
Winthrop University Foundation Committees
The President of the Winthrop University Foundation Board of Directors shall appoint directors of the
Foundation to serve on the standing committees of the board. Committees such as Operations, Budget
and Allocation, and Investment shall be responsible for the regular review of, and proposal of
amendments to, existing policies and procedures for Foundation operations, all of which must be
approved by the Foundation’s Board of Directors.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 10 of 39
Winthrop University Foundation
Gift Acceptance Policy
Related Policies and Procedures
Policy on Accepting Gifts
The Operations Committee shall be responsible for recommending and implementing all Foundation
gift acceptance policies to comply with best practices in the nonprofit fundraising sector. All gift
acceptance policies must be approved by the Foundation’s Board of Directors through the
recommendation of the Operations Committee.
Gift Acceptance Committee
Additionally, the Operations Committee may direct the Foundation’s Executive Director to convene a
Gift Acceptance Committee comprised of senior leadership for the university and its foundations, to
periodically to review, approve or decline all gifts or gifts that are unusual in nature and/or fall
outside of the parameters as defined in established policies of the Foundation.
Naming Opportunities for Major Gifts
By making a significant gift to the University, donors may be offered the opportunity to select the
name of a program, facility, professorship, academic unit, scholarship or other purpose.
Naming gifts may be offered in honor or memory of the donor or another individual or entity of the
donor’s choosing.
The Winthrop University Board of Trustees shall retain authority for final approval for all naming
opportunities but generally delegates this authority to the President of Winthrop University.
Any offer to name buildings, spaces and academic units or programs must follow the Naming
Opportunities policies & procedures, included herein, as approved by the Winthrop University
Foundation Board on December 10, 2009, amended September 17, 2014.
It is the responsibility of the gift officer or development staff member, once(s) he becomes aware of a
potential naming opportunity gift, to bring it to the attention of his or her immediate supervisor as
soon as is practicable in order to facilitate meaningful and timely discussion and action by the
Foundation Board and Winthrop University Board of Trustees.
Academic Appointments
The Executive Director of the Winthrop University Foundation or his/her designee, shall consult with
the Provost, for the purpose of approving all gifts to establish professorships, chairs or other similar
academic appointments.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 11 of 39
Winthrop University Foundation
Gift Acceptance Policy
Forms of Giving
Cash Transactions
All charitable gifts contributed in the form of cash, checks, money orders, traveler’s checks,
electronic fund transfers, and credit or debit card transactions shall be received at face value and will
be recorded, receipted, and acknowledged in accordance with Foundation cash handling internal
control policies, and current IRS and FASB regulations. The Foundation will provide a high level of
security to donors who make online gifts. The date of gift for cash gifts will be determined by one of
the following criteria recognized by the IRS:
the date legal tender is received by the Foundation by hand delivery;
•
the date of the U.S. postal marking indicated on the mailing envelope containing the gift;
•
the date electronically transferred funds are received into a Foundation account;
•
the date a credit or debit card transaction is authorized by the donor (if such authorization is
obtained through the mail, the above criteria apply).
Checks should be made out to “Winthrop University Foundation.” In the event that Winthrop
University Foundation receives a check mailed to the Winthrop University Foundation which bears
“Winthrop University” as the payee and is clearly intended as a gift to a fund held by the Winthrop
University Foundation, the Winthrop University Foundation will deposit and process the check.
In the event that checks are made out to “Winthrop University” and forwarded to the Winthrop
University Foundation or delivered in person by an individual other than the donor, the Winthrop
University Foundation will contact the donor to determine whether s/he intends the check to be
deposited by the Winthrop University Foundation or by Winthrop University and will handle
accordingly.
Publicly Traded Securities
The Foundation will accept all publicly traded securities based on the full fair market value of the
securities, which shall be valued, recorded, receipted and acknowledged in accordance with current
IRS regulations.
Upon receipt of a gift of securities, Foundation staff shall fulfill brokerage requirements for
immediate sale of the securities as soon as practicable by the Foundation investment managers unless
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 12 of 39
Winthrop University Foundation
Gift Acceptance Policy
otherwise directed by the donor or the Foundation. Should the latter be the case, a discussion of a
liquidation strategy should be held with the donor.
The Foundation will maintain one or more brokerage accounts for the purpose of processing all gifts
and securities. The Senior Director of Financial Affairs shall manage the process of opening or
closing brokerage accounts, in coordination with the Executive Director for the Foundation, Treasurer
and the Chairman of the Investment Committee of the Board of Directors.
Receipting of Securities
Gifts of publicly traded securities will be valued for gift recording purposes as the mean of the highest
and lowest selling prices quoted for the stock (as reported by recognized public securities exchanges)
on the date of their gift to the Foundation. The date of gift will be determined based on one of the
following criteria:
the date an electronic transfer of securities from a donor’s account is received into a brokerage
account owned by the Foundation or into a broker’s gift account;
•
the date of hand delivery of certificates that are signed over to the Foundation;
•
the date of U.S. postal cancellation on envelopes containing a certificate(s) accompanied by a
qualified stock power (NOTE: Both the stock power and the certificates must be received by
the Foundation before valuation can be determined).
Gifts of publicly traded securities will be acknowledged to the donor in writing by identifying the
names(s) of the securities and the actual number of shares given. No dollar amount will be included in
the receipt. The exception to this will be when the donor gives securities in exchange for a life income
gift and the securities must be valued in order to calculate the remainder value.
Non-liquid Business Interests
Closely held or restricted securities, sole proprietorships, general or limited partnership interests, Scorporation stock, and/or REITS may be accepted as contributions only after review and approval by
the Executive Director together with the Chair of the Investment Committee and the President of the
Foundation Board. Receipt of such gifts shall be recorded, receipted and acknowledged in
accordance with all applicable IRS regulations.
Gifts of non-liquid business interests will be valued for recording purposes based on either a qualified
independent appraisal when required by the IRS or by an objective third party who is knowledgeable
about the interest. Gifts of non-liquid business interests will be acknowledged to the donor in writing
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 13 of 39
Winthrop University Foundation
Gift Acceptance Policy
by identifying the gift with particularity, including the names(s) of the shares and the actual number
of shares given. No dollar amount will be included in the receipt.
Real Estate
Gifts of real estate will be evaluated on a case-by-case basis and handled through the Winthrop
University Real Estate Foundation (WUREF), which is a separate 501 (c)(3) entity, in collaboration
with the Executive Committee of the Winthrop University Foundation.
Real estate can be given outright, through a bargain sale arrangement, or for the purpose of funding a
life income charitable giving arrangement. All gifts of real estate will be handled in accordance with
WUREF policy and in conjunction with the Gift Acceptance Committee convened by Winthrop
University Foundation on behalf of the University.
The Executive Director (or designee) from Winthrop University Foundation must review the WUREF
real estate acceptance procedure with the prospective donor.
Gifts of real estate will be subject to a comprehensive due diligence process that will include, but is
not limited to, the following elements:
Actual inspection of the property by a knowledgeable WUREF representative
•
Environmental assessment (Phase I – required at Donor’s expense)
•
Survey
•
Recent appraisal
•
Preliminary title examination (mortgages, liens, easements, etc.)
•
Taxes paid currently
•
Termite bond
•
Zoning
•
Pending assessments
•
Rental income - leases
•
Maintenance and management costs
•
Home owner association and costs
•
Timber rights
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 14 of 39
Winthrop University Foundation
Gift Acceptance Policy
•
Marketability estimate
•
Review and action to accept by the WUREF Board of Directors
Tangible Personal Property
Gifts of tangible personal property (gift- in-kind) that require receipting by WUF or WUREF will be
accepted only with the approval of the WUREF Board of Directors in collaboration with the
Winthrop University Foundation’s Gift Acceptance Committee.
Sponsorships
Winthrop University values sponsorships as an opportunity for businesses to support Winthrop’s
mission and purpose through philanthropy.
Sponsorships given as gifts to Winthrop University will be tax deductible with promotional rights as
outlined in the sponsorship agreement:
•
mention location, phone number, or website of business
•
include value neutral descriptions of services the business provides
•
display brand or trade names, and/or logos that are an established part of the sponsor’s
identity
•
display or distribute free products at a sponsored activity
Benefits to the sponsor other than as described above will have quid pro quo value and will be
receipted accordingly.
Sponsorships for which the paid value is handled and receipted by the Winthrop University
Foundation must be pre-approved by the Executive Director of the Foundation.
Endowed Funds - General Policies
The Foundation shall define and manage its true and quasi-endowments in accordance with FASB
definitions and rules. The Foundation may also apply the Uniform Prudent Management of
Institutional Funds Act (UPMIFA), or its successor action, as enacted by the State of South Carolina
and as directed by the Foundation Board of Directors.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Gift Acceptance Policy
Endowments may be designated by the donor for restricted use in any College, division, department
or program within the University and may be named in honor of individuals. Endowments shall be
governed by a written Deed of Gift executed by the donor and the Foundation. This agreement must
be approved and executed by the Executive Director for the Foundation, and appropriate Vice
President, Dean or Department Chair, before it is presented to the donor for consideration.
Endowments may be funded with outright contributions including contributions pledged over a
maximum period of five years and must meet the required minimums established by prevailing
Foundation policy.
The Vice President for Institutional Advancement may recommend pledges of larger amounts up to a
period of ten (10) years for approval by the Executive Director for the Foundation. Any exceptions to
the policy must be approved by the Foundation’s Executive Committee.
If gifts for an endowment fail to meet the required minimum after the maximum pledge period, the
funds shall be transferred to the general endowment funds of the Foundation. Endowments funded by
designated contributions from a Charitable Lead Trust may exceed the five year maximum payment
period on a case by case basis upon the recommendation of the Vice President for Institutional
Advancement and the approval of the Executive Director of the Winthrop University Foundation.
Endowments may also be funded with planned gifts from bequests, life insurance policies, retirement
plan designations, charitable remainder trusts, charitable gift annuities, and similar instruments and
arrangements. However, only the remainder value of these giving agreements may be used for credit
toward the required endowment minimums. Should such a planned contribution not meet the
prevailing minimums for an endowed fund at the time it becomes available to the Foundation, the
Executive Director of the Winthrop University Foundation shall determine a use for the funds that
most closely resembles the purpose(s) set out in the original gift agreement; if a close substitute is not
available, the funds will be directed to the Foundation’s permanent endowment.
Endowments created by testamentary transfer shall be administered in accordance with the donor’s
wishes as set forth in the relevant testamentary document; provided that the donor clearly intends to
establish an endowment and the intended use is not prohibited by law or Foundation policy. If the
intended use does fall outside of the law and/or Foundation policy, or if the gift fails to meet the
prevailing required minimum for an endowed fund at the time it becomes available to the Foundation,
the Foundation will adhere to the laws and regulations of the State of South Carolina regarding such
matters.
Endowment principals will be pooled and invested, and income expended, in accordance with the
prevailing Investment Policy Statement and Spending Rule of the Foundation.
If a donor wishes to establish a fund, either endowed or unendowed, that includes provisions outside
of Foundation policy or approved procedure, the Foundation Executive Committee must first review
and recommend approval to the Foundation Board of Directors.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Winthrop University Foundation
Gift Acceptance Policy
Endowments that establish chairs and professorships must adhere to all University policies on chairs
and professorships and must be approved by the Winthrop University Provost and Vice President for
Academic Affairs in collaboration with the Executive Director of the Winthrop University
Foundation.
