The AICPA.org play is part of a reflection here in the negotiation and development of gift contracts. Effective May 14, 2019, the Utah Code 63G-12-402 states that undocumented students can only receive a privately funded scholarship if they have completed a high school in Utah and the scholarship is managed by a university. Undocumented students from other high schools are not eligible for privately funded scholarships. Donors are not able to set different rules in their donation agreement. Gift agreements are written according to the most current contract model. The models are approved by the Office of General Counsel and are available here. Typical gift agreements provided by the Association of Donor Relations Professionals and Tulsa County. As a publicly funded university, the university must comply with federal law that governs the admissibility of the restrictions mentioned by donors in a donation agreement. These laws include, but are not limited to, Title VI of the Civil Rights Act of 1964, Title I of the 1972 Education Amendments and the Equal Rights Protection Clause of the U.S. Constitution. State law and institutional policy may also limit the university`s ability to accept scholarships limited to certain categories of protected persons. The donation and deposit form records the donor`s intent and signature and is considered a signed promise.
The total amount promised is recorded in the university`s donations at the time of signing. (However, donor-advised commitments are counted when funds are received.) When a donor plans to recommend a grant from an FAD/CF to create a designated fund, a letter of intent is used instead of a donation agreement. According to the Pennsylvania Land Trust Association, a written agreement is needed to: ConservationTools.org, which was managed by the Pennsylvania Land Trust Association, was very thorough in developing a useful donation contract from the perspective of a conservation organization. You can check here. Some other questions and points from Philanthropy Works to consider when designing your formal agreement, writing: Here`s another morality clause from Adam Scott Goldberg in the Florida Bar Journal: A foundation can be created with a minimum gift of $25,000, either directly or for up to five years. A gift contract must be executed before a banner index can be created to retain the foundation funds. Funds received prior to the execution of a gift contract are paid into the university`s advance account. The Office of Advancement Services moves the funds held (via newspaper transfer) as soon as a banner index is available. If a donation contract requires information or measures that are not included in the approved model, the Senior Director of Approval Services and/or Vice President of Recommendation Approval should be consulted. If necessary, the gift acceptance committee may be consulted and the General Office of the General Council may be invited to establish a new donation agreement.