13.6 Gift Acceptance Policy (to April 28, 2011)
||Board of Governors
|Original Approval Date:
||February 27, 1997
|Date of Most Recent Review/Revision:
||June 23, 2005
|Office of Accountability:
||Vice-President: University Advancement
||Office of University Advancement
Wilfrid Laurier University values its public and private-sector partnerships and welcomes gifts that support its mission of excellence in teaching and research. Gifts will not be accepted that limit either academic freedom or integrity, or require any action that would compromise these fundamental principles.
II. GIFT ACCEPTANCE
The university will not accept gifts that would require the University to give special consideration for employment to the donor, or to anyone designated by the donor, or that would allow the donor to influence the teaching, learning or scholarship of a student, professor or academic program.
The university reserves the right to decline gifts that it determines require expenditures beyond its resources.
Ownership of all gifts resides with the university, whether for the benefit of the university generally or for some specific purpose. While Wilfrid Laurier University welcomes designated gifts that support any current or planned project, to maximize flexibility the university prefers to receive undesignated gifts that can be used for such purposes as the university determines most appropriate, based on the priorities of the institution.
The acceptance of gifts will comply with all other university policies, and in the case of a potential naming opportunity, will comply with the provisions of the University Naming Policy, policy 13.5, as approved by the Board of Governors, January 27, 2005.
III. GIFT TYPES
The university generally accepts charitable gifts in the form of cash or cheque, marketable securities, gifts-in-kind or deferred gifts, which include will bequests, life insurance policies, gift annuities, and charitable remainder trusts.
Gifts-in-kind are non-cash and include capital property and real estate. Procedures to be followed in the acceptance of gifts-in-kind are outlined in the policies and procedures of the Development Office.
The Vice-President: University Advancement or delegate is responsible for ensuring that the acceptance of donations is consistent with the guidelines of acceptance. As part of the on-going report of University Advancement activities to the Board of Governors, the report will include a summary of gifts accepted valued at $500,000 or greater.
If a question arises with respect to the guidelines for the acceptance of donations, or when dealing with an extraordinary gift the acceptance of which is not clearly consistent with the universityís mission and priorities, the matter will be referred to the President, who may seek additional advice from the University Donations Committee.
The Development Office is solely responsible for issuing charitable tax receipts for all charitable gifts received by the university. Gift processing will be handled in accordance with the donorís wishes consistent with university policies, Canada Income Tax Act regulations governing charitable organizations, and Canada Revenue Agency guidelines on charitable donations. All gifts received by any office of the university must be processed through the Development Office.