Roane State Community College
Policy Number: GA-27-01
Subject: Solicitation and Acceptance of Gifts
- General Statement
The purpose of this policy is to establish responsibilities and procedures regarding the solicitation and acceptance of gifts to the institution in accordance with State Board of Regents policy 4:01:04:00.
- Authority to Receive Gifts
The president or the Vice President for Institutional Advancement shall receive all gifts to the institution which do not require approval of the chancellor. The president may, however, authorize other institutional personnel to receive gifts for any approved fund raising activity by a club or organization.
- Approval by the Chancellor
Approval by the chancellor is required prior to the acceptance of gifts as follows:
- Real Property or any permanent interest in real property.
- Data processing equipment, software, and services.
- Gifts with a condition requiring a one-time or long-term commitment of institutional resources valued in excess of $75,000.
- Property subject to indebtedness.
- Gifts with a condition which would ultimately require consideration by the Tennessee Board of Regents or the chancellor. An example of a gift of this nature would be to support the initiation of a new academic program or a capital improvement project.
- Solicitation of Gifts
The president or the Vice President for Institutional Advancement shall authorize all fundraising activities conducted by the institution in general or any of its clubs or organizations in particular.
Appropriate activities include any activity which is consistent with the mission of the institution, serves the mutual interest of the institution and the donor, and maintains the moral and ethical standards set by the institution.
Requests to conduct fund raising activities must be approved before solicitation begins. Fund Raising Request forms are available in the Foundation Office or on the Roane State Foundation website. The organization sponsor and the Vice President for Institutional Advancement or the president must approve requests from student organizations. Requests from faculty or staff must be approved by the department head and the Vice President for Institutional Advancement or the president.
Fund raising activities are considered to be, but not limited to, the following:
- An event or activity where a charge is made to enter or participate (e.g., a tennis tournament, a concert) with the proceeds going to support the organization or its activities.
- Sale of merchandise (such as candy, baked goods, etc.).
- Requests for money, equipment or supplies.
- Contests requiring a fee to enter, the profits from which will go to support the organization or its activities.
- Solicitation via e-mail or the RSCC website.
- Receipting, Accounting, Inventorying, Disposition and Reporting of Gifts
All gifts of money shall be properly receipted. A prompt acknowledgment of the gift, enclosing a receipt, shall be mailed to the donor.
Prior to the beginning of any fund raising activity, the Vice President (VP) of Financial Services, or his designee, shall approve the manner in which all receipts shall be managed.
Gifts of personal property, securities, other tangible items or services must be reported to the Vice President for Institutional Advancement prior to their acceptance, using the appropriate request form which documents the need and the projected use of the item. The donor should provide documentation of the fair market value of the gift before acceptance is made. Gifts shall be acknowledged promptly in writing.
The institution shall assume no responsibility for establishing a value of gifts for tax purposes. Gifts of personal property or securities shall be recorded on the books of account at the fair market value of the gift on the date the gift was made. Final determination of value shall be the responsibility of the VP of Business and Finance or his designee.
Gifts of equipment shall be appropriately inventoried in accordance with institutional capitalization policy.
Sanctioned clubs and organizations are not permitted to establish an independent checking or savings account. All funds must be deposited with the Business Office.
A record of all gifts shall be maintained and a report of such gifts shall be made to the chancellor on an annual basis or as required. There shall be a separate set of records kept for gifts received by the institution and gifts received by the Roane State Foundation.
Corporate stock given to the institution may be sold by the institution through or in consultation with a registered securities broker within 60 days of receipt of the stock certificate. Each sale may be executed by the president. Stock held longer than 60 days shall be sold only subject to approval by the chancellor or his designated representative.
- Restricted Gifts
All gifts with restrictions as to use shall be recorded as "restricted". Written acknowledgment of the gift shall state the institution's understanding of the restriction.
All restricted funds shall be accounted for in such a manner to maintain the integrity of the funds separate and apart from all other funds held by the institution. Any unused restricted funds shall be returned to the donor, except in instances where the donor agrees to another use of any remaining funds.
- Roane State Community College Foundation
The RSCC Foundation shall operate in compliance with this policy.
Revision History: 07/01/1990, 07/01/1995, 09/21/1999, 06/01/2007, 01/26/2009, 09/16/2014
TBR Policy Reference: 4:01:04:00
Revision Date Effective: 09/16/2014
Revision Approval By: Christopher L. Whaley, President
Original Date Effective: 11/10/2008
Original Approval By: Sherry L. Hoppe, President
Office Responsible: Vice President Advancement and Community Relations
© Roane State Community College
Roane State Community College is a TBR and AA/EEO employer and does not discriminate against students, employees, or applicants for admission or employment on the basis of race, color, religion, creed, national origin, sex, sexual orientation, gender identity/expression, disability, age, status as a protected veteran, genetic information, or any other legally protected class with respect to all employment, programs and activities sponsored by Roane State. View full non-discrimination policy.
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