Chairs and professorships may be funded with a combination of outright and planned gifts assuming
the total funding meets the current policy on endowment minimums. If a portion of the funding will
come from a bequest, life insurance policy, or retirement plan designation, the donor must be willing
to sign an enforceable and irrevocable testamentary pledge agreement. An endowed professorship
or chair will not be named and awarded until a gift agreement and funding levels adequate to
meet annual support at an appropriate level are fully executed. Annual restricted gifts may be
combined with planned gifts for this purpose and may be approved by the Executive Director of the
Winthrop University Foundation.
Setting Endowment Minimums
The Foundation Board of Directors shall establish the minimum value of gifts required to establish an
endowed fund. The Board of Directors reserves the right to adjust the required minimums from time
to time. If a donor wishes to establish an endowment for a designation not currently listed in the
Naming Opportunities and Recognition for Gifts Policy, the Foundation Executive Committee will
review the donor’s intent and interests on a case-by-case basis. All gifts can be made over a period of
up to five years or through other means as described in this document. (Please see the Winthrop
University Foundation’s Naming Opportunities & Recognition for Gifts Policy for the current
approved schedule.)
Endowed funds which are building to the minimum will not be invested until they meet the
established minimum. They will not be subject to interest gains or losses during this “building” status.
Likewise, annual restricted accounts will not be part of the investment pool and are not subject to
income gains or losses.
Naming Opportunities and Recognition for Major Gifts
Funding Requirements
The funding plan for a naming opportunity must be in writing and must be approved in advance by
the Executive Director of the Winthrop University Foundation in consultation with the Vice President
for Institutional Advancement and the President of Winthrop University. Announcement of the
naming opportunity may be delayed until funding requirements are met.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 17 of 39
Winthrop University Foundation
Gift Acceptance Policy
Outright gifts and written, enforceable pledges for periods of up to five years may be used to fully or
partially fund a naming opportunity at face value. Executive Director of the Winthrop University
Foundation, in consultation with the Vice President for Institutional Advancement and the President
of Winthrop University, must approve any pledge agreement that provides for pledged amounts
beyond five years, prior to the pledge agreement being executed by the donor.
Testamentary planned gifts (including gifts by will, trust, retirement plan or life insurance policy
proceeds) may be used in combination with an outright pledge to fully or partially fund a naming
opportunity. This is permissible as long as:
•
the testamentary portion of the total commitment is no more than 50% of the total gift,
•
it is secured by an irrevocable pledge agreement, and
•
the present value of the planned gift meets the agreed upon gift level.
Irrevocable planned gifts (including gift annuities and charitable remainder trusts) may be used to
fully or partially fund a naming opportunity as long as the net present value of the estimated
remainder value of the gift will meet the agreed gift level.
Naming rights associated with capital gifts will be conferred when 50% of the gift is received by the
Foundation. The exception is endowment gifts, which can be named upon receipt of a pledged
commitment.
General Policy
By making a significant gift to Winthrop University Foundation, donors may be offered the
opportunity to select the name of a program, facility, professorship, academic unit, scholarship or
other purpose. Naming gifts may be offered in honor or memory of the donor or another individual or
entity of the donor’s choosing. The Winthrop University Foundation and the Winthrop University
Division of Institutional Advancement will work collaboratively on gifts which are to result in
naming opportunities.
The Board of Trustees retains authority for final approval for all physical naming opportunities but
generally delegates this authority to the President of Winthrop University. The Board of Directors of
the Winthrop University Foundation retains final authority for acceptance and management of gifts
related to naming opportunities and, unless otherwise noted, delegates this authority to the Executive
Director.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 18 of 39
Winthrop University Foundation
Gift Acceptance Policy
Minimum Gifts
The minimum gift requirement for a naming gift opportunity at Winthrop University will be $25,000,
except as specified in this Policy. Upon a recommendation from the Vice President of Institutional
Advancement, the President of Winthrop University may increase the minimum levels for naming gift
opportunities at any time. The amounts listed in the police are minimums and amounts may be
addressed on a case-by-case basis by the appropriate officials of Winthrop University and its
Institutionally-Related Foundations.
Acceptable Gifts
Naming gifts may be made using cash, marketable securities, real estate, approved gifts-in-kind
property, or certain irrevocable deferred gift vehicles.
Criteria for Acceptance
Winthrop University will judge the acceptability of potential naming gifts based upon one or more of
the following criteria:
•
the naming gift’s usefulness and inspirational value to the student body;
•
its physical or aesthetic enhancement of the campus;
•
its contributions to the mission of Winthrop University;
•
or its recognition of accomplishments by Winthrop’s students, alumni, parents,
employees or other friends.
Costs of Implementation
Costs associated with creating donor recognition systems or plaques may be paid from either a
portion of the naming donor’s gift or with internal budgeted resources, to be determined prior to
acceptance and finalization of a gift agreement.
Gift Agreements
Each capital or endowment gift that occasions a naming opportunity must be accompanied by a
written gift agreement (Deed of Gift or Memorandum of Understanding) that has been approved and
signed by the donor or the donor’s designated representative. Such agreements must also be signed
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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by the President of Winthrop University, the Vice President of Institutional Advancement of
Winthrop University, and the Executive Director for Winthrop University Foundation, or their
designated representative. Each gift agreement will specify the purpose of the gift and any restrictions
as to distributions from the gifted funds. If the naming gift entails a multi-year pledge payment, the
schedule for such payments must also be detailed.
Timeframe for Pledged Gifts
Naming gift opportunities at Winthrop University may be secured by confirmation of a documented,
multi-year pledge. Naming of the selected purpose will not be confirmed until the pledge is fulfilled,
unless an exception is granted by the President. In the event a donor’s pledge is not fulfilled, the
naming opportunity may be forfeited. Pledges for named endowment gifts must be completed within
five years from the initial pledge date. For endowment pledges that do not reach the minimum
funding level within the stated five-year period, the donor or their representative will be consulted to
determine the most appropriate course of action, which may include a pledge extension or the transfer
of the donated funds to the unrestricted fund.
Named Gift Approval Process
1. Prior to approaching a donor about construction/renovation/facilities projects, the gift officer
shall consult with the Vice President for Institutional Advancement and the Executive
Director of the Winthrop University Foundation about possible gift levels for naming,
including review by the Gift Acceptance Committee.
A plan for a specific naming opportunity and appropriate gift levels will be developed by the
Vice President, the other appropriate Vice President/Dean/Director, and the gift officer, in
consultation with other university administrators. The Vice President will seek the President's
approval of potential naming of buildings and major facilities. No final commitment to name
a building or facility can be made to a donor without the appropriate approvals as outlined
herein.
2. The Vice President for Institutional Advancement and the Executive Director of the Winthrop
University Foundation also will seek pre-approval of gift ranges from the President in order
to facilitate discussions by gift officers and other university personnel with prospective
donors.
3. In discussing the gift and gift recognition with the donor, the gift officer should inform the
donor of the steps involved in the approval of naming opportunities.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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4. All renderings, construction models or other plans should be identified as conceptual and not
a literal depiction of the facility under discussion. In negotiating with donors, gift officers and
other university representatives should ensure that donors understand that the University has
final control on details of design, construction, furnishing, etc.
5. Upon verbal agreement of the gift by the donor, the gift officer will submit the naming
suggestion with appropriate justification to the Vice President for Institutional Advancement.
6. The Vice President for Institutional Advancement will consult with the Executive Director of
the Winthrop University Foundation and the Gift Acceptance Committee for approval to
move forward with the solicitation. The naming opportunity will be forwarded to the
President and, where appropriate, the Winthrop University Board of Trustees for official
acceptance and final approval.
7. Upon completion of a signed Deed of Gift or Memorandum of Understanding by the donor
and all relevant university and foundation officials, a copy of the documentation on the
naming opportunity will be forwarded to the President and, where appropriate, other
University offices such as the Facilities Management Office, the relevant Dean’s office, etc.
8. Appropriate public recognition, depending on the scale and purpose of the gift, will be
arranged by the Vice President for Institutional Advancement in coordination with the
Winthrop University Foundation and the President’s Office of Winthrop University.
Naming of Buildings and Interior Spaces
New Construction
Naming rights for new facilities require that at least twenty-five percent (25%) of the facility’s total
construction costs are committed and secured by the naming donor(s). The President may recommend
an exception to this minimum to the Board of Trustees, which retains final authority over all naming
opportunities.
Renovations
Naming rights for a building requiring major renovations will be subject to the same policy of twentyfive percent (25%) that applies to new construction. Existing buildings previously named to
recognize an earlier donor, to celebrate cultural or historical purposes, or to recognize the special
contributions of a person important to the history and development of Winthrop University will not
be subject to renaming or name hyphenation except in circumstances where the continuation of the
naming honor would no longer enhance, or would bring discredit to, the reputation of the University.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Existing Buildings - Unnamed
Existing buildings that are currently named but do not recognize a particular benefactor and are not
subject to earlier restrictions may be subject to renaming by action of the Board of Trustees.
Buildings in this category will be subject to the same twenty-five percent (25%) policy that applies to
new construction. The President may recommend exceptions to this policy to the Board of Trustees,
which retains final authority over all naming opportunities.
Interior and Exterior Spaces
Unnamed internal spaces within new or existing buildings and exterior spaces (such as a courtyard or
plaza) may be eligible as naming opportunities occasioned by a significant gift to Winthrop
University. As there are a number of unique spaces of this nature, the minimum gift amount for
individual naming opportunities may vary significantly.
The minimum gift amount for naming spaces are:
Major Meeting or Gathering Spaces
$ 200,000
Major Classroom, Lab, Conference or Seminar Room
$ 100,000
Standard Classroom
$ 50,000
Lifetime of the Building or Space
Every name assigned to a facility space is intended to be enduring. A recommendation to change or
alter in any way the name of a previously named facility or activity must be initiated by the Board of
Trustees. Circumstances that may lead to consideration of a name change may include, but shall not
be limited to such items as:
significant renovation or addition of space,
a. actions by an honored person that brings discredit to the institution,
b. failure by the honored person to fulfill agreed upon obligations, or
c. demolition of a facility or the discontinuation of an activity.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Naming Rights for Endowment Projects
Donors of significant gifts may be offered the opportunity to provide a name for a variety of endowed
funds at Winthrop University, including:
Academic Programs, Units and Positions
Funding required to name an academic or other major university units should be of a level that will
transform the very nature of the unit involved, enabling that unit to reach a level of excellence that
would have been impossible using state or university funds alone. The gift should be in the form of an
endowment, with income from the endowment used to provide a margin of excellence for the unit.
The gift should not replace state funds previously made available to that unit. Minimum requirements
may vary by college, school or department.
Minimum established endowment levels for colleges, departments, centers, and institutes are:
College, School, or Division
$5,000,000
Department
$2,000,000
Center/Program/Institute
$1,000,000
Naming opportunities for chairs or professorships are available throughout campus. Endowed chair
designation is linked to a select faculty position filled by a truly outstanding scholar and teacher, as
judged by rigorous, nationally accepted standards. Likewise, a named professorship faculty position
will be occupied by an exceptionally gifted and promising scholar. Named professorships typically
are held for a period of 3 to 5 years by faculty members whose accomplishments indicate potential for
national and international leadership and distinction in their field, and whose current efforts are
focused on honing teaching skills and/or establishing a superior record of research or other scholarly
activity. Named fellowships typically are held for a period of 1 year by faculty members to support a
particular research project or scholarly activity.
