Gift Acceptance Policy
INTRODUCTION
Loyola University of Chicago (“Loyola” or “University”), an Illinois not for profit corporation described as a tax-exempt organization under Internal Revenue Code Section 501(c)(3), encourages the solicitation and acceptance of gifts to the University for purposes that will help Loyola further its Jesuit, Catholic university mission. This Gift Acceptance Policy (“Policy”) has been developed to outline straightforward and objective procedures for accepting charitable gifts to the University. While the procedures set forth are detailed and specific to the type of gift, they shall be interpreted considering the following overriding principles:
1. A gift shall not be accepted unless there is a reasonable expectation that acceptance of the gift will benefit Loyola.
2. A gift shall not be accepted if such acceptance imposes upon the University overly burdensome administrative or other costs.
3. This Policy is intended to provide guidance to the Loyola community regarding the acceptance of prospective gifts to the University. Donors are ultimately responsible for ensuring that the proposed gift furthers their own charitable, financial and estate planning goals. Therefore, each prospective donor is urged to seek the advice of independent financial and legal counsel in the gift planning process. It is not within the province of the University nor its staff to give legal, accounting or tax advice to prospective donors.
4. All members of the University community are expected to clear any and all formal and/or informal gift solicitations with the President of the University or the Vice President for Advancement of the University, or their designee, prior to making any such contact with current or prospective donors (this includes individuals, corporations, foundations and government bodies).
5. If, on behalf of the University, any member of the University community receives any gift to the University (including but not limited to cash, checks, securities, property, or other items) it is essential that the University Advancement Division be notified immediately. It is also essential that all letters, certificates, or other documents relating to such gifts, including the envelope in which it arrived with post-marks intact, be saved and forwarded to the University Advancement Division. This is to ensure that all gifts are credited to the appropriate University account, and to further ensure that the University complies with all legally-mandated gift acknowledgement procedures. If you have any questions or are in doubt about a particular point, please contact the University Advancement Division.
See the Council for the Advancement and Support of Education (CASE) Donor Bill of Rights for additional principles that guide the work of the University in accepting philanthropic gifts.
Click this link to see the Gift Acceptance Policy (“Policy”)
INTRODUCTION
Loyola University of Chicago (“Loyola” or “University”), an Illinois not for profit corporation described as a tax-exempt organization under Internal Revenue Code Section 501(c)(3), encourages the solicitation and acceptance of gifts to the University for purposes that will help Loyola further its Jesuit, Catholic university mission. This Gift Acceptance Policy (“Policy”) has been developed to outline straightforward and objective procedures for accepting charitable gifts to the University. While the procedures set forth are detailed and specific to the type of gift, they shall be interpreted considering the following overriding principles:
1. A gift shall not be accepted unless there is a reasonable expectation that acceptance of the gift will benefit Loyola.
2. A gift shall not be accepted if such acceptance imposes upon the University overly burdensome administrative or other costs.
3. This Policy is intended to provide guidance to the Loyola community regarding the acceptance of prospective gifts to the University. Donors are ultimately responsible for ensuring that the proposed gift furthers their own charitable, financial and estate planning goals. Therefore, each prospective donor is urged to seek the advice of independent financial and legal counsel in the gift planning process. It is not within the province of the University nor its staff to give legal, accounting or tax advice to prospective donors.
4. All members of the University community are expected to clear any and all formal and/or informal gift solicitations with the President of the University or the Vice President for Advancement of the University, or their designee, prior to making any such contact with current or prospective donors (this includes individuals, corporations, foundations and government bodies).
5. If, on behalf of the University, any member of the University community receives any gift to the University (including but not limited to cash, checks, securities, property, or other items) it is essential that the University Advancement Division be notified immediately. It is also essential that all letters, certificates, or other documents relating to such gifts, including the envelope in which it arrived with post-marks intact, be saved and forwarded to the University Advancement Division. This is to ensure that all gifts are credited to the appropriate University account, and to further ensure that the University complies with all legally-mandated gift acknowledgement procedures. If you have any questions or are in doubt about a particular point, please contact the University Advancement Division.
See the Council for the Advancement and Support of Education (CASE) Donor Bill of Rights for additional principles that guide the work of the University in accepting philanthropic gifts.
Click this link to see the Gift Acceptance Policy (“Policy”)