Gift Policy
Gift Policy
Responsible Officer
Approved by
Approved and commenced
Review by
Relevant Legislation,
Ordinance, Rule and/or
Governance Level Principle
Responsible Organisational
Unit
Vice Chancellor
Council (DRAFT ONLY)
To be determined, 2011
To be determined, 2014
Ordinance 11 – Alumni
Ordinance 30 – Endowments, Prizes and
Scholarships
University of Tasmania Foundation and
Development and Alumni Office
CONTENTS
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2
3
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4.1
4.2
4.3
4.4
4.5
4.6
4.7
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6
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Introduction ............................................................................................................... 2
Objective ................................................................................................................... 2
Scope ....................................................................................................................... 2
Policy Provisions ....................................................................................................... 2
Key Principles ........................................................................................................... 2
Gift Acceptance ........................................................................................................ 3
Donor Rights ............................................................................................................. 3
Methods by Which Gifts May Be Made ..................................................................... 4
Gift-In-Kind ............................................................................................................... 4
Gifts Requiring University Contribution...................................................................... 4
Naming Rights Attached to a Gift .............................................................................. 5
Roles and Responsibilities ........................................................................................ 5
Definitions and Acronyms ......................................................................................... 5
Supporting Documentation........................................................................................ 6
Versioning ................................................................................................................. 6
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Gift Policy (To be determined, 2011)
Gift Policy
1
Introduction
The University of Tasmania Foundation is the fundraising arm of the University and is
responsible for the solicitation, acceptance, management and disposal of gifts made
to UTAS, including the solicitation and stewardship of Donors; accepting and
recording donations; and Donor recognition. The active involvement of UTAS Council,
Senior Executives and a broad range of UTAS staff in fundraising is essential if
UTAS is to succeed philanthropically.
The operational and administrative functions of the Foundation are undertaken by
the Development and Alumni Office which is responsible for the implementation of
this policy. The University also supports the principles set out in the Australian ViceChancellors’ Committee Code of Practice for Australian University Philanthropy
(Appendix A of this policy).
2
Objective
The objectives of the Gift Policy are:
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To define what will be recognised as a gift;
To outline the principles that govern the acceptance and administration of a
gift;
To clarify the various roles and responsibilities in the donation process;
To outline when gifts will be accepted on behalf of the University and clarify
how gifts may be made; and
To ensure that the University operates in accordance with Australian
Taxation Office (ATO) with respect to all donations.
Scope
This policy applies to all staff and entities which form part of the University (including
all faculties, institutes, organisational units, centres and controlled entities). Special
exemptions may apply where an entity may have its own independent fundraising
program approved by the University however, in such circumstances such an entity
will be deemed to operate in accordance with the spirit and broad principles of this
policy.
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Policy Provisions
4.1
Key Principles
The key principles that govern gift acceptance and administration are:
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acceptance of a gift should be in harmony with the mission and strategic
objectives of the University and should preserve or enhance the reputation of
the University;
ongoing gift administration should be in accordance with University policies and
Gift Policy (To be determined, 2011)
Gift Policy
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4.2
procedures and should be transparent;
wishes of the Donor, expressed in an instrument of gift, are paramount in
determining how the University will manage the gift; and
the investment and capital management framework applied to gifts should
provide for ongoing benefits to the University over the longer term.
Gift Acceptance
The Development & Alumni Office will work with all Donors and recipients to
ensure that the terms of reference for all gifts can be satisfied.
The Development & Alumni Office will ensure relevant Officers are consulted prior
to gift acceptance in the light of Donor stipulations, fund matching possibilities,
ongoing costs including insurance coverage, and other implications.
While the University will make every effort to accept all gifts, it retains the right to
refuse the offer of any gift. The refusal may be the result of difficulties in
administering the gift in accordance to the Donor's wishes, special storage
requirements, the inability to obtain a cost effective objective appraisal,
environmental issues associated with the gift, the illegal nature, or other factors
that deem the gift unacceptable. The University may also refuse a gift if its
acceptance is incompatible with its mission, image and values, or compromises
the autonomy of the institution.
In order to protect their charitable status, all donations should be made payable to
"The University of Tasmania" or “University of Tasmania Foundation Inc.”. If it is
desired to further specify the use of the gift then this should be set out in
documentation accompanying the gift.
