Gift Acceptance Policy
| Applies to: | Original Policy Date: | Date of Last Review: | Approved by: |
|---|---|---|---|
| Students, faculty, employees, visitors |
January 18, 2018 |
September 23, 2025 |
Dr. John Nicklow, President |
Policy Owner: Office of Advancement
Policy Purpose
This policy establishes standard procedures for the review, acceptance, and administration of gifts to Florida Institute of Technology (the University) in accordance with the University’s mission and donors’ intent. Charitable donations help ensure that the University maintains and builds upon its reputation for excellence in higher education and allow the University to steward funds in furtherance of the overall mission.
Policy Scope
This policy applies to all offers of philanthropic donations and governs both the acceptance of unsolicited gifts and the proposal or solicitation of a gift or pledge by approved representatives of the University.
Policy Statement
The University gratefully accepts outright gifts and future gift commitments that align with and advance its mission. In doing so, the University affirms its unwavering commitment to honoring the philanthropic intent of each donor, in accordance with applicable laws and institutional policies. The University will not accept gifts that may impose undue financial, legal, or other risks or burdens on the University.
Definitions
Campus Spaces
Includes, but is not limited to, any room, interior space, street, athletic field or court, open space, forest, or any area owned, operated or controlled by the University.
CASE Standards
A common set of standards, guidelines, and definitions for reporting the results of educational philanthropy activities, published by the Council for Advancement and Support of Education (CASE).
Endowment
Philanthropic revenue that is to be invested as part of the University's investment pool.
Facility
Includes, but is not limited to, any university-owned or leased property or physical structure, such as buildings, bridges, etc.
Fair Market Value (FMV):
Price that goods or services would sell on the open market at the current time.
Gifts
A voluntary, unconditional transfer of cash or other assets (property, goods, etc.) given to the University and all grants from charitable foundations as defined by the Internal Revenue Code sections 501(c)(3) and 509.
- Conditional Gifts - A voluntary transfer of cash or other assets (property, goods, etc.) subject to a condition that must be met before the University receives the gift.
Foundation Grant
A payment made by a private foundation (a 501(c)(3) organization that is not a public charity) to further its charitable purposes.
Program
Includes but is not limited to any college, department, institute, center or other organizational unit associated with university functions.
Procedures/Guidelines
Gift Acceptance
For a gift to be accepted by the University, the gift or transfer thereof shall align and further the University's charitable mission, and shall be:
- Free from any conflicts of interest*;
- Safeguard the University's tax-exempt status;
- Comply with Internal Revenue Code of 1986, as amended, and other federal statutes and regulations; and
- Non-reciprocal, such as no implicit or explicit statement of exchange, purchase of services, or provision of exclusive information to the donor in exchange for the gift.**
* University faculty and staff may contribute to their own departments, provided they do not personally benefit from the gift.
**Acceptable if benefits to the donor are incidental, tangential, and indirect, as described by CASE standards.
Acceptance of a gift by a University Official on behalf of the University must follow the authorizations established by the Signature Authority Policy. The VP of Philanthropy within the Office of Advancement reviews and makes a determination on approval of all gifts. Any gift of one hundred thousand ($100,000) or greater requires additional review and approval by the President. The President holds final authority over all gift approvals and may grant exceptions to the guidelines herein.
The University is committed to honoring the donor's intent for every gift; thus, the University may decline gifts that it deems too restrictive in purpose or are too difficult to administer. The University reserves the right to redirect funds for the nearest possible purpose if the donor's original stated purpose becomes impractical or obsolete. Donor anonymity will be respected when requested.
A gift is considered accepted when the donor receives a tax receipt and a signed gift agreement or formal acknowledgment letter for their contribution.
Types of Gifts
Gifts to the University may be in the form of outright gifts, pledges, or deferred commitments.
Outright gifts—including cash, securities, real property, personal property, and gifts in kind—are generally accepted by the Office of Advancement if they are cash, cash equivalents, or publicly traded securities. Closely held (non-publicly traded) securities, personal property, and gifts in kind require detailed review by the VP of Philanthropy prior to acceptance. For personal property, the VP of Philanthropy will consult with the Chief Financial Officer and General Counsel to assess any applicable conditions, costs, or liabilities. In-kind gifts valued at five thousand ($5,000) or more shall include an appraisal provided by the donor.
Real property, whether gifted during a donor's lifetime or through a bequest, must be reviewed and approved by both the President and the VP of Philanthropy.
Non-Conditional Pledges may be accepted for gifts of twenty-five thousand ($25,000) or greater over a period of up to five (5) years. Exceptions to pledge terms or thresholds must be approved by the President or VP of Philanthropy.
