Policy No. 300
Gift Acceptance
Area: Advancement/Marketing
Adopted: Sept. 23, 2008
Atlantic Cape Community College will actively seek gifts of real and personal property. In order that Atlantic Cape may evaluate, accept, acknowledge and carry out the donors' intentions respecting gifts in a manner which provides the greatest benefit to fulfilling the mission of Atlantic Cape while enhancing the college's reputation and attractiveness as a recipient of such gifts, it is necessary that Atlantic Cape evaluate and accept gifts in accord with the policies and procedures identified below. The provisions of these policies shall apply to all gifts (including in-kind) received by Atlantic Cape for any of its programs or services.
Atlantic Cape will accept unrestricted gifts, in-kind gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with Atlantic Cape's stated mission, purposes and priorities. Atlantic Cape will not accept gifts that are too restrictive in purposes, that violate the terms of the college charter, gifts that are too difficult to administer, or gifts that are for purposes outside of the mission of the college. All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the President. All donors shall disclose any inherent conflicts of interest in proposed gifts. Any gift agreements shall be determined in advance of gift acceptance and approved by the President.
Atlantic Cape will accept the following types of gifts: cash, tangible personal property, securities, real estate, life insurance beneficiary designations, corporate relations and contractual support, in-kind donations, and bequests. The following gift forms and methods of giving are acceptable: outright gifts, in-kind gifts, matching gifts, pledges, and estate designations.
Atlantic Cape will record a gift received on the date of the gift. Securing appraisals and legal fees for gifts to Atlantic Cape is the responsibility of the donor. Atlantic Cape will make a determination on liquidation and transfer conditions of real and personal property gifts prior to acceptance. Atlantic Cape will acknowledge all gifts in a timely fashion and in compliance with the current IRS requirements and applicable state laws and regulations.
All gifts shall be held in the name of Atlantic Cape Community College and not held by an individual, single department, or administration unit of the college.
Procedures:
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