4.3
Donor Rights
A Donor can expect:
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to be informed of the University's mission, of the way the University intends to
use the gift, and of its capacity to use gifts effectively for their intended
purposes;
that the University and its staff will actively and positively provide relevant
information on the University, and the use of, and progress with, the gift;
to be informed of the identity of the University's key personnel involved in
managing the gift;
the behaviour of individuals representing the University will be professional in
nature;
to be informed whether those seeking gifts from them are volunteers,
University staff, or engaged agents;
that no program, agreement, trust or contract will be pursued with potential
Donors at the expense of the Donor's best interest and motivations; and
A Donor can expect that their details will be treated confidentially and will not
be shared with any organisation outside the University without their explicit
permission.
Gift Policy (To be determined, 2011)
Gift Policy
4.4
Methods by Which Gifts May Be Made
The Development & Alumni Office shall actively seek, promote and encourage gifts
through the following means:
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Cash;
Securities such as fully paid-up negotiable shares, bonds, debentures, secured
and unsecured notes;
Real estate, including unimproved and improved property that may be in the
form of an entire or part interest. Real estate may be assigned outright or used
to set up a fund to provide a cash flow to the University;
Tangible personal property such as books, furnishings, jewellery, boats, fine art
etc;
Life insurance including term, whole of life and other commercial policies with
the University named as owner and/or beneficiary; and
Bequests are philanthropic provisions in a Donor's will. Provisions may be
expressed as a specific amount, percentage or remainder of the estate.
While Donors may have specified intentions for their gift(s), the University will
seek to encourage support through untied gifts and or donations to areas of
greatest need. This will provide the discretion and flexibility to allocate funds to
areas of priority, ensuring that gifts are utilised to the maximum benefit of the
University.
4.5
Gift-In-Kind
A gift-in-kind is a gift of property other than cash. It can be real property (e.g. real
estate, securities), personal property (e.g. art, jewellery) or intangible property
(e.g. patents, license). However, a gift of service is not a gift-in-kind that is eligible
for a charitable tax receipt. Gifts-in-kind may be retained by the University and
used for purposes consistent with its objectives or may be liquidated, if not
contrary to the Donor's explicit wishes.
The Development & Alumni Office follows the regulations set out by the ATO
governing the valuation of gifts-in-kind. A charitable tax receipt is issued for the
fair market value of the gift at the date the ownership is transferred to the
University. In most cases, this will require some pre-advice and planning with the
Development & Alumni Office.
Where a valuation of an in-kind gift is required the University will adhere to the ATO
requirements where applicable.
4.6
Gifts Requiring University Contribution
Gifts requiring a commitment by the University to contribute funds, either upon
receipt or in the future, in addition to amounts donated or pledged, must receive prior
approval.
Examples are gifts requiring:
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matching funds by the University;
commitment to continue a project after termination or exhaustion of the gift;
financing of infrastructure projects;
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Gift Policy
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4.7
commitment to finance and/or administer an undertaking outside the routine
functioning of the University.
Naming Rights Attached to a Gift
The procedure for naming a University facility that may be associated with a gift is
managed under the University’s Naming Rights Policy for Facilities.
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Roles and Responsibilities
Professional and successful fundraising requires organisation and discipline to
ensure that a prospect is being approached for a single approved campaign at
the right point in the donation cycle and not continually and concurrently solicited
by various entities within the University. Therefore, while faculty and staff are
encouraged to cultivate potential Donors, no person shall solicit donations on
behalf of the University unless authorised to do so by the Director of Development
& Alumni.
The Development & Alumni Office is responsible for:
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Coordinating and approving the solicitation of gifts;
Coordinating the efforts of all areas of the University to assess a gift's
acceptability;
Administering (e.g. receiving, valuing, recording, depositing, balancing &
preparing all required reports for) all gifts;
Issuing charitable tax receipts for donations in accordance with ATO
regulations;
Acknowledging gifts in accordance with the Foundation’s Donor
Recognition Guidelines;
Ensuring gifts are allocated appropriately to University recipients;
Operating to ensure the charitable status of the University and its entities
is maintained; and
Undertaking the ongoing cultivation and stewardship of Donors and
prospective Donors to ensure that the potential for major gifts is
maintained.
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The UTAS Foundation Board has endorsed the investment of all money gifts,
including endowments, to be managed under the investment policies of the
University which includes the operational delegations to Investment Managers.
The UTAS Foundation Board reserves the right under its rules to review and seek
alternative investment strategies as it may consider appropriate.
