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Alum Success

"My two business degrees from LSSU were instrumental in preparing me to work at all levels of Edison Sault Electric (ESE), concluding with the privilege of becoming ESE President in 1998. My company also takes pride in that 14 out of a total of 17 management personnel and about 20% of hourly employees at ESE either have degrees from or have attended a substantial number of classes at LSSU. Finally, our company and employees have contributed in excess of $500,000 to various LSSU projects over the last 25 years. ESE Believes in Blue."

Don Sawruk '70
Edison Sault Electric Company
President and CEO
Sault Ste. Marie, MI

LSSU Foundation

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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Impact in the real world...

Rachel Claucherty-Arnold

What made Rachel's Lake Superior State experience so unique was the practical research she did with top-notch faculty. "I really enjoyed working with environmental chemistry professor Judy Westrick and biologist Deb Stai," Rachel says. "For my senior project, we evaluated a lab method for cultivating a fungus that causes infections in humans." [ more ]

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