Minimum established endowment levels for academic positions are:
Endowed Distinguished Chair
$2,000,000
Endowed Chair
$1,500,000
Endowed Distinguished Professorship
$1,000,000
Endowed Visiting Professorship
$1,000,000
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Winthrop University Foundation
Gift Acceptance Policy
Endowed Professorship
$1,000,000
Endowed Fellowship
$1,000,000
Lecture Series and Performance Series
Winthrop University encourages naming opportunities for lecture or performance series. The annual
proceeds from this endowment will be used to pay for honoraria, publicity, and the expenses of the
visiting lecturer to present a lecture on campus.
The established minimum endowment levels for lecture and performance series are:
Endowed Performance Series
$1,000,000
Endowed Distinguished Lecture Series
$1,000,000
Endowed Lecture Series
$150,000
Student Scholarships, Fellowships, and Programming
In order to attract outstanding undergraduate and graduate students in every academic field, Winthrop
University needs significant funding for scholarships, fellowships and research assistantships. In
addition, the university seeks support for diversity programs, international studies and research
opportunities. Scholarships offer educational assistance for talented undergraduate students. Endowed
scholarships enable Winthrop to attract and retain the best and brightest students throughout South
Carolina, the region and the nation. Graduate fellowships offer educational assistance for graduate
students and provide full or partial support that enables students to complete their educational
experience at Winthrop. Naming opportunities are available for most endowed scholarships or
fellowships.
The established minimum endowment levels for fellowships and scholarships are:
Presidential Scholarships
$ 1,000,000
Graduate Fellowships
$ 250,000
Scholarships
$
25,000
Other Named Funds*
$
25,000
Need-Based Financial Awards
$
25,000
*cannot be specifically restricted to use for scholarships
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 24 of 39
Winthrop University Foundation
Gift Acceptance Policy
Physical Tributes
On occasion, the Winthrop University will agree to a permanent physical tribute or memorial, such as
a bench, garden, or tree. A minimum gift is required whenever the donor seeks a permanent physical
tribute, and that gift must underwrite the cost of the tribute plus its ongoing maintenance. The
remaining amount will be an unrestricted gift to the Winthrop University Foundation and may be
designated for the Winthrop Fund or the Sarah Law Kennerly and Edna Hope Gregory Permanent
Endowment, at the donor’s discretion.
Examples of permanent physical tributes or memorials, as well as the minimum gift required to
secure them:
Bench
$10,000
Tree
$10,000
Annual Restricted Funds
The minimum amount to open and name an annual restricted fund is $1,000. Exceptions to this
guideline will be discretionary funds for academic departments or university programs for which an
account does not already exist (for the purpose of enabling support to be directed to those
departments and programs).
Recognition
All tributes and memorial gifts will be listed in the Winthrop University Foundation Annual Report
for the year(s) in which the gifts are given. A listing and a map of all physical tributes on the campus
will be made available to the public in the Winthrop University Division of Institutional
Advancement.
Immediate Naming Opportunities for Irrevocable Deferred Gifts
In instances where a donor agrees to make an irrevocable deferred commitment to create an endowed
scholarship fund that will not come into being until after the donor’s death, Winthrop University may
elect to offer the donor immediate naming recognition by offering one or more annual scholarships in
the donor’s name until the time the actual endowment comes into being.
Funding for such annual scholarships will come from Winthrop’s general financial aid budget, and
the amount of the scholarships may not exceed the amount of spendable income that would be
generated by the present value of the donor’s future endowment gift. Winthrop may also elect to
create similar naming opportunities for donors of irrevocable deferred commitments to other
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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endowment purposes, to be proposed by the Vice President for Institutional Advancement, and
approved by the President.
Naming Opportunities for In-Kind Gifts
The Executive Director for Winthrop University Foundation will convene and manage the function of
the Gift Acceptance Committee which will determine acceptance of any non-cash gifts to Winthrop
University, such as real property and gifts of tangible personal property, including but not limited to
works of art, manuscripts, literary works, motor vehicles, and computer hardware.
The Gift Acceptance Committee must determine if such gifts have a related interest to the academic
mission of Winthrop prior to the transfer of ownership. In cases where the gift is designated for a
specific department, the Vice President of Institutional Advancement will coordinate the gift
acceptance process with the appropriate divisional vice president.
In keeping with the minimum gift requirements established in this policy, the Vice President of
Institutional Advancement may recommend a naming opportunity be established for the donor.
Naming opportunities and recognition for the acceptance of gifts of art or artifacts will be made
available based upon the appraised value of the in-kind gift and consistent with the minimum amounts
established elsewhere in this Policy.
For gifts of art and artifacts, Winthrop will not guarantee that such items will be displayed publicly,
either permanently or for shorter periods of time.
Special Tribute or Memorial Occasions
Nothing in this policy will be interpreted to prevent Winthrop University from electing to name a
facility, structure, award, or area in honor or individuals who have distinguished themselves through
special service to Winthrop, the local community, the nation, or humankind.
Responsibilities to Donors
General Policy
The Foundation considers its donors to be a highly valued constituency. All Foundation and
University officials will treat donors with the utmost respect and professionalism. In all gift matters,
the staff of both the University and the Foundation must be aware of and sensitive to a potential
donor’s financial needs and concerns.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 26 of 39
Winthrop University Foundation
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It is expected that all gift solicitation representatives of Winthrop University and Winthrop University
Foundation shall use their best judgment to help donors make informed gift decisions.
Each representative should be knowledgeable about gifts and should disclose to the donor advantages
and disadvantages that could reasonably influence the decision of the donor to make a gift to
Winthrop University Foundation. In particular, planned gift items subject to variability (such as
market value and income payments) should be fully discussed with the donor and donor
representative as to possible outcomes. Recommendations and proposals to the donor will be recorded
in the constituent relationship management (CRM) database (currently Blackbaud’s Raiser’s Edge, or
its successor product.)
Regarding professionalism toward donors of Winthrop University Foundation:
Winthrop University and its Foundations will not knowingly accept a gift that is contrary to the
donor’s best interests.
The Foundation will honor donors’ wishes for designating the use of their gifts for any legitimate and
approved program within the University. All donors will be acknowledged and thanked for their gifts
in writing within a reasonable period of time.
•
The University and the Foundation will honor the request of donors who wish to remain
anonymous.
All information that the University and Foundation has gathered on its donors, prospects and alumni
is considered private and will be held and maintained by the University and Foundation in strict
confidence. Files will be made available whenever required by law.
Endowment donors receive annual financial reports, which include fund balance, gift, and
disbursement information for the previous year as well as an update on the state of the Foundation
(see Appendix C).
•
Unrestricted gifts are stewarded though the president’s annual report as well as other vehicles
which showcase the use of crucial unrestricted dollars each year.
To ensure that all donors and prospective donors to the Winthrop University Foundation can have full
confidence in the Foundation and University their gifts support, we declare that all donors have the
rights that are purported in the Donor Bill of Rights (see Appendix B).
Gift Revocation and Refunds
In the event that a donor requests a refund of an outright gift, the Winthrop University Foundation
will review the request. Requests for refunds of more than $5,000, or for gifts made more than 365
days prior to the request will be evaluated on a case-by-case basis by the Executive Committee of the
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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Winthrop University Foundation
Gift Acceptance Policy
Board of Directors, which will then make a recommendation for the Foundation Board of Directors to
consider during the meeting following the donor’s request.
Winthrop University Foundation staff may make refunds within one calendar year and for gifts less
than $5,000 at their discretion. Gifts-in-kind cannot be returned, nor can assessed value be refunded
to donors for these gifts or gifts of real estate, stock, or any non-cash gifts or payments. Refunds of
accounts which include gifts over multiple years and from multiple donors cannot be ceded to any
individual or group.
Ethics Clause
Winthrop University Foundation reserves the right to amend or change the name of an account, space,
or program when circumstances associated with the named account, space, or program would
compromise the public trust or promote values or reputation not in keeping with the mission and
goals of the Foundation.
In these instances, names will be changed with the documented action and approval of the Board of
Directors, and, whenever possible, the notification of the donor or donor representative. Examples of
changes in circumstance include, but are not limited to: the conviction of the named donor(s) in a
court of law; or abuse of public trust in personal or professional behavior.
This policy is echoed in standard gift agreements, to wit: “If at any time the donor or his or her name
may compromise the public trust or the reputation of the institution, including acts of moral turpitude,
the institution, with the approval of the Foundation Board of Directors, has the right to remove the
name or return the gift.”
Ways of Giving
Current/Outright Gifts
The Foundation will accept current/outright gifts of cash, securities, or real and personal property.
Pledges
The Foundation will accept and record written pledges in accordance with GAAP (Generally
Accepted Accounting Principles) and FASB rules.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 28 of 39
Winthrop University Foundation
Gift Acceptance Policy
Single Year and Multi-year Pledges
No multi-year pledge of more than $10,000 will be recorded on Institutional Advancement
accounting records unless it is substantiated in writing via a Foundation-approved gift agreement
(Deed of Gift) signed by the Foundation’s Executive Director and the donor. The agreement must
include the gift amount and schedule of pledge payments. The agreement will also specifically state
the designation by the donor regarding specific preferences and restrictions on the use of the funds of
the gift within the University to.
Single year pledges will be recorded in accordance with Foundation procedures.
Pledge Timeframe
The maximum amount of time to fulfill a pledge will be five years from the date of execution of the
agreement. Pledges of more than five years must be approved by the Executive Director of the
Winthrop University Foundation in advance of acceptance or acknowledgment by gift solicitors or
development staff.
Donors with unfulfilled pledges will receive pledge reminders, and personal contacts from gift
officers and development staff. After appropriate communication measures have been completed to
secure pledged funds from the donor and the likelihood of collection is uncertain, the remainder will
be written off by following the established Standard Operating Procedure for cancelling a pledge.
Planned Gifts
The Winthrop University Foundation, in conjunction with the Division of Institutional Advancement,
will coordinate the receipt of all planned gifts and estate plan intentions.
Planned gifts include bequests made through wills or living trusts, retirement plan designations, life
income plans, charitable lead trusts, and retained life estates.
Donors of life income giving arrangements may designate the remainder value of their gift to any
approved program within the University.
Remainder gifts that will be used to establish named endowments or for a naming opportunity must
meet the prevailing minimum dollar amount for endowed funds.
Undesignated Planned Gifts
Gifts that are undesignated to a specific fund or for a particular purpose will be deposited into the
Sarah Law Kennerly and Edna Hope Gregory Permanent Endowment, which provides unrestricted
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
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support to the Winthrop University Foundation for Foundation and University activities and
programs. Gifts which do not meet required minimums will be used for the purposes for which they
are designated whenever possible (i.e. allowing a scholarship to be used as an annual restricted
scholarship even if it does not meet the endowment minimum), or will become part of the Sara Law
Kennerly and Edna Hope Gregory Permanent Endowment, at the discretion of the Executive Director
for the Foundation.
The Planned Giving designee and the Foundation staff will process all legal documents associated
with planned gifts. Prior approval by the Executive Director for the Foundation is required before any
legal document may be executed by a gift officer for Winthrop University.
Bequests and Retirement Plan Designations
The Foundation will receive charitable bequests and retirement plan designations and will abide by
any restrictions or designations indicated in appropriate documents assuming such restrictions and
designations are applicable to current programs within the University and do not violate Foundation
or University policy.
The Foundation will not abide by any restrictions that are considered to be in violation of federal,
state or local laws. If the intended use does fall outside of the law and/or Foundation policy, the
Foundation will adhere to the laws and regulations of the State of South Carolina regarding such
matters.
