2c: Gift Policies – Philanthropic Naming Policy

  1. Purpose
    Significant gifts to support the College offer the opportunity for the College and Foundation to recognize and honor a donor whose generosity advances the academic mission of the College, furthers its capacity to serve the community, and enhances the College’s growth and reputation.

    To pay tribute, the College may recognize donors by ascribing to a building or other campus space, college program, faculty or staff position, or endowed scholarship the name of the donor when contributions are given in minimum amounts as specified herein.

    1. The purpose of this policy is to:
      • Provide direction and guidelines for the Foundation in its work with the College to provide philanthropic naming opportunities.
      • Provide the opportunity to appropriately recognize donors for their significant gifts in support of the College.
      • Provide guidance to donors and Foundation staff on the process and general gift minimums for naming opportunities.
    2. Philanthropic naming is a poignant and prominent honor for an individual, entity or organization deemed worthy of such recognition. The act speaks to the judgment that is exercised by the College to align the name of an individual, entity or organization with traits that are considered commendable to the College. As such, the credentials and reputation of the individual, entity or organization for which the naming of significant property is being considered will be appropriately reviewed during the nomination process. Further, the act of philanthropic naming will be consistent to assure that the amount of the contribution warrants the proposed recognition, and to maintain the equity in the relationship of donations for similar naming opportunities.
    3. Naming opportunities (with the exception of endowed scholarships and program funds for excellence) are exclusively controlled and approved by the College Board of Directors and College President as per College Naming Policy B703; the Foundation will adhere to and support the College policies and processes. Changes to the Foundation’s Philanthropic Naming Policy will be reviewed with the College Board through the College Board Chair prior to any modifications being made.
    4. The Foundation staff, Executive Officer of the Foundation, and Foundation Board will in addition collaborate with the College President’s office to:
      • Raise major gifts to support the College and actively cultivate and steward donors.
      • Recommend and nominate donors who have given the appropriate level of charitable contributions for the honor of naming of a building/space, program, or faculty or staff position at the College.
      • Create, review and approve each philanthropic naming agreement before forwarding to the College President and College Board for approval.
  2. Naming Process and Approvals
    Since the naming process has a long-term impact on the College, the approval process is designed to ensure such action is in the best interest of the College.

    1. All naming opportunities that involve private financial support will first be approved by the Foundation Board before any action can be taken by the College review and approval process. Further, discussions with potential donors who seek naming opportunities will be conducted with the understanding that the College President and College Board reserve final approval of the naming. The exception is that endowed scholarships and program funds for excellence do not require approval by the College President or College Board, only the Foundation.
    2. Nominations/philanthropic naming proposals recommended and approved by the Foundation Board will be submitted in writing to the College President and College Board.
    3. Each philanthropic naming proposal will have a specific naming agreement prepared by the Foundation outlining the naming provisions, recognition/stewardship, time duration, relevant history or experience suitable for nomination, significant honors and resume/bio of donor, and the expectations of the College and the donor. The Foundation Board will review and approve each naming agreement (involving financial contributions) before forwarding to the College President. The College President will perform the final review and forward to the College Board.
    4. Each philanthropic naming agreement should reserve the right to rename or cancel naming agreements for dishonorable behavior that is inconsistent with the high stature and honor of the naming opportunity, and also should include the right to rename as future conditions might change (for example, the life of the building expires or the program is discontinued). If a renaming situation occurs, the College and Foundation should acknowledge, if appropriate, the first gift in some manner (such as a plaque or naming part of a new building). These guidelines recognize, however, that each philanthropic naming opportunity is a unique situation requiring agreement of the Foundation Board, the College Board, and the donor, and that the College Board should have the discretion to apply or depart from these guidelines.
    5. Prior to the philanthropic naming approval, the College Board shall have reasonable assurance that:
      • The proposed name shall bring honor and distinction to the College and
      • Any philanthropic commitments connected with the naming shall be realized.
    6. The designation of a naming shall not be publicly announced until final approval has been obtained as required by the College Board.
  3. Minimum Gift Amounts and Pledge Period
    The gift levels outlined below are intended as minimum amounts to name the respective opportunity; higher minimums may be set for specific opportunities. With approval from the College Board, the Foundation Board may adjust these minimums to reflect market conditions.

