The Nevada State College Foundation Board of Trustees (the Board) as well as members of Nevada State College (the College) solicit current and deferred Gifts from individuals, corporations, organizations, and foundations to secure the future growth and mission of the College. These policies and guidelines govern the acceptance of Gifts by the Nevada State College Foundation (the Foundation) and provide guidance to prospective donors and their advisors when making Gifts. The provisions of these policies shall apply to all Gifts received by the Foundation on behalf of the College for any of its programs or services. In addition, this policy helps to ensure that the process of acceptance, management, and reporting of Gifts is in compliance with external regulations and standards, Nevada System of Higher Education (NSHE) policy, and the College’s fiduciary obligations to donors.
Anonymous Gift: Gift where the donor chooses to give but not be publicly recognized for the Gift. The Foundation will keep any request of this kind anonymous per Title 2, Chapter 9 of the Nevada System of Higher Education Handbook.
Designated Gift: Gift in which the designation may be added and/or removed at the discretion of the donor and/or upon the recommendation of the President of Nevada State College, if so designated by the donor. The specific designations will be outlined by the Foundation, typically in an agreement called the Foundation Fund Agreement. From an accounting point of view, the Gift is either Temporarily Restricted and/or an Unrestricted Gift.
Foundation Fund Agreement: Document in which the donor and the Foundation agree upon the designation of the Gift.
Endowment: Long-term investment in the College that provides benefits to students, faculty, or programs year after year, generation after generation. An Endowed Gift offers donors the opportunity to have their name or the name of a loved one linked to an area of the College in which they have a special interest. Endowments can be Unrestricted to provide maximum flexibility for the needs and challenges of the future or they can be Restricted to a purpose such as a scholarship, faculty support, or toward a particular area or program.
Fundraising: Process of gathering voluntary contributions of money or other resources by requesting donations from individuals, businesses, charitable foundations, and other organizations.
Gift: Any transfer of personal or Real Property made to Nevada State College or the Nevada State College Foundation, in which no goods or services are expected, implied, or forthcoming for the donor. Gifts are made voluntarily and without consideration by an individual, corporation, foundation, organization, or other non-governmental entity. Although the following Gifts may not be tax-deductible, they are covered by this policy:
In-Kind Gift: Gift in goods and/or services, not in money, such as a contribution of equipment, supplies, art, Real Property, and time. The Nevada State College Foundation must book at the fair market value and will comply with IRS regulations, standards, and codes on all appraisal requirements. The donor may place monetary value on such a contribution for the donor’s tax purposes, and must be able to substantiate such value in accordance with the IRS standards and codes. The donor’s value may be independent of the Foundation’s fair market value.
Intangible Personal Property: Includes such items as stocks, bonds, mutual fund shares, partnerships, copyrights, patents, and royalties.
Permanently Restricted Gift: May be a Temporarily Restricted Endowment or a permanent Endowment. The interest income from this type of Gift becomes Unrestricted or Temporarily Restricted according to the donor’s original instructions.
Real Property: Land and anything growing on, attached to, or erected on it, excluding anything that may be severed without injury to the land. This includes real estate (land and houses) and forms of commercial property (real estate zoned for business or industrial use).
Restricted Gift: Gift in which the use is restricted by the donor. From an accounting point of view, the Gift is either a Temporarily Restricted Gift and/or a Permanently Restricted Gift.
Tangible Personal Property: Includes items such as books, artwork, boats, sports equipment, and computer hardware.
Temporarily Restricted Gift: Gift temporarily restricted for a particular purpose; expenditures occur when an expense request meets the restricted guidelines. All interest income from these funds becomes Unrestricted income with input from the donor, President, and Foundation Board.
Quid-Pro-Quo: Exchange of goods or services, where one transfer is contingent upon the other.
Unrestricted Gift: Gift made without any restriction or designation; distribution is determined annually by the Foundation Board of Trustees, with advice and recommendations from the President of Nevada State College.
Nevada State College encourages the solicitation and acceptance of private Gifts from individuals, corporations, foundations, and associations which enable it to fulfill its mission. The Nevada State College Foundation is the primary Fundraising agency for the College and for accepting Gifts on behalf of the College. The Foundation is responsible for raising and managing all private Gifts to and for the College. Coordination with the Foundation is required prior to making a solicitation. Working with the Office of Institutional Advancement staff, the Foundation develops and manages a variety of programs designed to raise funds for Nevada State College.
Gifts may be given as outright Gifts of cash, securities, property, land, or other items of value. A Gift may be outright or deferred. A Gift may be Unrestricted, Temporarily Restricted, or Permanently Restricted. Gifts to the College may be either for the general purposes of the College or for the specific use of one of its constituent schools, departments, institutes, centers, programs, or agencies and will be processed through the Nevada State College Foundation. Gifts can also be used to sponsor or underwrite campus events or activities as long as they are qualified, meaning that no tangible benefits, such as meals, tickets, or other tangible items, or call to action of sponsors’ products, are offered to the donor.
