Gift refers to donations of a monetary nature.
Endowment gifts made to the University on the understanding that the capital or principal amount of the donation will be invested with the investment earnings used to advance specific purposes of the University.
Gift in Kind a voluntary transfer of property such as books, art work or art collections, equipment, software or other tangible property for which the donor expects and receives nothing of value in return. (Canada Revenue Agency Regulations)
1.0 PURPOSE OF GIFTS
Gifts may be solicited for any purpose consistent with the general objectives of the University.
1.1 Use of Gifts
Gifts of funds shall be held as scholarship, loan, bursary or endowment funds (See Trust Funds policy) for future use if so directed by the donor or utilized by the University for purposes it shall decide or the donor may have designated, provided these purposes are consistent with University needs.
1.2 Donations with Conditions
Conditions of receipt of funds and bequests:
- Gifts towards academic projects or research of all types should be consistent with academic/research programs.
- Gifts toward salaries should be consistent with the overall University salary and personnel policy.
- Gifts towards buildings should be consistent with approved University building priorities.
- Gifts towards libraries should be consistent with administration procedures within the library system.
- Gifts for undergraduate student aid (scholarships, fellowships, bursaries, loans, prizes) should, in the case of undergraduate students, conform to the policies of the Senate Committee on Scholarships and Awards; and in the case of graduate students, to the policies in effect in the School of Graduate Studies. There should be prior consultation with either the Senate Committee or the Graduate School.
- Gifts towards payment of fees or other charges for particular students shall be acknowledged with receipts for tax purposes, only where the beneficiaries have been chosen in competition with others in the context of private student aid programs.
- Gifts towards payment of salaries or for services of particular staff members should be acknowledged with receipts for tax purposes only where an "arms-length" relationship exists between the donor and the beneficiary.
- Gifts should be given free from restrictions as to their use based upon national or ethnic origin, colour, religion, sex, age or mental or physical disability.
- Gifts should be given free from restrictions favoring relatives or descendants of the donor.
- In all cases where doubt exists as to the acceptability of a gift, the Office of Alumni Affairs and Development should be consulted.
Gifts-in-kind may be received by the University and utilized for purposes consistent with University objectives or may be disposed of by the University, provided no agreement to the contrary is made between the donor and the University.
2.1 Conditions of receipt of gifts-in-kind
The following conditions shall pertain to the receipt of various types of gifts-in-kind:
2.1.1 Paintings, prints and sculptures should be referred to the The Rooms Corporation.
2.1.2 Library material should be referred to the University Librarian.
2.1.3 Archival material should be referred to the University Archives.
2.1.4 Real Estate should be referred to the Office of the Vice-President (Administration and Finance).
2.1.5 Bonds, stocks or other marketable securities should be referred to the Director of Financial and Administrative Services and/or Office of Alumni Affairs and Development. Such gifts should be received free from restrictions.
2.1.6 Where a valuation by a third party of a gift-in-kind is required, the cost of this valuation shall be borne by the donor.
2.1.7 Valuation guidelines issued by Canada Revenue Agency should be strictly followed in order to determine the value of donated gifts for tax purposes.
2.1.8 In all cases where doubt exists as to the acceptability of a gift-in-kind, prior agreement in principle should be secured from the Director of Alumni Affairs and Development.
3.0 SOLICITATION OF GIFTS
3.1 Solicitation of groups of persons, corporations or foundations is to be undertaken or coordinated by the Office of Alumni Affairs and Development.
3.2 Solicitation of gifts for the production costs of magazines, newspapers or conference programmes need not be referred to the Office of Alumni Affairs and Development. When funds for these purposes take the form of paid advertising, receipts for tax purposes will not be issued.
3.3 Solicitation of gifts in exchange for merchandise or the promise of service to be rendered is not recommended and should be undertaken only after consultation with the Office of Alumni Affairs and Development.
3.4 Solicitation of funds or gifts-in-kind in exchange for any undertaking by the University to name any building or part thereof as designated by the donor, is permitted only after consultation with the President of the University.