Foundation’s Responsibilities. and Relationship to the District The Foundation agrees to provide the District the following services: A. To receive and administer gifts of property, real or personal, financial or otherwise, to be used on behalf of the District, its faculty, students, and staff all according to the terms of the donor. In the event the donor does not specify the terms or all the terms for which the gift shall be used, the Foundation shall administer and use the gift for the benefit of the District in accordance with the District's needs and priorities. B. To hold, manage, and distribute assets in its possession for the dedicated purpose of supporting the mission of the District. C. To assist with fundraising efforts as defined by the District through the identification, cultivation, and solicitation of philanthropic contributors to the District. D. To continue to promote the District's best interest, when requested, within the region, state, and nation to raise the visibility and enhance the reputation of the District. E. To keep accurate and confidential financial records of donors and donor funds and to make such records promptly available to the District upon the District’s request. F. To assist with the appropriate stewardship, recognition, and acknowledgement to donors through timely correspondence, gift clubs, and recognition events. G. To abide by ethical and legal practices as is in accordance with the Foundation's charitable 501(c)(3) status. H. To establish a financial plan to underwrite the cost of Foundation programs, operations, and services not provided by the District. I. To have a separate annual audit of the financial records of the Foundation conducted by an independent CPA auditing firm approved by the Foundation Board, and to make all audit information promptly available to the District by the end of the first quarter of each calendar year. J. Provide an annual financial report to the District Board of Trustees, including an annual statement describing the benefits and services of the Foundation. K. To develop and abide by gift acceptance guidelines and policies that are in accordance with the District's mission, goals, policies, procedures, and objectives. L. To provide seed grants for new program development and for the purpose of securing and stewarding institutional relationships and partnerships, including performing all tasks associated with grants, including, but not limited to, grant writing, administering, and reporting. M. To provide scholarships to the students of the District in accordance with the awarding of those scholarships through the District's Scholarship and Financial Aid Office. N. To maintain and manage an endowment, including the establishment of fund agreements with donors, setting and implementing investment and spending policies and procedures that prudently ▇▇▇▇▇▇▇ the principal of the endowment and honor donor intent, as prescribed by the Uniform Prudent Investor Act, the Uniform Prudent Management of Institutional Fund Act, and other applicable California laws. O. To receive, hold, manage, invest, and disburse contributions of cash, securities, patents, copyrights, and other forms of property, including immediately vesting gifts and deferred gifts that are contributed in the form of planned and deferred gift instruments, and disposition or allocation of real estate or other forms of tangible property. P. To permit the following individuals to serve as non-voting advisors to the Foundation Board: the District Superintendent/President, the District Vice President of Administrative Services, the District Associate Vice President of Institutional Advancement, District Board of Trustees Liaison, and representatives of the following District organizations: Academic Senate, Classified Senate, and Associated Student Government. Q. To promptly disclose any terms, conditions, or limitations imposed by the donor or legal determination on any gift to be transferred or distributed to the Superintendent/President or designee on behalf of the District. Acceptance of gifts will follow the Foundation “Solicitation and Acceptance of Gifts” policy attached to this Agreement as Exhibit “A”. R. To develop policies and procedures that will allow for the assessment of reasonable and proportionate gift and transaction fees, which will enable the Foundation to pay for a portion of the expenses associated with donor recognition as well as business operations of the Foundation, including reimbursing the District up to 25% of the District’s Associate Vice President of Institutional Advancement and up to 40% of a full- time equivalent District accountant’s compensation, , and other payments, as agreed by the parties. The compensation reimbursement for the Associate Vice President of Institutional Advancement and the Accountant will be agreed to by the parties annually prior to the start of the fiscal year. The Foundation’s current “Administrative Costs Recovery” policy is attached to this Agreement as Exhibit “B” and are incorporated herein by this reference and will be reported to the District Board of Trustees when updated, as an informational item. S. To perform any and all other services as requested by the District that are consistent with the Foundation’s mission and purpose.