Life Insurance
The Foundation will accept irrevocable gifts of fully paid up existing life insurance policies (where
the Foundation is named as both owner and beneficiary of the policy), but will not actively solicit
new policies. Conditions of acceptance are as follows:
Term policies of any amount will be declined.
The Foundation may choose to surrender an existing life insurance policy for its surrender value or
sell the policy via a viatical settlement based on prior review and approval of the Executive Director
and the Chair of the Investment Committee. In most circumstances, the donor should be consulted
prior to surrender, although the Foundation has the final decision-making authority.
The Foundation will record a gift of a life insurance policy on the basis of its fair market value for
general accounting purposes.
All donations of life insurance policies will be receipted and acknowledged to the donor in
accordance with prevailing IRS regulations.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 30 of 39
Winthrop University Foundation
Gift Acceptance Policy
Charitable Gift Annuity
The Foundation will establish and promote gift annuity contracts with donors in accordance with
applicable federal law, IRS regulations and the laws and regulations of the State of South Carolina.
Additionally, the Foundation’s gift annuity program will adhere to the following principles:
The minimum size contribution to fund an immediate gift annuity contract is $25,000.
•
The minimum donor age is 65 years (single or two-life annuities).
o
Age and gift minimums for gift annuity contracts may be reviewed by the Investment
Committee and may be periodically adjusted at its recommendation and the subsequent
approval of the Foundation Board of Directors.
All gift annuity contracts must be approved in advance of issue by the Executive Director of the
Winthrop University Foundation.
o
Gift annuity contracts will be created internally up to a maximum of $999,999.
o
Gift annuities of $1,000,000 and more will be reviewed by Foundation counsel and
accepted by the Gift Acceptance Committee convened by the Foundation.
The payout rates should conform to the recommended published rates of the American Council on
Gift Annuities (ACGA). Deviation from the ACGA rates must first be approved by the Investment
Committee.
The Foundation may engage one or more third party entities to provide gift administration, custodial,
and investment services for its gift annuity contracts.
All assets given to fund a gift annuity will be invested. Income and principal will be used to pay any
annuity obligations of the contract until all income beneficiaries under the contract are deceased or
are no longer entitled to receive income.
Gift annuity contracts will be booked at face value for Institutional Advancement reporting and
recognition purposes, but only at remainder value for general accounting purposes.
The issuance of gift annuities is generally governed by the laws of the state in which the donor
resides.
In the event that the Foundation is not authorized to issue gift annuities in the state of a potential
annuitant, the Investment Committee shall review and recommend to the Executive Director of the
Foundation whether or not to pursue registration in that state so that a gift annuity contract may be
issued.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 31 of 39
Winthrop University Foundation
Gift Acceptance Policy
Charitable Remainder Trusts (CRATs, CRUTs)
The Foundation will accept and administer contributions to a charitable remainder trust in accordance
with applicable federal law, IRS regulations, and the laws and regulations of the State of South
Carolina. Additionally, the Foundation will administer its charitable remainder trusts based on the
following:
The Foundation may serve as a trustee for charitable remainder annuity trusts (CRAT) or charitable
remainder unitrusts (CRUT) ONLY if it is named as the sole, irrevocable remainder beneficiary.
The minimum initial gift to establish a charitable remainder annuity trust (CRAT)is currently
recommended to be $50,000.
•
The minimum initial gift to establish a charitable remainder unitrust (CRUT) is currently
recommended to be $100,000.
The minimum age for donors entering a trust contract for which the Foundation is the trustee is 65
years. The Executive Director, may approve exceptions to this upon recommendation by the Vice
President for Institutional Advancement and following consultation with the Chair of the Investment
Committee for the Foundation.
The Foundation may retain one or more third party entities to provide trust administration and
custodial and/or investment services for Charitable Remainder Trust agreements.
The Executive Director must approve all Charitable Remainder Trust agreements prior to their
execution.
If the Winthrop University Foundation, Inc. is named as trustee of a Charitable Remainder Trust, the
Foundation will charge the trust or the income beneficiary(ies) of the trust direct administrative,
management or brokerage fees that are expended to operate the trust.
The Foundation’s Senior Director for Financial Affairs is authorized to establish Charitable
Remainder Trust payout rates at the minimum required by law and up to a maximum of 7%. All
Charitable Remainder Trust payout rates agreed to by the Foundation must also conform to applicable
federal law, IRS regulations, and the laws and regulations of the State of South Carolina.
Winthrop University Foundation Charitable Remainder Trust agreements will be booked at face value
for Development and recognition purposes, but only at the remainder value for general accounting
purposes.
When a donor establishes a qualified CRAT or CRUT outside of the Foundation and names the
Winthrop University Foundation as an irrevocable remainder beneficiary, the Foundation may book
this contribution in the same manner as a Charitable Remainder Trust upon receipt of a copy of the
signed trust agreement or signed statement from the Grantor.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 32 of 39
Winthrop University Foundation
Gift Acceptance Policy
Donors may contribute additional gifts of a minimum value of $5,000 to their charitable unitrust for
which Winthrop University Foundation serves as trustee.
Charitable Lead Trust
The Foundation will promote the use of charitable lead trusts (CLT) to donor prospects as a means of
simultaneously reducing income or estate taxes, facilitating generational wealth transfers and
supporting the Foundation.
Income produced by a charitable lead trust (CLT) for the Foundation may be restricted and designated
in accordance with policies established for any other cash contributions. The Foundation will not
serve as a trustee of a charitable lead trust.
Remainder Interest in Real Property
The Winthrop Real Estate Foundation will accept gifts of retained life estates in real property if the
donor agrees in writing to be responsible for all maintenance, insurance costs, and taxes associated
with the property for as long as they retain their right to reside in the property.
There shall be a written agreement regarding handling of the property if the life tenant(s) leave the
property prior to death, such as to move into a retirement community.
Gifts with a retained life estate must also conform to all other Winthrop University Real Estate
Foundation (WUREF) policies regarding gifts of real estate.
Gifts of a remainder interest will be credited to the donor in the year the transfer of ownership is
completed from the donor to the Winthrop University Real Estate Foundation at the charitable
remainder value of the contributed real estate.
Trusts Held by a Third Party
The Foundation will record such trusts, and gifts from such trusts, in accordance with generally
accepted accounting principles (GAAP).
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 33 of 39
Winthrop University Foundation
Gift Acceptance Policy
Effective Date and Amendments
Effective Date of Policy
The effective date of this policy is September 17, 2014, and it applies to all new gifts and new pledges
received after that date.
Authority to Make Amendments
The Winthrop University Foundation Board of Directors is authorized to amend this policy at any
time at a regular or called meeting of its directors.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 34 of 39
Winthrop University Foundation
Gift Acceptance Policy
Appendix A | Guidelines for Reporting and Counting Charitable Gifts
The Partnership for Philanthropic Planning Guidelines for Reporting and Counting Charitable Gifts
recommend that fundraising campaigns of whatever duration would be better structured, clearer in
their expectations, more transparent in their reporting and more truly comparable if they were to set
three separate and complementary goals and report fundraising results in these three dimensions:
1. An outright goal for gifts that are usable or will become usable for institutional purposes during the
“campaign” period (whether one or more years).
2. Irrevocable planned gift goals, for gifts committed during the “campaign” period but usable by the
organization at some point after the end of the campaign period.
3. Revocable gift goals for gifts solicited and committed or pledged during the “campaign” period but in
which the donor retains the right to change the commitment and/or beneficiary. These guidelines also
recommend that charities report their progress toward each of these goals separately, using face value
numbers.
Key Principles
The guidelines are based upon several key principles. Among the most important of these are that the
guidelines should:
•
Be clear, transparent and easily understandable by development professionals as well as the wider
audience of staff, volunteers, regulators and benefactors.
•
Provide a mechanism for comparison among charitable organizations based on criteria that can be
applied comparatively across the broad charitable community.
•
Take into account the considerations of the donor.
•
Focus on counting and reporting, not accounting, valuation or crediting.
•
Recognize that the IRS charitable deduction calculations were not created for the purpose of
counting planned gifts and, while valid for tax purposes, do not offer a way of counting planned
gifts that recognizes the total campaign and development effort.
•
Recognize that campaigns are usually finite, often with a multi-year timeframe. We also
recognize that some organizations conduct a series of annual campaigns with a structure very
similar to multi-year campaigns.
© National Committee on Planned Giving® 2008—All rights reserved.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 35 of 39
Winthrop University Foundation
Gift Acceptance Policy
Appendix B | Donor Bill of Rights
Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing
that is primary to the quality of life. To assure that philanthropy merits the respect and trust of the
general public, and that donors and prospective donors can have full confidence in the not-for-profit
organizations and causes they are asked to support, we declare that all donors have these rights:
1. To be informed of the organization's mission, of the way the organization intends to use
donated resources, and of its capacity to use donations effectively for their intended purposes.
2. To be informed of the identity of those serving on the organization's governing board, and to
expect the board to exercise prudent judgment in its stewardship responsibilities.
3. To have access to the organization's most recent financial statements.
4. To be assured their gifts will be used for the purposes for which they were given.
5. To receive appropriate acknowledgement and recognition.
6. To be assured that information about their donations is handled with respect and with
confidentiality to the extent provided by law.
7. To expect that all relationships with individuals representing organizations of interest to the
donor will be professional in nature.
8. To be informed whether those seeking donations are volunteers, employees of the
organization or hired solicitors.
9. To have the opportunity for their names to be deleted from mailing lists that an organization
may intend to share.
10. To feel free to ask questions when making a donation and to receive prompt, truthful and
forthright answers.
Source:
The text of this statement in its entirety was developed by the American Association of Fund-Raising Counsel
(AAFRC), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education
(CASE), and the Association of Fundraising Professionals (AFP), and adopted in November 1993.
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 36 of 39
Winthrop University Foundation
Gift Acceptance Policy
Appendix C | Endowment Reporting to Donors
SAMPLE Letter & Report
March 1, 2014
Mr. and Mrs. John Q. Smith
ABC Corporation, Inc.
13777 Main Street, Ste 300
Charlotte, NC 28277-3422
Dear Mr. and Mrs. Smith:
Greetings from the Winthrop University Foundation! I am writing today on behalf of our board of
directors to share news with you about our 2013 financial year ending December 31. For the period
January 1 – December 31, 2013, I am very pleased to share that our total assets increased to
$44,185,378, and our total endowment increased to $40,015,819. In addition, our interest and
dividends earnings provided an annual return of 2.92%, with a total portfolio yield of 14.54%.
Last year we made a decision, based on feedback from donors like you, to report twice yearly about
those things you care about the most – the viability and performance of your fund(s), and the student,
faculty, or academic outcomes that it supports. The first of these reports is a summary financial report
about your named fund(s) managed by the Foundation for the benefit of Winthrop University and is
enclosed with this mailing.
You will receive a second ‘Outcomes Report’ scheduled to arrive in June, just after the close of the
academic year that will include specific information about those students, faculty, or programs that
benefit from your generous gifts. As well, you can always find more detailed information about the
Winthrop University Foundation’s investment policies on the Foundation website at
www.wufoundation.com.
Should you have questions about your account or any of our investment or spending policies, I hope
you will feel free to reach out to me at the number below, or call Amanda Stewart who directs
operational stewardship for the Foundation directly at 803/323-4493. We would be delighted to
answer any questions you have regarding your fund. Our contact information is also printed on the
enclosed financial report for your easy reference.
