University Pledge Agreement
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. If a scholarship gift of $10,000 or more is fully spent within one year of receipt, there is no need to execute a gift contract. However, the scholarship criteria must be approved by the Promotion Services Office. Scholarship gifts of less than $10,000 are deposited in a scholarship fund (usually general scholarship accounts) established in agreement with the donor. A foundation can be created with a minimum gift of $25,000, either directly or for a maximum of 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 an existing scholarship is difficult to award, the development manager works with the donor (if any) to release or modify the restrictions on gifts.
All changes to a gift contract are counted as an amendment to the agreement. If several changes are expected, an amended and revised gift agreement will be implemented to ensure that the resulting agreement is isolated and provides a complete history of the Fund. In cases where the signatory to the agreement is no longer alive, the development manager contacts the senior director of advance services for instructions on the process. Where possible, the university should respect the original intent. If this is not possible, disclosure or modification of the purpose of a gift is subject to The Utah Code 51-8-501 (Uniform Prudent Management of Institutional Funds Act). le.utah.gov/xcode/Title51/Chapter8/C51-8_1800010118000101.pdf and eventually requires approval by the Generalbundesanwalt (AG) for permission to use the funds for other purposes. The procedure includes identification and documentation: in 2017, Utah State University made an administrative decision to maintain scholarship criteria that could cause problems in gift contracts established before 2017.