Draft September 22 2011 Legal Services NOTE: This draft based on existing Policy 10 and draft gift acceptance

policy written by Development Office in May 2011. It is meant to replace existing Policy 10 and address broader principles of accepting a potential gift not just gifts-in-kind. Process for acceptance/approval of gift and other details will be more easily addressed in a Procedure.

POLICY 10 - GIFT ACCEPTANCE POLICY PURPOSE OF THIS POLICY 1. The purpose of this Policy is to set out the general principles by which the University may accept or decline a gift. APPLICATION AND DEFINITIONS 2. This Policy applies to any gift made to the University for which a charitable receipt will be issued by the University to the donor. 3. For the purposes of this Policy, a) Charitable receipt means the official statement issued by the Universitys Development Office to donors that includes the Universitys charitable registration number, a declaration as to the value of the gift, the date of the gift and name of the donor and any other requirements as may be established by Canada Revenue Agency. b) Gift means a voluntary, irrevocable transfer of cash or of property by a donor to the University for the Universitys benefit and without any expectation that it be returned and without any tangible benefit to the donor. The word property may include for example, software, equipment, artwork and for a further list of examples see administrative procedure. ROLE OF THE DEVELOPMENT OFFICE 4. When considering a potential gift, University staff must notify and work with the Development Office. The Development Office is responsible for facilitating the donation of the gift, the appraisal process, preparation of gift agreements where appropriate, sending official communications to the donor, recording the gift, donor recognition and issuing University charitable receipts. ACCEPTANCE OF POTENTIAL GIFT 5. The University may decide to accept or decline any gift in support of its education and research activities. Once accepted, ownership of the gift vests in the University, whether they are for the benefit of the University generally or for some specific purpose in it. 6. The procedure and appropriate authority within the University for the acceptance of a gift will depend on the type and value of the gift. The Universitys Development office is responsible for assisting in and overseeing the process for acceptance of a gift. ELIGIBLE GIFTS 7. Gifts that are eligible for consideration and acceptance include: a) cash, cheques, money orders, bank drafts, 1

Draft September 22 2011 Legal Services NOTE: This draft based on existing Policy 10 and draft gift acceptance policy written by Development Office in May 2011. It is meant to replace existing Policy 10 and address broader principles of accepting a potential gift not just gifts-in-kind. Process for acceptance/approval of gift and other details will be more easily addressed in a Procedure.

b) c)

gifts-in-kind (see administrative procedure for examples), planned gifts or gifts received through an arrangement to serve the interests of the University and that best suit the personal, financial and tax situation of an individual donor (see administrative procedure for examples).

GIFT LIMITATIONS AND OTHER CONSIDERATIONS 8. Generally, the University will not accept a gift that may, a) b) expose the University to uncertain and potentially significant liability; have significant negative financial impact on the University or have undesirable tax consequences; incompatible with Universitys mission, vision, image or reputation; compromise the Universitys values of integrity and autonomy; place significant administrative constraints on the University; or be potentially illegal or run contrary to other University policies and procedures.

c) d) e) f)

9. Undesignated gifts shall be used for such purposes as the University judges will best advance its mission and academic priorities. Designated gifts shall be used expressly for the purposes for which they are given, which must be consistent with the Universitys mission and academic priorities. 10. The Development Office will determine whether an appraisal is required for a potential gift and in order to determine the fair market value of the potential gift. If an appraisal is required, normally it is the donor who is responsible for payment of the costs associated with obtaining an appraisal of the potential gift. 11. Capital and operating costs associated with accepting a gift must be identified and budgeted prior to the acceptance of a potential gift. Generally, costs associated with the acceptance of a gift must not exceed the planned and authorized expenditure unless prior approval has been given by the Administrative Committee. Maintenance, installation, security and any other operating costs that may be associated with a potential gift must be established in advance, as accurately as possible, and must be budgeted as a recurring annual expense in the appropriate operating account. POLICY REVIEW AND AMENDMENTS 12. The Vice President External Relations is responsible for the establishment and for the annual review of this Policy. Any amendments to it may be made with the approval of the Executive Committee of the Board of Governors.

Draft September 22 2011 Legal Services NOTE: This draft based on existing Policy 10 and draft gift acceptance policy written by Development Office in May 2011. It is meant to replace existing Policy 10 and address broader principles of accepting a potential gift not just gifts-in-kind. Process for acceptance/approval of gift and other details will be more easily addressed in a Procedure.

RELATED POLICIES, PROCEDURES, FORMS Administrative Procedure 41-1: Receipt of Gifts in Kind including works of art Gift-in-kind Donation Form