As we prepare for the March 28th inauguration of our 10th president, Dr. Jayne Marie (Jamie)
Comstock, we want to invite you to celebrate the success that a Winthrop education offers our
students. Dr. Comstock chose an Albert Einstein quote for Convocation this year to remind our
students that “In order to be a person of success, one must first be a person of value.” Please accept
my heartfelt thanks in offering the Winthrop community of learners the opportunity to know that
value each and every day.
Sincerely,
Kimberly Flint Keel
Executive Director
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 37 of 39
Winthrop University Foundation
Gift Acceptance Policy
Current Year Student/Faculty/Program Outcomes Report
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 38 of 39
Winthrop University Foundation
Gift Acceptance Policy
Adopted September 16, 2010
First Revision: December 6, 2012
Second Revision: September 17, 2014
Page 39 of 39
Winthrop University Foundation, Inc.
Travel and Entertainment Policy
Updated September 2014
Winthrop University Foundation
Travel and Entertainment Expense Policy
Contents
Purpose.......................................................................................................................................................... 3
Overview ....................................................................................................................................................... 3
Implementation & Responsibility ................................................................................................................. 3
Department Managers ............................................................................................................................... 3
Employee’s Responsibility ....................................................................................................................... 3
Travel Expense.............................................................................................................................................. 4
Air Travel .................................................................................................................................................. 4
Auto Rental ............................................................................................................................................... 4
Personal Auto Reimbursement.................................................................................................................. 4
Tolls and Parking ...................................................................................................................................... 5
Meals ............................................................................................................................................................. 5
Limitations for Meal Expenses ................................................................................................................. 6
Best practices for Meal Expenses ............................................................................................................. 6
Who pays .............................................................................................................................................. 6
Non-Business Meals ............................................................................................................................. 6
Gratuities ............................................................................................................................................... 6
Alcohol Expense ........................................................................................................................................... 6
Lodging ......................................................................................................................................................... 7
Telephone calls, faxes and internet service................................................................................................... 7
Non-reimbursable expenses .......................................................................................................................... 7
Payment Options ........................................................................................................................................... 8
Personal resources..................................................................................................................................... 8
Foundation Credit Card............................................................................................................................. 8
Expense Reporting ........................................................................................................................................ 8
Adopted 12/10/2009; Revised 9/25/2014
Page 2 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
Purpose
This policy ensures that employee travel is consistent with the business objectives of the Winthrop
University Foundation, Inc (Foundation). It also ensures fair and equitable treatment of all employees by
defining procedures for authorized business travel and guidelines for expense reimbursement. The
Foundation assumes that employees and volunteers will use their best judgment when traveling or
spending money in support of University and Foundation-related business.
Overview
A Disbursement Request Form must be properly prepared for all employees traveling on business for the
University or Foundation where a reimbursement is requested. Employee travel and the associated
expenses will be authorized only in circumstances which are clearly consistent with the mission of the
University and the Foundation. It will be the responsibility of each Team Leader to ensure that all
employee travel meets this objective and that reimbursement is made only for actual, reasonable business
expenses in connection with authorized travel as defined in this document.
In order to maintain control over expenditures, any expense submitted which does not comply with the
guidelines of this procedure will not be reimbursed, unless accompanied by a valid exception signed by
the Executive Director. All reimbursement requests have the potential for review by internal and external
auditors. All reimbursement requests are reviewed in detail for proper completion by the Foundation
Director of Financial Affairs. An Expense Form request for reimbursement must be submitted in a timely
manner from the last date of travel (within 30 days). A receipt must be provided for each expense listed
on the Expense Form.
Implementation & Responsibility
Department Managers
Department Managers should know current travel policy and inform their staff of the correct policies and
procedures. Determine if travel is necessary to achieve goals of the University and Foundation.
Approve expenses in accordance with policy.
Employee’s Responsibility
Incur only expenses that are consistent with business needs and exercise care in determining appropriate
expenditures. Keep all itemized receipts to request reimbursement from Foundation. Submit an Expense
Form as outlined in the expense section of this policy in a timely manner, generally within 30 days of
incurring the expense.
Adopted 12/10/2009; Revised 9/25/2014
Page 3 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
Travel Expense
All travel reimbursements will follow current state and university guidelines.
Persons using travel agents should make the reservations and pay for them personally, then submit a
request for reimbursement upon completion of the travel. Expenses may not be charged to an account in
the name of the Winthrop University Foundation. Travel expenses incurred by or for the benefit of a
nonresident alien must comply with the policy stated. Personal preferences are accommodated when
possible; however they are secondary to the Foundation’s travel guidelines. Cash advances are prohibited
for travel expenses.
Air Travel
When requesting reimbursement for airfare, a copy of the fare confirmation must be attached to a
properly completed Expense Form as well as boarding passes.
Managing the traveler’s air miles accounts is the responsibility of the traveler. Airline miles earned while
traveling on Foundation business are retained by the traveler. Frequent flyer miles or benefits are not
reimbursable by the Foundation, even if they are used on Foundation business. Airline club memberships
are not reimbursable by the Foundation.
Flying coach class is the standard for all domestic flights unless a medical condition necessitates
upgraded travel (physician’s note required). Personal miles or coupons can be used to upgrade to first
class, or a traveler may opt to pay personally for the price difference between coach and first class. The
entire ticket may be charged to the Foundation credit card, and it is the responsibility of the traveler to
enter that cost differential as a personal expense
Auto Rental
The most cost-effective, safe, and efficient ground transportation is to be used. Reimbursement rates will
follow State of South Carolina guidelines. When requesting reimbursement for auto rental, a copy of the
rental agreement showing rental amount must be provided as documentation as well as an Expense Form.
In general, a midsize car is the preferred car type; however, the size and type of the rental car should be
appropriate for the number of people in the car and the road conditions on which it will be used. When
renting cars domestically you are allowed to purchase rental car insurance, this is a reimbursable expense,
the Foundation does not maintain car coverage.
Personal Auto Reimbursement
When employees use a personal vehicle on approved University business, the Foundation will reimburse
mileage at the current rate authorized by the State of South Carolina. Please contact the Winthrop
University Foundation Office for the current mileage rate.
Adopted 12/10/2009; Revised 9/25/2014
Page 4 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
Tolls and Parking
Tolls and parking paid by the employee while traveling on University or Foundation business are
reimbursable from Foundation funds. If a trip is extended for personal reasons, the tolls and parking for
that portion of the trip are not reimbursable. A receipt for all tolls and parking must be provided with the
reimbursement request.
Transportation costs of non-business guests are not reimbursable and may not be paid with a Foundation
credit card. Accommodations for personal guests (such as a child car seat) should be arranged by the
employee.
Meals
In order to be reimbursed by the Foundation, the Internal Revenue Service must consider meal expenses
deductible business expenses. The expense must be incurred for a clear business reason.
Business meals away from home or meals incurred while traveling on business are reimbursable if the
travel includes being away from home. Meals consumed away from home (e.g. breakfast eaten in Rock
Hill prior to traveling out of town) are not reimbursable.
Business meals consumed while at home are not normally reimbursable by the Foundation. IRS allows
certain exceptions.
The primary exceptions are:
•
•
•
•
•
A faculty/staff member has a meal with a prospective donor or volunteers.
A faculty/staff member has a meal with a representative of an external business related
organization to discuss matters of benefit to the University.
A faculty/staff member has a meeting with a Winthrop University business purpose and the meal
is consumed during that meeting.
A unit or department-wide holiday party or a picnic for employees (may include their families).
The cost of a meal for a spouse may be reimbursable if there is a clear business purpose, rather
than a personal or social purpose for the spouse’s attendance (tax standard; reimbursable if
“impractical to entertain for the business purpose without the spouse”).
IRS does not consider the following meals reimbursable:
•
•
Meals furnished to promote goodwill or boost morale
Meals that have no business benefit to the University
Adopted 12/10/2009; Revised 9/25/2014
Page 5 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
Limitations for Meal Expenses
• While employee is traveling and dining alone or with other Foundation employees, total meal
costs, which include beverages and tip, should not exceed $100 per day, per employee. This
is a maximum, not a per diem.
•
If you are conducting a business meeting over a dinner in your home city or out of town, the
allowance is $75 per person, which includes beverages and tip.
•
Meal limits may be exceeded with approval from the Foundation’s Executive Director. Please cite
the approval when documenting the business purpose for the expense.
Best practices for Meal Expenses
Who pays
When more than one Foundation employee is present at a meal, the most senior staff member should pay
the bill.
Non-Business Meals
Meals for non-business guests are not reimbursable and may not be charged to a Foundation credit card.
Requests for reimbursement of meal expense must include an itemized receipt, an explanation of the
business purpose, names and relationship of those attending, and the date and location. A completed
Expense Form must be submitted. Any such meal expense must not be lavish or extravagant in
accordance with both IRS and Foundation policies. It is important to judge all expenditures in light of our
responsibility to the public and our donors.
Gratuities
Gratuities will be reimbursed if the amount appears reasonable. Gratuities must be calculated on the
amount of the bill before sales tax. Gratuities up to a maximum of 20% will be reimbursed. If the gratuity
is more than 20%, a written explanation should be submitted with the Expense Form as to why it was
more.
Alcohol Expense
Purchase of alcohol for students is prohibited. This applies to both undergraduate and graduate students.
Please note that if alcohol is served at an event where students are present, a memo stating that no alcohol
was served to students is required and must be sent with the reimbursement request.
While the amounts should generally be much lower, the dollar amount of requested reimbursement for
alcohol consumption should not exceed:
Adopted 12/10/2009; Revised 9/25/2014
Page 6 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
•
•
Lunch: $15.00 per person per meal, excluding tax and gratuity
Dinner: $25.00 per person per meal, excluding tax and gratuity
At events, such as receptions, the maximum allowable is $15.00 per person. All of these limits are
part of, not separate from, total meal expense limits as defined within these policies.
The purchase of alcohol for more than one event requires the additional approval of a vice president,
executive director, athletic director, or other division supervisory leader.
Lodging
When requesting reimbursement for lodging, a detailed billing must be submitted with the Expense Form.
The Foundation will only reimburse for the room, surcharges and related taxes associated with the
lodging, not for personal expenses such as movies, etc. If it becomes necessary to cancel the lodging
reservations, it is the responsibility of the employee to cancel hotel reservations within the hotel
cancellation policy time frame. Fees assessed due to the employee’s failure to properly cancel are not
reimbursable by the Foundation. It is acceptable to pay for multiple employees lodging on a single check;
however, individual expense reports are still required after completion of the trip.
No reimbursement for overnight accommodations will be made within 50 miles of the travelers’ office
and/or residence.
Lodging may be shared with non-business guests. Accommodations for personal guests such as different
room types, extra rooms, and other special amenities should be arranged by the employee. Expenses for
spouses will not be paid by the Foundation. Lodging expense for [spouses] will be allowed if there is no
difference in the room rate of a single or double room. The employee will be responsible for any
additional lodging costs. Meals and any other expenses for the spouse will not be reimbursed.
Telephone calls, faxes and internet service
The Foundation will reimburse telephone calls, faxes and internet service used for business purposes only.
Employees should use their best judgment in limiting personal calls while traveling. A written
explanation must be provided with the reimbursement request. Internet connectivity in hotel, airplanes,
and other public places while traveling on behalf of the Foundation is reimbursable. Employees should be
mindful of security issues surrounding wireless connectivity.
