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. 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 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. 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: the ARF accompanies the gift agreement as part of the authorisation procedure to ensure that all parts of the university (for example, the development delegate. B, the dean/head of unit, the president of the foundation, the general counsel) agree. In the absence of donor agreement, the university will rely on simultaneous documents to provide guidance on the intent of donors when donors are no longer alive or available. 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. Units and/or departments that wish to make changes to a charitable gift address the vice-president of the advancement or the senior director of advance services to receive instructions on the process.
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. It was agreed that any agreement that will be amended after 2017 and that contains problematic scholarship criteria will be repealed or amended at the time of the amendment. A foundation can be created with a minimum gift of $25,000, either directly or for a maximum of five years.