2.72.01 Planned Giving Policies and Guidelines
The Planned Giving Policy is the policy document for internal use governing the Planned Giving Program. It is the policy of Wayne State University to encourage planned gifts that financially benefit the University. Wayne State University shall accept no gift where the donor’s benefits exceed the value of the gift to WSU. The University may accept as gifts any property subject to the policy and the procedures established under it.
The policy is as follows: The President and/or his/her designee shall establish a Planned Gifts Office responsible for executing this policy in coordination with other University offices and departments.
|2.72.01.030||Responsibilities and Duties of the Planned Gifts Office|
Wayne State University shall seek advice of the General Counsel and Treasurer in all matters pertaining to its planned gifts program and shall execute no planned gift agreement without the advice of these offices. All agreements shall follow the format of the specimen agreements approved by WSU legal counsel. All prospective donors shall be urged to seek their own counsel in matters relating to their proposed planned gifts, their tax consequences and other areas of estate planning.
The President or his/her designee is authorized to negotiate and sign planned giving agreements with prospective donors, following the guidelines and the format of the specimen agreements approved on advice of counsel.
All gifts received by the University pursuant to the planned gifts policy must be approved by the President and/or his/her designee.
The President, at his/her discretion, may appoint a Planned Giving Committee to provide advice, expertise and assistance to further the objectives of this policy.
|The President and/or his/her designee shall establish policies regarding the valuing and accounting for hard-to-value gifts|
It is the donor’s responsibility to establish the fair market value for tax deduction purposes for gifts such as real estate, antiques, and stock of closely held companies.
|The Planned Gifts Office does not make investment decisions for the University. The University may benefit from a bargain sale or receive part interest in property or a business that will give WSU a portion of the proceeds from a future sale, subject to the prior written approval of the University Treasurer.|
|2.72.01.100||Split Interest Gifts|
The President and/or his/her designee shall establish policies governing when Wayne State University may act as trustee or manager for certain types of gifts, such as Charitable Remainder Unitrusts, Charitable Remainder Annuity Trusts, Pooled Income Funds, and Charitable Gift Annuities.
|Wayne State University may act as a trustee of an individual trust.|
The University Treasurer will determine if an outside fiduciary or trustee is used to manage University-held trusts, gift annuity funds or pooled income fund(s), and shall select the bank or fiduciary which conforms with prudent and accepted fiduciary standards.
|2.72.01.130||Wayne State University Obligations to Donor|
Wayne State University shall assist the donor in developing a plan that gives effect to the donor’s intentions. Assisting the donor to carry out his/her planning objectives is a prime consideration of WSU’s planned giving program.
|Wayne State University will avoid conflicts of interest and will administer all trusts in accordance with applicable law and any generally accepted standards of gift planning and accounting fields.|
Wayne State University will instruct prospective donors to consult their own legal, financial or other personal advisors.
Records of each transaction shall be maintained in the authorized WSU department and WSU Business Office, the WSU Development Office, or by the appropriate outside fiduciary if any.
The Board of Governors must approve all gifts that will or may require expenditure of University funds either now or at some future date, except for charitable gift annuities with a face value of $200,000 or less. Charitable gift annuities will be administered in accordance with the generally accepted standards of gift planning and in a manner that prudently manages the University’s financial risk. Gift annuity payments are a limited and not a general obligation of the University. Annuities will be payable in the first instance from the monies and investments held in the University’s segregated gift annuity fund, and secondarily from the University’s general revenues.
Adopted 7-0; Official Proceedings 48:____ (9 June 2004) Prior Acts: Official Proceedings 26:3704 (11 June 1982) Official Proceedings 37:4953 (16 July 1993)