Non-reimbursable expenses
All expenses are reviewed for appropriateness to the business function of the university and its related
entities. Non-reimbursable expenses include, but are not limited to, the following:
•
•
•
•
•
Airline club dues
Airline upgrades
Hotel frequent-stayer clubs
Rental car club membership fees
In-room or in-flight movies
Adopted 12/10/2009; Revised 9/25/2014
Page 7 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
•
•
•
•
•
•
•
•
•
•
•
•
Fines for traffic violations
Parking citations
Stowing charges
Other fees/fines due to employee negligence
Air or personal cell phone charges, except in emergencies
Costs of commuting to/from work/home
Personal travel expenses, including sundries or recreational reading
Insurance on life or personal property while traveling
Purchase of clothing and/or other personal items, gifts
Expenses for family, child, pet, home and property care while on a trip
Lost/stolen items, travel expenses for children/spouse/companions and
ATM/Cash Advance fees
If in doubt as to whether an expense is reimbursable, please call the Foundation Office.
Payment Options
Personal resources
A request for a reimbursement for expenses paid out-of-pocket must be submitted with the Expense Form.
However, these reimbursements must be submitted for payment within 30 days of the time of the expense.
If the expense is incurred around year-end (December 31st), then the request for reimbursement must be
received in the Foundation Office by January 31st.
Foundation Credit Card
Reimbursable expenses can be paid for with a Winthrop Foundation credit card. If a Foundation credit
card is used for non-reimbursable expenses or non-allowed purposes, the employee is held responsible for
immediately reimbursing the Foundation.
Expense Reporting
Each traveler is solely responsible for the timely reconciliation of his or her expense report and providing
full documentation as verification of each expense. Requests for reimbursement for travel and
entertainment must comply with IRS regulations. Reimbursements subject to tax consequences are
considered salary supplements.
Original receipts must be submitted. If you are missing a required receipt please call the merchant to
obtain a copy. No expenses submitted more than 30 days after they were incurred are reimbursable.
Please note the following reminders:
• WUF does not pay a per diem
• Original receipts are required and should be taped to a sheet of letter-size paper and attached to
the Expense Form.
Adopted 12/10/2009; Revised 9/25/2014
Page 8 of 9
Winthrop University Foundation
Travel and Entertainment Expense Policy
•
•
•
•
•
If an original receipt is not available, an Expense Certification signed by the payee, must be
provided.
An itinerary should also accompany the Disbursement Request Form.
Receipts should be dated and have the vendor’s name pre-printed on them.
Hotel bills must be itemized, with business expenses indicated.
Receipts for meals must be itemized and clearly indicate the names of all who attended the meal,
their relationship to Winthrop, the business purpose and the expected benefit to the university.
IRS regulations require detailed information for such reimbursement. Please be specific to
expedite our reimbursement process.
If you have any question or need more information, please contact the Foundation office to discuss prior
to submitting an expense reimbursement request.
Adopted 12/10/2009; Revised 9/25/2014
Page 9 of 9
Winthrop University Foundation
Standard Operating Procedure (SOP)
Request to Establish a New Funds/Scholarships
1.
When a donor creates a new fund or scholarship, the following paperwork should be created as the
gift is finalized:


2.
Deed of Gift (DOG) OR Memorandum of Understanding (MOU); and
Deed of Gift Information Form (fillable PDF), which preserves historical information about
donor intent and successor contacts for funds or scholarships.
To create a DOG or MOU, submit the request in writing to the Director of Program Administration.
Please note that the Director of Program Administration must approve all DOG or MOU
paperwork before presentation to the donor(s) for acceptance signatures.

Choose one of two options:
A.
Gift solicitor requests a draft DOG or MOU by submitting the Deed of Gift information
form (fillable PDF).
B.
Gift solicitor creates their own draft DOG/MOU from current templates and forward to
the Foundation’s Director of Program Administration for review and approval.
a. For Option B: please use the most recent Deed of Gift (DOG) template from
the Foundation website http://www.wufoundation.com
i. Update sections 1 and 2
ii. Set a corpus level (at or above threshold for endowing a fund $15,000 – or scholarship - $25,000) in section 3.
1. If a restricted fund is being created, use Restricted DOG
template and update sections 1 and 2.
2. If a new agreement is needed but the donor is deceased, or a
codicil to an existing fund is needed, in some cases an MOU
can be used in place of a DOG.
3.
Once the DOG or MOU is approved, it should be presented in triplicate to the donor(s) for
signature.
4.
The DOG/MOU with donor(s) signature should be forwarded to the Vice President for Institutional
Advancement for signature, then returned to the Foundation’s Director of Program Administration.
5.
The DOG/MOU will be finalized with the signature of the Executive Director for Winthrop
University Foundation.
6.
The Director of Program Administration will sign and date the footer note to finalize and accept it
as the governing paperwork for the respective new or updated account. The paperwork is not
official until the DOG or MOU is finalized by this signature. This ensures that a review for
Updated 8/24/2014
Page 1 of 3
Winthrop University Foundation
Standard Operating Procedure (SOP)
Request to Establish a New Funds/Scholarships
compliance has been completed successfully and that the final document is the fully executed, legal
governing document for the fund.

7.
The Foundation’s Director of Program Administration will keep one original in the permanent file
for the Winthrop University Foundation.

8.
One original will be forwarded to the Foundation Finance Office for fund file creation in
Raiser’s Edge and Financial Edge.
Winthrop’s Division of Institutional Advancement – Advancement Services office will work with
the Foundation’s Senior Director of Financial Affairs to ensure that the fund is created in both
Raiser’s Edge and Financial Edge.

9.
The Foundation’s Director of Program Administration will sign all three final copies, and
return one fully executed copy to the gift solicitor to deliver to the donor for his/her
records. In the case of multiple donors, additional originals may be created so that each
donor has a copy of the paperwork upon completion. (s).
The Director of Program Administration will send the word file for the new fund to the
Senior Director of Financial Affairs so that the appropriate sections can be easily imported
into the new fund record.
The Foundation’s Senior Director for Financial Affairs will notify the Director of Program
Administration once a record is created in Raiser’s Edge so that the ‘notes’ field can be complete.

The “notes” field for the fund should be a verbatim list of sections #1, 3, and 4 (in order)
from the DOG or MOU. No information/verbiage should be omitted or appended.
10.
Once a fund record is created in Raiser’s Edge, the Senior Director of Financial Affairs will notify
Advancement Services so that a fund constituent record can be created.
11.
In instances where a gift for a new fund is received in advance of signed paperwork, gifts will be
deposited into a holding account.

Each month, the Director of Program Administration will review a report of the holdings
in this account and will communicate the status of any funds in holding to the Associate
Vice President for Institutional Advancement and the Executive Director for the
Foundation.

The Executive Director for the Foundation will complete a quarterly review of Holding
Account transactions.

If, after six months, paperwork for a gift has not been received, the assigned solicitor (or
the Director of Program Administration, in absence of an assigned solicitor) will contact
the donor to follow up.
Updated 8/24/2014
Page 2 of 3
Winthrop University Foundation
Standard Operating Procedure (SOP)
Request to Establish a New Funds/Scholarships
o
12.
The Holding Account should have a balance of zero at the close of each financial
year.
In some circumstances, and upon the recommendation of the Director of Program Administration
and approval by the Foundation Executive Director, a draft of the DOG or MOU may be used for
the purpose of creating a fund in Raiser’s Edge and Financial Edge.

Once paperwork is received, the name and any other information related to the fund
should be updated accordingly.

If a solicitation officer requests that a fund be set up in advance of signed paperwork, s/he
should send the following information in an email to the Foundation’s Director of
Program Administration with a request to set up an account:
1. Name of the New Fund
2. Purpose of the New Fund (Scholarship, Professorship, Discretionary Fund)
3. Any known criteria for fund use (i.e., scholarship for students in College of
Education’ students from a particular county or area)
4. Type of Fund (annual restricted, endowment)
5. Anticipated gift amount and source of funding (cash, stock, assignment of
retirement or life insurance, etc.)
6. Anticipated gift date
13.
The name of each fund should be exactly as it appears on the final, signed DOG or MOU.
14.
A scanned copy of the final DOG/MOU as well as the Deed of Gift Information Form will be added
to the electronic file for the new fund or scholarship. Advancement Services will also add a copy of
the DOG/MOU to the Raiser’s Edge record for the fund.
15.
Any correspondence or paperwork about a particular fund should be sent to the Foundation’s
Director of Program Administration so that it can be added to the Fund file and to respective
records in Raiser’s Edge.
Updated 8/24/2014
Page 3 of 3
(1) to avoid conflicts between their personal interests or other significant business interests and
the interests of the Foundation;
(2) to disclose any personal interest or other significant business interest that may conflict with
the interests of the Foundation;
(3) to refrain from voting or otherwise influencing a decision of the Foundation on any matter in
which such a conflict exists;
(4) to avoid the misuse of nonpublic information, acquired as a director, for personal gain or for
the benefit of any entity or person; and
(5) to refrain from soliciting or accepting for personal use or the benefit of any entity or person
any gift, loan, reward, promise of future employment or anything else having a value of $100
or more.
1. Scope. The following statement of policy applies to each member of the board and to all staff of the
Winthrop University Foundation, Inc. (Foundation or Board), whom together shall be referred herein
as “Member” or “Members.” It is intended to serve as guidance for all persons volunteering or
employed by the Foundation in positions of significant responsibility including directors and Ex
officio Directors.
2. Fiduciary Responsibilities. Members of the board, officers and employees of the Foundation serve
the public trust and have a clear obligation to fulfill their fiduciary duty of loyalty in a manner
consistent with this fact. This fiduciary duty and all decisions of the Board and officers are to be
made solely on the basis of a desire to promote the best interests of the Foundation and the public
good. The Foundation’s integrity must be protected and advanced at all times.
The Foundation recognizes, however, that Members may have personal, family, financial or business
relationships with other organizations or individuals and that from time to time those other
organizations and individuals may do business with or become involved in transactions with the
Foundation, or aspire to do so. In those situations, there may exist an actual or potential conflict of
interest between a Member’s obligations to the Foundation and his or her relationship to or interest in
the other organization or with the other individual. Although most such potential conflicts that arise
will be deemed to be inconsequential, it is everyone’s responsibility to ensure that the Board is made
aware of situations that involve personal, familial, or business relationships that could be troublesome
for the Foundation. The Board requires each director and staff officer annually (1) to review the
policy; (2) to disclose any possible personal, familial, or business relationships that reasonably could
give rise to a conflict involving the Foundation; and (3) to acknowledge by his or her signature that he
or she is in compliance with the letter and spirit of this policy.
a. Disclosure. Annually, each Member shall, on the attached disclosure form, disclose interests
or affiliations of such Member which give rise to, or may give rise to, a conflict of interest or
an appearance of a conflict of interest in the context of a Member’s service on the
[Investment] Committee on behalf of the Foundation. Such interests or affiliations shall
include, but not be limited to, outside employment, officerships, directorships, trusteeships,
advisory board memberships, committee or commission memberships, partnerships, or
service arrangements which might in fact or in appearance conflict with such Member’s
Adopted December 10, 2009
Page 1 of 4
responsibilities to the [Investment] Committee and the Foundation. If there are material
changes in those interests and affiliations during the year, the Members shall promptly amend
his or her disclosure for the purpose of disclosing those material changes.
b. Prohibition on Gifts or Other Benefits. Members shall not accept benefits, favors, gifts, or
other items of value which might affect the exercise of such Member’s judgment on behalf of
the [Investment] Committee and the Foundation, might tend to impair confidence in the
[Investment] Committee, or might create an appearance of impropriety. Notwithstanding the
foregoing members may accept de minimus benefits having a value of less than $100.
