As a publicly funded university, the university must comply with federal law that governs the admissibility of the restrictions mentioned by donors in a donation agreement. These laws include, but are not limited to, Title VI of the Civil Rights Act of 1964, Title I of the 1972 Education Amendments and the Equal Rights Protection Clause of the U.S. Constitution. State law and institutional policy may also limit the university`s ability to accept scholarships limited to certain categories of protected persons. The process of gift agreement, from the donor`s inclination to the final signature, is described in the gift agreement diagram. Formal verification, compliance and registration procedures ensure that the document is properly drafted and legally flawless and that the donor and the university are satisfied with the gift contract executed at the final signing. A foundation can be created with a minimum gift of $25,000, either directly or for a maximum of five years. A gift contract must be executed before a banner index can be created to retain the foundation funds. Funds received prior to the execution of a gift contract are paid into the university`s advance account. The Office of Advancement Services moves the funds held (via newspaper transfer) as soon as a banner index is available. In 2017, Utah State University made an administrative decision to maintain scholarship criteria that could be problematic in gift contracts established before 2017. It was agreed that any agreement that will be amended after 2017 and that contains problematic scholarship criteria will be repealed or amended at the time of the amendment. If a scholarship gift of $10,000 or more is fully spent within one year of receipt, there is no need to execute a gift contract.
However, the scholarship criteria must be approved by the Promotion Services Office. Scholarship gifts of less than $10,000 are deposited in a scholarship fund (usually general scholarship accounts) established in agreement with the donor. According to usU Policy 528: Contract Signature Authority and Delegation are gift contracts that bind the university to legal obligations. The table below shows the signatures needed for the three types of foundations: gift agreements are written according to the most current model of agreement. The models are approved by the Office of General Counsel and are available here. The number of people eligible for a scholarship must be large enough to be considered a public utility class. IRS Publication 3833 (Rev. 9-2005) contains the following description of a charity class: When a planned gift (. B for example will, inheritance, recipient title) is considered, the donor completes and signs the expected gift form. The document refers to the direct management of donations and refers to the intention of donors.