Lake Superior State University
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LSSU Gift Acceptance Policy

Processing Gifts & Transfer of Gifts Agreement 2.3.11 - “The Foundation will develop written procedures for the processing of the acceptance of gifts to the Foundation and the Parties will mutually agree on the procedure for the transfer of such gifts to the University. The Foundation will make every effort to expedite the transfer of gifts to the University."

DISCOURAGING UNDESIRABLE GIFTS

Agreement 2.3.12 - “The Foundation recognizing the public responsibility of the University shall not accept any gift which is “undesirable” or contrary to the law.”
Definitions What is a gift or a contribution?

A gift is a voluntary charitable contribution. If the donor receives goods or services in exchange for the charitable contribution, the deduction is the amount of the contribution minus the value of the goods or services that the donor received. In circumstances where a gift is part gift and part purchase, only the gift portion is deductible.

“A contribution is an unconditional transfer of cash or other assets to an entity or a settlement or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as an owner. Other assets include securities, land, buildings, use of facilities or utilities, materials and supplies, intangible assets, services, and the unconditional promise to give those items in the future.” - Financial Accounting Standards No. 116:Accounting for Contributions Received and Contributions Made, Financial Accounting Standards Board, p. 2 #5

What is a charitable organization?

“’Charitable organization’ means a benevolent, educational, philanthropic, humane, patriotic, or eleemosynary organization of persons which solicits or obtains contributions solicited from the public for charitable purposes. …”

- Michigan Compiled Laws Section 400.272. Section 2

There is a glossary of general definitions of types of planned gifts at the end of this policy.


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