Moreover, expenses associated with the attendance at investment conferences by Members
which are absorbed or reimbursed by the entity putting on or otherwise sponsoring the
conference shall not be considered a prohibited benefit under this section.
c. No Financial Relationship with Foundation Unless Disclosed and Approved. No Member
shall have any relationship as director, officer, partner, employee, advisory board member or
consultant with or to, or have any substantial financial interest in, any investment entity in
which, or with which, the Foundation has an investment without prior approval of a majority
of those voting and recusal of the member with the relationship. No Member shall have any
financial interest in any transaction between the Foundation and a third party (i.e.,
commission, finder’s fee, annual fee, etc.) unless disclosed in advance to, and approved
unanimously by, the [Investment] Committee. This prohibition covers any substantive and
material financial interest. This prohibition does not apply to interests in publicly traded
securities. If the Foundation has an investment relationship with an entity in which a
Member has an interest at the time the Member joins the Committee [or Board?], the
Foundation may maintain that investment relationship, provided, however, that in
deliberations relating to that investment relationship, the Member having an interest shall
absent himself or herself from the room and shall not otherwise participate in decisions
relating to that investment relationship.
d. No Use of Foundation Information. No Member shall, for personal gain or for the gain of
other organizations or individuals, with which he or she is associated, use any information not
available to the public-at-large which was obtained as a result of service to the Foundation.
e. Financial Interest in Proposed Foundation Transaction. When a Member has a direct or
indirect financial interest in a brokerage firm, an investment manager, a limited partnership or
hedge fund entity, or other investment arrangement that is being considered by the
[Investment] Committee for the Foundation, and that member discloses such interest to the
[Investment] Committee, the Member shall withdraw from the [Investment] Committee’s
deliberations on such investment or transaction (an “Affected Transaction”). When
evaluating an Affected Transaction, the [Investment] Committee shall carefully review the
circumstances of the actual or apparent conflict and evaluate alternative transactions where
such an actual or apparent conflict does not exist. If the [Investment] Committee nevertheless
less decides to proceed with the Affected Transaction, the [Investment] Committee must
affirmatively determine that the Affected Transaction is fair and reasonable and that it is in
the Foundation’s best interests to entire into the Affected Transaction.
In the event you are uncertain as to the appropriateness of listing a particular relationship, the
President of the Board of Directors and/or the Executive Director should be consulted. They, in turn,
may elect to consult with legal counsel, the Executive Committee, or the Board of Directors. Such
Adopted December 10, 2009
Page 2 of 4
information including information provided on this form, shall be held in confidence except when,
after consultation with you, the institution’s best interests would be served by disclosure. The
following definitions are provided to help you decide whether a relationship should be listed on this
form:
Business Relationship: One in which a Director, Officer, or a Member of his or her family serves
as an Officer, Director, employee, partner, Trustee, or controlling stockholder of an organization
that does substantial business with the Foundation.
Substantial Benefits: When you or a member of your family are (1) the actual or beneficial owner
of more than 5 percent of the voting stock or controlling interest of an organization that does
substantial business with the Foundation or (2) have other direct or indirect dealings with such an
organization from which you or a member of your family benefits directly, indirectly or
potentially from cash or property receipts totally $10,000 or more annually.
3. Application of Principles. In applying this Policy, the substance and not the form of the transaction
shall be the paramount consideration. Interests of a Member shall include direct and indirect
interests. That is, the Policy shall apply to activities performed by a Member of the [Invesment]
Committee [or Foundation Board] either directly or through another person. For this purpose, the
term “person” includes natural personal as well as partnerships, corporations, companies,
associations, limited liability entities and other organizations.
4. Restraint on Participation: Directors or Officers who have declared or been found to have a conflict
of interest shall not participate in discussion of and vote with respect to issues related to the conflict
of interest. When any such interest becomes relevant to any subject requiring action of the Board of
Directors, the Director having a conflict shall call it to the attention of the President and the Board
Chair, and, if the matter is being considered by a Committee of the Board, also to the attention of the
Chair of such Committee.
The Director having such conflict shall not participate or use any personal influence in the discussion
of the subject or make any recommendations regarding the subject. However, the Director will briefly
state the nature of the conflict and will be expected to answer pertinent questions from the other
Directors when the Director’s knowledge of the subject will assist the Board. The minutes of any
meeting at which the subject involving the conflict is discussed shall reflect that a disclosure was
made and that the conflicted Director refrained from discussion, except to the extent provided above,
and did not vote on the subject. The Secretary annually, and at other times on request from any
member of the Board, shall make available to the members of the Board copies of this Policy and
forms for disclosing conflicts. Any Board member may request a determination from the Board as to
the existence of a conflict of interest. The Board’s decision, by majority vote, shall bind the Board
member and the Board.
All proposed nominees for Board membership shall be advised of this policy and must state their
willingness to abide by it as a condition of being nominated.
5. Confidentiality. The individual disclosure statements shall be held by the Foundation’s Executive
Director as confidential to the extent permitted by law, but shall be available for review by any
Foundation Officer or Director.
Adopted December 10, 2009
Page 3 of 4
Winthrop University Foundation, Inc.
Disclosure Form for Directors and Officers
1. Are you, or a member of your family, a director, officer, employee, partner, trustee, or controlling
stockholder of an organization that does substantial business with the Foundation or with Winthrop
University?
YES
NO
If YES, please describe in detail.
2. Are you, or a member of your family, (1) the actual or beneficial owner of more than 5 percent of the
voting stock or controlling interest of an organization that does substantial business with the
Foundation or with Winthrop University (2) do you, or a member of your family, have other direct or
indirect dealings with such an organization from which you or a member of your family benefits
directly, indirectly, or potentially from cash or property receipts totaling $10,000 or more annually?
YES
NO
If YES, please describe in detail.
I certify that the foregoing information is true and correct to the best of my knowledge, and that I have
read and agree to abide by the terms of the Conflict of Interest Policy adopted by the Board of Directors
of the Winthrop University Foundation, Inc..
Name:
Address:
Signature
Adopted December 10, 2009
Date
Page 4 of 4
WUF Operations Staff Contact Information
Executive Director
Kim Keel
206 Tillman Hall
keelk@winthrop.edu
803-323-1451 (x1451)
Senior Director for Financial Affairs
Robin Embry
302 Tillman Hall
embryr@winthrop.edu
803-323-2229 (x6149)
Director for Program Administration
Amanda Stewart
206 Tillman Hall
stewarta@winthrop.edu
803-323-4493 (x4493)
Finance Associate
Brenda Floyd
302 Tillman Hall
floydb@winthrop.edu
803-323-2229 (x1453)
Gift Records Coordinator
Linda Jacobs
302 Tillman Hall
jacobsl@winthrop.edu
803-323-2229 (x6158)
Gift Acknowledgments Coordinator
Sheena Branch
302 Tillman Hall
branchs@winthrop.edu
803-323-2229 (x6159)
Executive Assistant
Tammie Phillips
206 Tillman Hall
phillipst@winthrop.edu
803-323-1456 (x1456)
Winthrop University Foundation
Glossary
Acknowledgement
An acknowledgement is a letter, email, or other communication expressing appreciation on
behalf of the organization receiving a gift, donation, or deposit. It differs from a receipt in that an
acknowledgement cannot be used to provide proof of tax deductibility for a charitable gift.
Annual Restricted Fund
An annual restricted fund is a declining-balance fund which is not invested. Generally, an
amount up to the balance is available unless otherwise specified in the fund’s deed of gift.
Annual restricted funds last only so long as they have a positive balance.
Asset
An asset is a resource of value which is given to the Winthrop University Foundation. Assets
which are accepted by the Winthrop University Foundation in appropriate circumstances include:
cash gifts; stock; property; the proceeds from real estate sales or management; gifts-in-kind; and
certain types of trusts.
Corpus
The corpus is the portion of an endowment intended to act as principle. Winthrop University
Foundation’s current spending rule dictates that endowments at or above 85% of corpus value
(determined in a fund’s deed of gift) for the account will continue to spend at the determined
rate. Funds which fall below 85% of corpus value will be inactive until interest earnings restore
them to a level at or above 85% of corpus value. Corpus value, as set by the donor in the deed of
gift, must meet or exceed the minimum threshold amount for an endowment at the time of gift.
Deed of Gift
A deed of gift (DOG) is the agreement between the Winthrop University Foundation and the
donor(s) creating or modifying a fund. This agreement will outline criteria for spending as well
as the payment schedule and other details related to the gift.
Disbursement
A disbursement is an instance of spending from a fund.
Endowment
An endowment is a fund which is invested, and from which only a portion of each year’s interest
earnings are spent. The bulk of such a gift is never spent, and the balance grows over time as a
portion of the interest not spent for the fund’s purpose is reinvested. Endowments exist in
perpetuity.
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Winthrop University Foundation
Glossary
Fund Administrator
The Fund Administrator is the Winthrop University or affiliated member of faculty or staff who
has the authority to authorize spending from a given fund.
Gift
A gift is a contribution made to a charitable organization. In the event that no goods or services
were provided, or the donor declined all benefits in instances where they have been offered, gifts
are tax deductible to the extent provided by the law and IRS statutes governing 501(c)(3)
organizations.
Non-Gift
A non-gift is a contribution made to a charitable organization wherein goods or services are
received, or that is a deposit based on revenue (i.e. from an event or raffle). A non-gift does not
provide tax benefit to the donor(s).
Pledge
A pledge is a promise to give a gift amount over a specified period of time. Generally, endowed
pledges may be created for up to a five-year schedule.
Receipt
A receipt is a charitable organization’s official acknowledgement of a gift or contribution and
outlines its tax value when no goods or services have been provided in exchange for the gift.
Spending Rule
The spending rule is the way in which annual disbursement calculations are made for endowed
funds. This policy is approved by the Winthrop University Foundation Board of Directors.
Currently, the spending rule for endowments is 4% of a rolling five-year average. The spending
rule for annual restricted funds is up to the balance amount unless otherwise specified in the
respective fund’s deed of gift.
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Winthrop University Foundation
WUF-A
Fund Information Form
Return to: WUF Finance Office, 302 Tillman Hall
New Fund Request
Fund Change Request (highlight changed items)
Close Fund Request
Date:
Fund Name:
Fund #:
Administrator Name:
Title:
Campus Phone/Ext.:
Campus Address:
College/Dept. Name:
E-Mail Address:
Please indicate type of fund:
____ Annual Restricted Fund Discretionary
Endowed Fund
Other
Source of funding:
Amount to be deposited:
Identify the type of activity this fund is intended to support:
Unrestricted to College
Restricted to Department
Student Scholarship
Faculty/Staff Support
Other
Attach copies of all relevant donor correspondence. Please be specific with any donor-imposed restrictions
Donor Restrictions:
Additional Information/Comments:
*New Fund Administrators or replacements for current Fund Administrators are appointed by the Dean, Director or Vice President.
This form must have the signature of the Dean, Director or Vice President before it is submitted to the Foundation for processing. If
the Fund administrator will be the Dean or Director, the appropriate Vice President must authorize. If the Vice President is to be the
Fund Administrator, the President's approval is required.