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Definitions and Acronyms
ATO
Australian Taxation Office
Gift
For the purposes of this Policy, a gift means any grant or
transfer of money or property to the University where:
 the transfer is made voluntarily;
 the transfer arises by way of benefaction; and
 no material benefit or advantage is received by the Donor.
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Gift Policy (To be determined, 2011)
Gift Policy
If there is consideration by the University to the Donor by way
of money or any other material benefit or advantage, then the
transaction does not constitute a gift.
For the purposes of this Policy, gift types include money or
property (including real estate, shares, trading stock, cultural
gifts, artworks etc) received from donations, bequests (a gift
by will), grants from philanthropic organisations and any other
gift that satisfies the definition of a gift.
In order to attract tax deductibility a gift must comply with the
ATO’s rules. Under no circumstances should the University
provide advice on tax matters to Donors. Donors should be
encouraged to seek independent tax advice.
Organisational
Unit
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Faculty, School, Centre, University Institute, other University
Entity, Division, Section or University Business Enterprise.
Supporting Documentation
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Naming Rights Policy for Facilities
Versioning
Former Version(s)
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Version 1 – Gift Policy (current DRAFT document).
Gift Policy (To be determined, 2011)
Gift Policy
Appendix 1 - Australian Vice-Chancellors' Committee Code of Practice for Australian
University Philanthropy
Australian Universities have a long and distinguished history of philanthropic support from
generous benefactors. It is a tradition of giving and sharing that is vital to the role of
Universities in advancing knowledge for the common good. Universities recognise that the
support of well-motivated citizens and corporations will always be important. Equally, there
are many in society eager to make a lasting contribution to the role that Universities play. To
ensure that Universities earn and maintain the respect and trust of the general public, and
that Donors and prospective Donors can have full confidence in them, Australian
Universities have committed themselves to this Code of Practice.
Responsibilities of the University
1.
The University will welcome and respect the interest of individuals and organisations
seeking to contribute to the University.
The University will ensure that University staff engaged in Donor liaison and the
soliciting of gifts do not grant or accept favours for personal gain and avoid actual or
apparent conflicts of interest.
The University will ensure that all personnel involved in managing gifts exercise
prudent judgment in their stewardship responsibilities.
The University will ensure that only authorised representatives of the University
undertake solicitation of gifts.
The University will not seek or accept gifts where this would be inconsistent with the
University’s mission.
The University will at all times respect information about Donors and prospective
Donors and their gifts and will ensure that such information is handled confidentially,
to the extent provided by law and consistent with the Donor's wishes.
The University will ensure that potential Donors are encouraged to seek independent
professional advice about the taxation status and any other business or legal
implications of their gifts or potential gifts. University staff may work with such
advisers to assist with gift arrangements.
The University will ensure that non-cash gifts and gifts in kind are evaluated having
regard to the University’s capacity to use the gift effectively, the benefits they may
bring and any on-going costs associated with their use and maintenance.
The University will ensure that all gifts are treated in accordance with the Donor’s
wishes, to the extent consistent with the letter and spirit of the law.
The University will ensure that all gifts are dealt with in accordance with all laws and
regulations applicable.
The University will confirm the acceptance of all gifts in writing.
The University reserves the right to decline a gift for any reason.
The University will ensure that all Donors have access to its most recent published
financial statements.
The University will ensure that Donors receive prompt, truthful and complete answers
to their inquiries.
The University will ensure that all Donors receive appropriate acknowledgment and
recognition being mindful of the donor’s wishes.
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Rights of Donors
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A Donor can expect to be informed of the University's mission, of the way the
University intends to use the gift, and of its capacity to use gifts effectively for their
intended purposes.
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Gift Policy (To be determined, 2011)
Gift Policy
17.
A Donor can expect that the University and its staff will actively and positively provide
relevant information on the University, and the use of, and progress with, the gift.
A Donor can expect to be informed of the identity of the University's key personnel
involved in managing the gift.
A Donor can expect that the behaviour of individuals representing the University will
be professional in nature.
A Donor can expect to be informed whether those seeking gifts from them are
volunteers, University staff, or engaged agents.
A Donor can expect that no program, agreement, trust or contract will be pursued
with potential Donors at the expense of the Donor's best interest and motivations.
A Donor can expect that their details will be treated confidentially and will not be
shared with any organisation outside the University without their explicit permission.
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March 2000
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Gift Policy (To be determined, 2011)