Appears in 1 contract
Sources: Memorandum of Understanding
Foundation’s Responsibilities. and Relationship to the District The Foundation agrees to provide the District the following services:
A. To ▇. ▇▇ receive and administer gifts of property, real or personal, financial or otherwise, to be used on behalf of the District, its faculty, students, and staff all according to the terms of the donor. In the event the donor does not specify the terms or all the terms for which the gift shall be used, the Foundation shall administer and use the gift for the benefit of the District in accordance with the District's needs and priorities.
B. To hold, manage, and distribute assets in its possession for the dedicated purpose of supporting the mission of the District.
C. To assist with fundraising efforts as defined by the District through the identification, cultivation, and solicitation of philanthropic contributors to the District.
D. To continue to promote the District's best interest, when requested, within the region, state, and nation to raise the visibility and enhance the reputation of the District.
E. To keep accurate and confidential financial records of donors and donor funds and to make such records promptly available to the District upon the District’s request.
F. To assist with the appropriate stewardship, recognition, and acknowledgement to donors through timely correspondence, gift clubs, and recognition events.
G. To abide by ethical and legal practices as is in accordance with the Foundation's charitable 501(c)(3) status.
H. To establish a financial plan to underwrite the cost of Foundation programs, operations, and services not provided by the District.
I. To have a separate annual audit of the financial records of the Foundation conducted by an independent CPA auditing firm approved by the Foundation Board, and to make all audit information promptly available to the District by the end of the first quarter of each calendar year.
J. Provide an annual financial report to the District Board of Trustees, including an annual statement describing the benefits and services of the Foundation.
K. To ▇. ▇▇ develop and abide by gift acceptance guidelines and policies that are in accordance with the District's mission, goals, policies, procedures, and objectives.
L. To provide seed grants for new program development and for the purpose of securing and stewarding institutional relationships and partnerships, including performing all tasks associated with grants, including, but not limited to, grant writing, administering, and reporting.
M. To provide scholarships to the students of the District in accordance with the awarding of those scholarships through the District's Scholarship and Financial Aid Office.
N. To maintain and manage an endowment, including the establishment of fund agreements with donors, setting and implementing investment and spending policies and procedures that prudently ▇▇▇▇▇▇▇ the principal of the endowment and honor donor intent, as prescribed by the Uniform Prudent Investor Act, the Uniform Prudent Management of Institutional Fund Act, and other applicable California laws.
O. To receive, hold, manage, invest, and disburse contributions of cash, securities, patents, copyrights, and other forms of property, including immediately vesting gifts and deferred gifts that are contributed in the form of planned and deferred gift instruments, and disposition or allocation of real estate or other forms of tangible property.
P. To ▇. ▇▇ permit the following individuals to serve as non-voting advisors to the Foundation Board: the District Superintendent/President, the District Vice President of Administrative Services, the District Associate Vice President of Institutional Advancement, District Board of Trustees Liaison, and representatives of the following District organizations: Academic Senate, Classified Senate, and Associated Student Government.
Q. To promptly disclose any terms, conditions, or limitations imposed by the donor or legal determination on any gift to be transferred or distributed to the Superintendent/President or designee on behalf of the District. Acceptance of gifts will follow the Foundation “Solicitation and Acceptance of Gifts” policy attached to this Agreement as Exhibit “A”.
R. To develop policies and procedures that will allow for the assessment of reasonable and proportionate gift and transaction fees, which will enable the Foundation to pay for a portion of the expenses associated with donor recognition as well as business operations of the Foundation, including reimbursing the District up to 25% of the District’s Associate Vice President of Institutional Advancement and up to 40% of a full- time equivalent District accountant’s compensation, , and other payments, as agreed by the parties. The compensation reimbursement for the Associate Vice President of Institutional Advancement and the Accountant will be agreed to by the parties annually prior to the start of the fiscal year. The Foundation’s current “Administrative Costs Recovery” policy is attached to this Agreement as Exhibit “B” and are incorporated herein by this reference and will be reported to the District Board of Trustees when updated, as an informational item.
S. To perform any and all other services as requested by the District that are consistent with the Foundation’s mission and purpose.
Appears in 1 contract
Sources: Memorandum of Understanding