In compliance with U.S. Internal Revenue Code Section 170, matching gifts cannot be pledged or used to fulfill a pledge.
Deferred gifts may include, but are not limited to, bequests, charitable gift annuities, remainder and lead trusts, and life insurance policies. These gifts and related documents must be reviewed by the VP of Philanthropy and, when appropriate, by the General Counsel and the President.
Neither the University nor any of its employees acting on behalf of the University may agree to serve as the trustee or successor trustee of a trust, or the personal representative of any estate, in which the University is named as a beneficiary, or as power of attorney for a University donor, without the approval of the Vice President Of Philanthropy and the General Counsel.
The University reserves the right to review the specifics of a proposed gift of life insurance before accepting ownership, including receipt of a current illustration and cash surrender value. The University reserves the right to "cash in" a policy at any time (foregoing the potential death benefit). The donor shall remain responsible for the payment of all future premiums necessary to maintain the policy in force, as a condition of acceptance. If the donor fails to make timely premium payments, the University may, at its sole discretion, choose to pay the premiums, convert the policy, or surrender the policy for its cash value.
Endowment gifts require a minimum of twenty-five thousand ($25,000) to establish or name a fund. Gifts less than fifty thousand (< $50,000) may be used for general support or to increase other existing endowments.
Grants - a Foundation Grant may be accepted as a gift if the donor is a qualified foundation and does not retain control of the grant. Neither federal research grants nor corporate sponsorships are classified as gifts, and the University's acceptance of the same shall comply with the policies and processes of the Office of Sponsored Programs (OSP).
Gift Processing
All gifts to the University shall be processed through the Office of Advancement. Any employee who receives a gift on behalf of the University must physically provide it to the Office of Advancement within two business days of receipt. Advancement staff are responsible for depositing, receipting, and acknowledging all gifts. No other University department or entity may issue official tax receipts.
The University shall provide each donor with a receipt that includes IRS-compliant language regarding the tax-deductible nature of the gift. If goods or services were received in exchange for the gift, the donor must be informed of their fair market value.
Gift Agreements
Gift agreements are required for outright gifts in an amount of twenty-five thousand ($25,000), or greater and pledges spanning a multi-year period. All gift agreements must be approved by the VP of Philanthropy prior to signature.
Naming Rights
Recognition of gifts is an important expression of the University's gratitude and may include naming opportunities for facilities, campus spaces, programs, and positions. Naming opportunities may require a minimum gift amount as established by the VP of Philanthropy and President. Such minimums are important to ensure funds are sufficient to accomplish the purpose intended by the donor.
Naming opportunities and the proposed name of the entity must be approved by the President. Naming rights do not confer on the donor the right to determine the use of the fund. No naming rights are granted in recognition of revocable deferred gifts.
Naming rights are valid for the useful life of the opportunity, unless otherwise specified in the gift agreement. The naming rights period will begin at the time of the completed installation of the recognition. Recognition signage may only be installed after a minimum of fifty (50) percent of the gift has been received.
Below is a list of suggested minimum gift levels to name an existing space, facility, program or position
| Category | Minimum Gift Amount |
|---|---|
| College | $25 million |
| Building | $10 million |
| School, Department or Center | $5 million |
| Chair Position | $2.5 million |
| Professorship/Coaching Position | $1 million |
| Named Fellowship for graduates | $100,000 |
| Named Scholarship for undergraduates | $50,000 |
Reputational
The University reserves the right, in its sole discretion, to revoke, modify, or remove naming recognition associated with any gift if the donor or an immediate family member engages in conduct, affiliations, or public behavior that is inconsistent with the University's values, mission, or reputation. This includes, but is not limited to, involvement in illegal activity, public scandal, any situation resulting in significant negative publicity or reputational harm, failure to uphold standards of public morals and decency, or becomes involved in any act, situation, or occurrence—whether publicly known or not—that tends to degrade the donor in the community or materially and adversely affect the University's reputation or operations.
Compliance Reference
Internal Revenue Code of 1986, as amended
CASE Global Reporting Standards (2nd Edition, 2024)
Responsibilities
The Office of Advancement will oversee this policy and provide education to all faculty and staff who are likely to receive gifts and offers of gifts.
The Office of Finance will record all gifts accepted in accordance with Financial Accounting Standard Boards (FASB) and Generally Accepted Accounting Principle (GAAP), policies, laws, and regulations that guide their department.
Enforcement
Employees who violate this policy may be subject to disciplinary action, including termination.