CHAPTER 8: COLLEGE
RELATIONS
POLICY 8A.1 ARCC Foundations and
Donations to the Foundations
Definitions
Anoka-Ramsey Community College Foundation: A private,
non-profit organization legally incorporated under IRS
statutes 501(c)(3)
and officially recognized by the President to support
programs and activities that benefit the Coon Rapids Campus.
Cambridge Community College Foundation: A private, non-profit
organization legally incorporated under IRS statutes 501(c)(3)
and officially recognized by the President to support programs
and activities that benefit the Cambridge Campus.
Administrative support: May include the use of college
employees, equipment, and facilities that are needed to
carry out foundation policies and authorizations. The foundation
board is responsible for managing its financial resources,
including authorizing fund-raising strategies, budgeting
the use of funds for the benefit of the college and its
students, and establishing investment policies.
Policy
The President will contract with each foundation in accordance
with the Minnesota State College and University Policy
8.3 and Procedure 8.3.1. The contract will be approved
by the system office and will outline allowable services,
non-allowable services, handling of foundation funds,
and other requirements as outlined in the Board policy.
Each foundation will establish its own policies and procedures.
Separate bank accounts must be maintained for foundation
funds and shall not be commingled with college funds.
Reporting
Within six months of the close of the foundation’s
fiscal year, each foundation will provide annually to the
College and the system office a copy of its most recent
financial report filed with the attorney general pursuant
to Minnesota Statue Ch. 309. A foundation receiving less
than $350,000 in revenue annually shall submit a copy of
an external financial audit at least every three years.
Acceptance of Donations
The President may receive and accept donations on
behalf of the college and/or the Foundation(s) and will clearly
elicit from the donor which entity is the intended
recipient of the gift. The Foundation may receive and accept
donations
on behalf of the Foundation. Unless otherwise so expressed
in terms of the donation, the Foundation shall determine
the use of Foundation donations. Donations of real
property to the college require Board approval prior to
acceptance
(see MnSCU Board Policy 7.7).
Solicitation
The solicitation of donations, the sale of goods, or
any other fund-raising activity on behalf of the College
by any individual or group other than the Foundation
requires prior approval, in writing, from the President.
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History:
| 5/04 |
Amended this policy to clarify
that only the college President may receive and accept
donations
to the college, while the President and the Foundation(s)
may accept gifts to the foundation(s); changed policy
title from “Acceptance of Donations and Campus
Sales”; added these sections: Definitions, Policy,
Reporting; Related policies are Policy 8A.2 Sale of
Goods and Policy 7D.1 Acceptance of Gifts & Grants
to the College; moved “Campus Sales” from
this policy to new Policy 8A.2 Sale of Goods & Fund-raising
Activities. |
For Minnesota State Colleges and Universities (MnSCU) policies
and procedures, go to www.mnscu.edu/Policies/PolicyIndex.html
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