1.6 Receiving External Money and/or Gifts
I. Purpose
To authorize the Board of Directors of the Bucks County Community College Foundation to accept gifts and donations in the name of the college, subject to existing laws.
II. Scope
This policy applies to all gifts and donations, regardless of source, offered to any college employee.
III. General
The Executive Director of the Foundation is authorized to review and to recommend acceptance or rejection of any proposed gift. The Executive Director of the Foundation will exercise his responsibilities regarding the acceptance of gifts and criteria for such action in consultation with the President of the college and will adhere to the Foundation Gift Acceptance Policy when executing such duties.
After careful review, the Board of Directors of the Foundation will vote on the recommendation made by the Executive Director.
Gifts of art will be reviewed as described in Policy 3.24 Art Collection Management. Once accepted by the Foundation Board of Directors, a gift of art becomes college property and part of the college art collection.
IV. Procedures
Any gift or donation offered to the college should be evaluated according to the following:
- The purpose of the gift.
- The possible use of the gift by the college, the student body, the community.
- The aesthetic value of the gift to the college.
- Any contingency to the use or acceptance of the gift.
- The intrinsic value of the gift. If the gift is offered as a tax deduction, the donor must submit two (2) appraisals as to its fair value.
- If the President has reason to disagree with the appraisals, a third appraisal will be ordered to resolve the matter.
- The donor shall pay the costs of all appraisals.
- The Board of Trustees shall act upon the President's recommendation at its next regularly scheduled meeting.
V. Approval
Board of Trustees, October 9, 2014
VI. Responsibility
Vice President for Administrative Affairs & CFO