Gift Acceptance Terms & Conditions
The following is a non-exhaustive overview of terms and conditions applicable to charitable gifts made to the University of South Dakota Foundation & Alumni Association (“Foundation”). These may be modified from time to time with or without notice.
IRREVOCABILITY: Absent extraordinary circumstances, as determined by the Foundation, charitable gifts received by the Foundation are irrevocable and will not be refunded.
FUND MANAGEMENT & DISTRIBUTION: Gifts received by the Foundation will be held, managed, administered, invested, and reinvested, as applicable, in a manner consistent with documented and mutually agreed upon Donor restrictions, as well as the policies and fiduciary responsibilities of the Foundation. The Foundation will make available to USD the spendable portion of any gift funds received, whether current or endowed, in a timely and systematic manner. There are periods throughout USD’s business cycle in which immediate access to spendable funds is not required. Throughout all such lag or interim periods, the Foundation reserves the right to hold spendable funds in interest-bearing accounts or other investment vehicles, the earnings from which will be retained for general use by the Foundation. The administration of any gifts received will remain consistent with all applicable local, state, and federal laws and regulations, as well as the policies of the Foundation, USD, and South Dakota Board of Regents. Scholarships and other fund awards are generally renewable unless otherwise restricted in a gift agreement. No Donor restrictions are permitted that allow Donors to designate individual award recipients, control a recipient’s future employment, or allow Donors to derive personal benefits. Donor-created funds may be subject to additional contributions from other individuals, foundations, trusts, estates, or other entities, but such additional contributions will not alter fund intent.
STEWARDSHIP: The Foundation will endeavor to provide Donors meaningful stewardship consistent with industry best practices, which may include, particularly in the case of endowed funds, annual financial reporting.
ENDOWMENT ADMINISTRATION: All Donor-created endowments, whether permanent, term, or quasi, including principal contributions and retained investment earnings, will be managed and invested in accordance with the investment policies of the Foundation. Donor acknowledges that, under certain market circumstances, the market value of a permanent endowment may fall below its contributed value. In such cases, the Foundation may elect to temporarily utilize endowment principal to fulfill the fund’s purpose, as deemed prudent by the Foundation. In the case of term endowments, Donor accepts the risk of market fluctuations and, further, the intentional use and exhaustion of principal contributions (i.e., “corpus”) to fulfill the fund’s purpose(s). If the contributed value of a newly established permanent or term endowment fails to reach Foundation defined minimums within the specified pledge period, the entire contributed amount and any accumulated earnings may be transferred to and merged with an existing Foundation fund whose purpose most closely aligns with Donor’s intentions in creating the endowment. Unless otherwise provided in a gift agreement, spendable endowment earnings that go unspent by USD, for whatever reason, will remain in spendable accounts and not be reinvested with the endowment corpus, though earnings may accumulate for the benefit of the Foundation as provided above under “Fund Management & Distribution.”
FEES: The Foundation reserves the right to assess against any fund or gift type – whether lifetime or planned, endowed or current – fees reasonably consistent with industry practices. Such fees may be applied on a one-time or ongoing basis and adjusted from time to time as the Foundation deems appropriate. See here for more information about reinvesting in a culture of philanthropy.
PUBLICITY: Absent anonymity requirements, the Foundation may from time to time, at its discretion, publicize gifts (including gift amounts and Donor identities, as appropriate) via websites, social media, print publications, press releases, donor honor rolls, or other media. USD may also announce gifts in accordance with its policies and procedures.
CHANGES IN LAW & LEGAL STANDING: The Foundation retains the authority to make any changes to gift agreements and fund terms necessary to maintain compliance with all applicable laws and regulations, and to preserve the Foundation’s status as an organization exempt from United States Federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Acceptance and administration of gifts by the Foundation, unless otherwise agreed upon, will reflect the spirit of a charitable transaction and shall not be interpreted to create or provide Donor or his or her successors standing to assert legal claims against the Foundation or USD for actions related to use or administration of charitable funds.
NAMING RECOGNITION: The Foundation and USD reserve the exclusive right and discretion to reject, void, or amend any naming rights that result from a charitable gift if it is reasonably determined at any time such naming recognition adversely affects, or could adversely affect, the name, mission, image, integrity, or reputation of the Foundation or USD, or if Donor defaults on all or part of his or her pledged commitment, or if, for whatever reason, the Foundation or USD become legally required to surrender all or a portion of Donor funds received. Rejection, voidance, or amendment of such naming recognition shall not create for the Foundation or USD any obligation or liability to Donor, including the forfeiture or return of any Donor contributions received.
DOCUMENTATION & AMENDMENT: Significant charitable gifts received by the Foundation, especially those resulting in new named funds, are typically documented in Foundation gift agreements. Such agreements may only be amended by the written consent of Donor and the Foundation. If Donor is unavailable because of death or incapacity, the Foundation may execute amendments with Donor designees, surviving family members, or other interested parties should circumstances reasonably suggest such amendments would be received by Donor without controversy. In certain cases, circumstances may no longer allow Donor’s gift to be practically or efficiently administered. In such cases, the Foundation may repurpose the gift fund for any purpose which the Foundation determines will reasonably align with Donor’s intentions in creating the fund. The Foundation will make reasonable attempts to first consult with Donor or the Donor’s formally designated representative(s), if any, to determine the best use of the gift fund under the changed circumstances.
ACCEPTANCE OF AGREEMENT: This Agreement contains the entire understanding of the parties with respect to Donor’s charitable gift and the resulting fund(s). This Agreement is subject to the laws of the State of South Dakota and supersedes all other agreements and understandings between the parties, both oral and written, relating to the subject matter of the Agreement. The parties acknowledge that they have read and understand the Agreement in its entirety and agree to be bound by its provisions.