Note: Incomplete forms or those without proper approval signatures will be returned to the Fund Administrator
Department Approval Name:
Signature:
*Dean/Director or VP Approval Name:
Signature:
WUF Executive Director Approval Name:
Signature:
Foundation Office Use Only
Date Entered:
By:
Effective:
We welcome your questions - please call x2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-B
Asset Transmittal Form
Return to: WUF Finance Office, 302 Tillman Hall
Date: ______________________________________
The attached assets are a deposit for Fund Number: _____________________________________________________
FUND NAME:
Primary Development Officer associated with this gift:
Please indicate category below:
I. Gift:
(will receive an acknowledgement)
II. Non-Gift:
(will not receive an acknowledgement)
Gift/Contribution
Gift-in-kind
Pledge payment
Memorial/Tribute Gift
(cash, check, credit card)
(non-cash)
(cash, check, credit card)
(provide acknowledgement information)
Expense refund
Other
(original Foundation Ck#________)
(explanation/reason for deposit)
For gifts, was any quid pro quo* provided to donor? (if yes, attach WUF-C)
Yes
No
* IRS Compliance: A quid pro quo contribution is defined as a payment made partly as a contribution and partly for goods or services provided to the donor by the charity. (Ex: a
donor pays $100 to attend a dinner event; the market value of the food and entertainment is $40; accordingly, $60 would be a gift.)
Type of Asset:
Cash
Checks
Credit Card
Other
(hand carry to the Foundation and obtain receipt)
(limit of 30 checks per transmittal)
Check one:
MC/ Visa
Amex
(explain:_______________________)
The following information is required for each asset deposited. Attach an additional sheet if necessary. Address information is required for every
donor/payor for receipting purposes. Incomplete information may result in processing delays.
Name of Donor/Payer
Address
Amount
Appeal Code
Checks should be made payable to the Winthrop University Foundation. Please note: Checks made payable to Winthrop University or any
University entity, such as a college, department or program, which clearly represents gifts to the University, may be deposited in the appropriate
Foundation fund.
For audit purposes:
1) Please attach copies of all correspondence relative to the deposit.
2) WUF cannot accept funds if they involve contract deliverables, fees-for-services, or tuition for specific students
3) Attach form WUF-C to describe any quid pro quo provided to donors.
I understand that the absence of Form WUF-C indicates no quid pro quo provided.
Prepared By (please type or print)
Date
Phone
Signature of Fund Administrator or Dean/Director/VP
Date
Phone
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-C
Accounting for Fund-Raising Event and Quid Pro Quo
Return to: WUF Finance Office, 302 Tillman Hall
This form must be submitted for all deposits where donors have received any quid pro quo* associated with their gifts.
IRS compliance requires that the value of the quid pro quo be stated on the gift receipt produced by the Foundation.
Submit a separate WUF-C for each deposit. This form must be sent with an Asset Transmittal Form (WUF-B).
Date:
Name of Event/Program:
Date of Event:
Fund Number:
Contact Name:
Contact Phone Number & Extension:
Development Officer: (if different from contact)
Name of Donor:
Amount Collected:
Less Value of Quid Pro Quo to Donor**:
Net Gift Portion: (to be receipted)
* IRS Compliance: A quid pro quo contribution is defined as a payment made partly as a contribution and partly for goods or services
provided to the donor by the charity. (Ex: a donor pays $100 to attend a dinner event; the market value of the food and entertainment is
$40; accordingly, $60 would be a gift.)
**Please note that the "value" of the quid pro quo is not what it costs Winthrop University, but the market value of the goods, services, or
benefit.
IRS rules require that donors be informed of the amount of their "contribution" which may be deductible as a charitable gift. Check with
the Foundation Office to ensure statements on promotional literature (invitations, tickets, etc.) for fundraising events comply with IRS
rules. Attach copies of promotional materials to this form.
Completed By
Signature
Date
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-D
Disbursement Request
Complete this form and attach original receipts or invoice prior to submission.
Return to: WUF Finance Office, 302 Tillman Hall
□ Hold Check for Pick-Up
Date Prepared:
Payee Name:
Payee Relationship:
□ WU/WUF Employee
□ WU Student
□ Individual
Amount : $
□ Established Vendor* (Documents on File)
□ New Vendor* - If this is your first request for this vendor, please complete the following:
Federal Tax ID:
□Form W-9 attached, see box*
Please note:
*If the request for payment is for
professional services or honoraria, attach
a completed IRS Form W-9 form
(download from www.irs.gov/pub/irspdf/fw9.pdf or www.wufoundation.com)
Mailing Address:
**For all food/beverage supplies or meal
purchase, we are required to identify the
purpose of expense and all people attending,
including each person’s relationship to
WU/WUF. You may use the roster provided
on WUF-D2 or create your own with all
required information.
City:
State:
Zip:
Fund or Account Description:
Foundation Fund ID or Account Number
Invoice #
*** If your request is for business-related
mileage reimbursement, please attach
WUF-E form available at
wufoundation.com.
In the space provided below, please write a concise description of the
business justification for the expense, including the benefit to Winthrop University:
Prepared By:
College/Department
Preparer Signature
Campus Address
Phone Ext
Authorizing Signatures: By signing below, I certify that
•
•
•
•
I am the current authorizing official for the fund indicated.
The expenditure is a usual and customary business expense that furthers the mission of Winthrop or WUF.
The request is in compliance with the established purpose of the fund and with Foundation reimbursement policies.
The expenses have been approved by the University, as required by policy and have not been reimbursed or paid from any other source.
Authorizing Official: (Print)
Title
Authorizing Official Signature
Date
Please note: The payee indicated may not authorize his/her own reimbursement. The payee’s immediate supervisor and the approving Dean, Department
Head or VP must authorize the request.
Dean, Dept. Head/VP Signature
Date
We welcome your questions – please call x2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Please review the following reminders to expedite your request:



Please remember to submit all supporting documentation required. Tape the original receipts to a blank piece of paper and staple all other
supporting documents to this form and indicate the following:
o
Signatures - be sure to have the person completing the request and the Authorizing Official(s) sign the WUF-D, and WUF-D2 (if needed).
o
The Authorizing Official should hand write ‘Ok to pay’ and initial the related invoice.
The information required meets an external audit requirement. Incomplete requests will be returned for correction prior to processing.
Verify that the request complies with the Winthrop University Foundation’s Travel and Entertainment Policy.
Rev. 09/2014
Page 1
Winthrop University Foundation
WUF-D2 Food/Beverage Expense Documentation
Attendance Roster
Date of Event, Meeting or Meal related to food/beverage purchase
Place
Title/Subject
Attending Name(s)
WU
Employee
(F/S or paid
Student Worker)
1
Yes
2
Yes
3
Yes
4
Yes
5
Yes
6
Yes
7
Yes
8
Yes
9
Yes
10
Yes
11
Yes
12
Yes
13
Yes
14
Yes
15
Yes
16
Yes
17
Yes
18
Yes
19
Yes
20
Yes
Prepared by: (print)
Title:
Prepared by Signature:
Date:
Authorizing Official: (print)
Title:
If person is not a WU/WUF employee, please
indicate relationship to WU/WUF (e.g. student,
alumni, donor, prospect, parent, vendor community member)
Authorizing Signature:______________________________ Date:
Complete this form and submit original receipts or invoice. Questions? Call ext 2229 or email: floydb@winthrop.edu
Return to: WUF Finance Office 302 Tillman Hall
Rev. 09/2014
Page 2
Winthrop University Foundation
WUF-E
Expense Report
Return to: WUF Finance Office, 302 Tillman Hall
Name:
Beginning Date:
Address:
Date
Ending Date:
From
To
Trip Destination
Purpose
Miles
Rate
Total
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
0.56
Total Travel
I certify to the Winthrop University Foundation that the above expenses are valid and for the benefit of Winthrop University. I also certify that
reimbursement for these expenses is not being requested from another source.
Employee Signature:
Date:
Employee Supervisor Name:
Supervisor Signature:
Date:
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-K
Fund-To-Fund Transfer Request
Return to: WUF Finance Office, 302 Tillman Hall
Date of Request:
Amount of Transfer:
Transfer FROM Fund #:
Transfer TO Fund #:
Reason & Purpose:
Prepared by:
Campus Address:
Phone:
AUTHORIZATION FOR TRANSFER:
Authorized Fund Administrator:
(transfer from)
Name
Signature
Date:
Authorized Dean, Director, or VP:
(transfer from)
Name
Signature
Date:
Authorized Dean, Director, or VP:
(transfer to, if different than above)
Name
Signature
Date:
Other (specify):
Name
Signature
Date:
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-L
Alternate Signature Authority Designation
Return to: WUF Finance Office, 302 Tillman Hall
Foundation policy allows a Vice President, Dean, or Director to designate more than one person to sign
Disbursement Requests (WUF-D) for him/her in the role of Vice President, Dean, or Director. This designee's
signature must be on file at the Foundation. The designee can not sign as both Fund Administrator and as
Dean or Director.
(Please print or type)
I, ____________________________________________, as Vice President, Dean, or Director of
_______________________________________, do hereby designate either:
(1)
(2)
to sign Disbursement Requests (WUF-D) on my behalf.
In executing this document, the signers acknowledge their responsibility for reviewing all Disbursement Requests
(WUF-D) for their unit and for determining the appropriateness thereof, and that the Dean, Director or Vice
President retains responsibility for the actions of the designee(s).
Effective Date:
Signature of VP, Dean, or Director:
Signature of Designee (1):
Signature of Designee (2):
Note: This form should be signed and submitted every time there is a change. All appropriate and current
signatures must appear on the form at the time of each submission. This form will supercede all forms previously
filed.
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-R
Faculty/Staff Payroll Deductions Gift Authorization
Return to: WUF Finance Office, 302 Tillman Hall
I authorize a continuous, semi-monthly pay period payroll deduction in the amount shown below to be deposited within the
Winthrop University Foundation.
I understand that this deduction will continue until I notify the Foundation, in writing, of my desire.
Name (please print):
Winthrop ID Number
Home Address:
City, State, Zip:
Work Address:
Amount of semi-monthly pay period
deduction:
$
Maximum amount annually
$
Start Date for payroll deduction:
Please use my gift for:
the University's highest priorities (unrestricted)
the College of ___________ highest priorities (unrestricted)
a restricted purpose (please specify):_________________
Eagle Club Membership
Note: Payroll deductions are made from 24 pay periods, or from 16 pay periods if a faculty members' compensation is based
on a 9-month salary.
Signature
Date
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.
Winthrop University Foundation
WUF-S
Pledge Form
Return to: WUF Finance Office, 302 Tillman Hall
Date:
mm/dd/yyyy
Please acknowledge and credit the pledge as follows:
(please print)
Name(s)
Winthrop ID Number (If applicable):
Street
City
State
Zip
I/We hereby pledge a total of $________________________ for Winthrop University, payable to the Winthrop University Foundation to be used for:
College or other area:
Pledge Year 1 $
Pledge Year 2 $
Pledge Year 3 $
Pledge Year 4 $
Pledge Year 5 $
(The fiscal year of Winthrop University Foundation is from January 1 through December 31.)
I/We will begin pledge payments in __________________________, ____________.
month
year
Please send a pledge reminder:
Annually
Semi-annually
It is not necessary to send a pledge reminder.
Quarterly
Credit Card information:
Mastercard/Visa:
American Express
Other
Expiration Date:
month/year
Name on card:_____________________________________________
Card Number:_______________________________________
Signature:
Security Code: ____________________
Zip: ____________
It is my/our intention that Winthrop University Foundation apply for any matching contributions that may be available as a result of this gift.
Donor Signature
Winthrop ID Number (If applicable)
Date
Donor Signature
Winthrop ID Number (If applicable)
Date
We welcome your questions – please call X2229 or email Brenda Floyd floydb@winthrop.edu or Robin Embry embryr@winthrop.edu.