Donor Database – The UA department is responsible for capturing and coordinating data from gifts made via the PMO in the donor database. Security – Information about cardholders is not on university software or hardware. The information provided by the cardholder is considered confidential and confidential information. Security procedures and requirements are available at UPPS-Nr. 04.01.01, Security of Texas State Information Resources. The value of “narrow held shares” (i.e. securities that are not publicly traded) must be determined by the donor through a stewardly assessment. Prior to adoption, the VPUA or Designee will check the proposed gift to ensure that there are no restrictions on the sale of the stock and that there is an available market. University staff can participate in fundraising for a limited fund. Faculty members and university staff notify uA and the Chair, dean or director of the intention to request gifts. Pending the approval of the President, Dean or Director, the VPUA may assign a faculty or project staff delegate. If benefits are offered to donors in return for their gift, these plans must be made available to the VPUA manager before the invitation, in order to allow for a correct reception.
In order to ensure good coordination, the VPUA may restrict individuals or entities who request their person or organization or any other request related to the invitation. a letter from the donor`s lawyer explaining the nature of the donation, including the estimated face value, the donor`s intended purpose for the gift and the current age of the donors. Certificates of action sent to the university through a third party such as UPS or FedEx are considered legal gifts from the date of receipt. Endowment Types – The university can use gifts (there is a minimum for the creation of each foundation) from individuals, companies, foundations, associations and other organizations to create foundations. A donor can found a foundation through a single gift, a number of gifts, a pledge agreement paid for years, wills, trusts, gift of valued assets or a combination of these. The amount of capital of the endowment funds remains intact (inconvaliable). The university will invest and distribute the funds to support the donor`s specific goal. It is the university`s policy to comply with the Prudent Management of Institutional Funds Act (UPMIFA) and Texas Property Code, Chapter 163, when managing endowments. An agreement between the majority donor and the university or affiliated organization is required to create a new restricted donation account. Another advantage: you don`t have to start selling real estate.
You can delegate the property directly to the university or ask your lawyer to add a few sentences to your will or trust agreement. If you are today making a gift of real estate that you have owned for more than a year, you are entitled to a federal income deduction equal to the total fair value of the property. With this deduction, you can reduce the cost of making the gift and free up cash that would otherwise have been used to pay taxes. By providing us with the property, you also eliminate the capital gains tax on its valuation. Form IRS 8283 must be signed by the donor and forwarded by Advancement Services for signature to VPFSS. The IRS will require an evaluation within 60 days of the date of the gift. In the event that the university pays for the evaluation, the university will generate IRS form 1099 to the donor. The university cannot pay for the assessment through educational or general means.
Irrevocable gifts given to the university cannot be modified or withdrawn by the donor and generally offer immediate tax benefits and, in some cases, lifetime income for the donor.