    Irrevocable pledges to be paid over a period of time are acceptable; typically up to five years unless otherwise approved by the College President and College Board. The terms of payment will be outlined in the naming agreement. Naming opportunities may be considered through an irrevocable deferred gift at the discounted present value. Combinations of irrevocable planned gifts and cash may be considered under the right circumstances.

    1. Facilities/Space/Equipment Naming Guidelines
      1. In general, it is expected that a donor will make a contribution of at least $1 million before being offered a building naming opportunity. Higher minimum amounts may be set for specific opportunities and/or minimums can be adjusted in the future by the College Board. Contributions do not have to be directly attributable to the costs of facility construction or renovation but may be directed to other philanthropic purposes at the College (scholarships, program support, etc.).
      2. In addition, the Foundation may propose naming opportunities smaller than a building in recognition of appropriate philanthropic gifts. Such naming opportunities may include space within a building (classrooms, labs), portable items (equipment or collections), tribute markers (gardens, benches), etc. These naming opportunities may be considered for philanthropic gifts that support the direct costs of these spaces or for other gifts to scholarships, program support or other areas. Decisions regarding such recognition will be made in accordance with the approval process contained in this policy.
      3. The Foundation Board recognizes that it might be appropriate, from time to time, to recognize a donor with a naming opportunity if the donor has a significant cumulative giving history, or may have provided additional extraordinary services to the College or community, or the gift could be considered pivotal for the overall success of a campaign. These caveats will be disclosed and outlined to the College Board in presenting the naming agreement for consideration.
    2. Program Naming Guidelines
      Programs of the College can also be named following the Foundation’s general naming guidelines and the College Naming Policy B703. Program naming opportunities should be intended for long-term endowment gift proposals, but could be suggested to the donor for offers of support for a program for a lesser, finite number of years. Program naming gift amounts may differ from program to program and should be at least five times the program’s annual budget (total equipment, salaries and benefits, materials and supplies). Naming agreements should take into consideration the amount needed to create, sustain, and/or significantly advance the program now and in the future. Program naming opportunities may also be considered for philanthropic gifts directed to areas other than the named program, for example, scholarships or facilities.
    3. Faculty/Staff Position Naming Guidelines
      1. Faculty and staff positions at the College can also be named to honor a donor’s philanthropic gift. Faculty/staff position naming opportunities should be intended for long-term endowment proposals and other forms of recognition, but could be suggested to the donor for offers of support for a program for a lesser, finite number of years. In general, $500,000 would be considered the minimum contribution for a faculty or staff position naming opportunity.
      2. Naming agreements for faculty/staff positions should be prepared focusing on particular fields and/or positions that are broad in nature and that are considered to be integral and necessary for the institution now and in the future.
      3. Charitable gifts recognized by a named faculty or staff position can support existing or new positions and can be used to advance the position as the College sees fit, utilizing the earnings for salary or for support, training, or adjunct activities related to the position. In addition, the College may consider faculty or staff position naming opportunities for philanthropic gifts directed to areas other than the named position, such as gifts to scholarships or programs.
      4. A donor may not require as a condition to a donation, that a particular individual be named to, or retained in, a named position. If a new position is established, the College will conduct a search to fill the position with the best qualified candidate who meets the honor and stature that the named position confers. Holders of the named position must continue to meet job/position requirements and will be required to relinquish the named position when leaving the institution or when changing roles within the College.
  4. Guidelines for Naming Endowed Scholarships or Program Funds for Excellence
    1. Naming opportunities for an individual or organization with traits that are considered commendable to the Foundation are available for endowed scholarships or program funds for excellence. Endowed scholarships or program funds for excellence provide benefits in perpetuity by preserving the corpus of a gift and using fund earnings for student scholarships or other designated program needs. Endowed scholarship and program funds for excellence will have a specific fund agreement approved by the Foundation Operations Manager or Executive Officer and the Foundation Finance Committee. Approvals from the College President or College Board are not required for the creation of endowed scholarship or program funds for excellence.
    2. In order for a fund or scholarship to be “endowed” it must contain a minimum principal amount of $25,000. Donors wishing to build endowed funds are expected to make regular contributions to the fund, with the goal of reaching the minimum endowed level within five (5) years. If the fund does not reach the endowed level within five (5) years the funds shall be placed in any other Foundation fund as determined by the Foundation Board, taking into account the original intent of the donor.