Many private and corporate foundations and other grant-making institutions use the word “grant” and “gift” interchangeably. Sponsored projects, including grants, normally come from governmental sources, are legally enforceable, require outcomes, and many times those outcomes are owned by the donor or have similar Quid-Pro-Quo arrangements.
Gifts cannot be given to or in support of specific individuals. Gifts can be earmarked for scholarships; however, Gifts cannot be earmarked for relief or support of a particular individual or family.
The following types of Gifts may not be accepted without approval from the Nevada State College Foundation:
1. Members of the College community may seek Gifts from individuals, corporations, foundations, and associations. However, Gifts may be sought only for projects that are consistent with the College’s mission and strategic plan and that have appropriate academic or administrative approval. Fundraising activity may not be undertaken without the explicit authorization of the Nevada State College Foundation, acting in its capacity as the College’s primary Fundraising agency.
2. Nevada State College values and will protect its integrity, its independence, and the academic freedom of the College community. The Foundation will accept Unrestricted Gifts, and Gifts for specific programs and purposes, provided that such gifts are consistent with the stated missions, purposes, and priorities of the College and the Foundation. Neither the Foundation nor the College will accept Gifts that are too restrictive in purpose and do not comply with the stated missions, purposes, and priorities of the College and the Foundation. Gifts that are too restrictive are:
In addition, Gifts that may expose the College to adverse publicity, require extraordinary expenditures, or involve the College in unexpected responsibilities because of their source, condition, or purposes will be referred to the Executive Committee of the Foundation in consultation with the President of the College for a decision on acceptance.
3. Nevada State College is unable to accept Gifts offered to the College that would restrict the College’s prerogative to accept other Gifts. Further, no Gift will be accepted that attempts to limit, beyond a general definition of subject area, the research than a faculty member or student may perform.
4. Nevada State College will not accept Gifts which involve unlawful discrimination based upon race, sex, age, national origin, color, handicap, or any other basis prohibited by federal, state, and local laws and regulations. Nevada State College will not accept Gifts which obligate it to violate any other applicable law or regulation, or which would lead College personnel to violate the charter of the College or the policies of the College and the Nevada System of Higher Education.
5. Although benefits, particularly tax and financial considerations, may accrue to donors, the donor must have a donative intent as a primary motive for making a gift to the College. Funds received by the College for the benefit of the College shall only be accounted for as Gifts where such donative intent is present. Amounts received in equal exchange for services or property shall not be accounted for as Gifts. Amounts received that result in tangible benefits to the donor in the form of recognition items, tickets to events, or other forms of benefit will be accepted, processed, and receipted in accordance with applicable IRS regulations. Donors will not receive any preferential treatment from the College as a result of a Gift.
6. The President and/or the Nevada State College Foundation may adopt procedures for the acceptance of Gifts to ensure that the private gifts to Nevada State College are properly recorded and administered and to ensure that the acceptance and management of Gifts are handled in compliance with external regulations and the College’s fiduciary obligations to donors. Such procedures must comply with applicable federal and state laws and be consistent with this policy and other applicable College and NSHE administrative policies and regulations.
7. The Foundation shall seek the advice of legal counsel in matters relating to acceptance of Gifts when appropriate. Review by counsel is recommended for:
8. The Foundation urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their Gifts and the resulting tax and estate planning consequences. The Foundation will comply with the “Model Standards of Practice for the Charitable Gift Planner” promulgated by the National Committee on Planned Giving (NCPG). In instances where a prospective donor does not have personal legal and/or financial advisors, the Foundation will provide a list of three (3) or more individuals for possible assistance to the prospective donor.
9. It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel, if they choose to have such representation, for all Gifts made to the Foundation.
10. The Foundation will record a Gift received at its valuation for Gift purposes on the date of Gift.
11. The Foundation is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold within two (2) years of receipt when the charitable deduction value of the item is more than $5,000. This form must be filed within 125 days of the date of sale or disposition of the asset.
12. The Foundation will acknowledge all Gifts made to either the Foundation or the College within two (2) working days of Gift receipt and in compliance with the current IRS regulations and requirements.
13. The Foundation will take a three percent (3%) fee on all Restricted Gifts at the time of donation, unless there is an agreement with the donor to waive the fee.
These policies and guidelines have been reviewed and accepted by the Nevada State College Foundation Board of Trustees and the President of Nevada State College. The Foundation Board must approve any changes to or deviations from these policies.