Foundation Policies by Kelsey Huffman

kbibee1 — 2024-11-06 18:51:54 UTC

Policy 3630

kbibee1 — 2024-11-06 18:53:39 UTC

Policy 12110

kbibee1 — 2024-11-06 18:54:40 UTC

Policy 12115

2025-01-28 14:23:19 UTC

For Policy 3630 it was interesting to learn that gifts may have restrictions and or stipulations and are still classified as gifts.

In Policy 12110 I found it interesting that the receipts along with the check or cash must be kept locked up in a box and if kept overnight in a locked room.

In Policy 12115 how the Foundation handles gifts-in-kind and what falls under this classification was interesting.

2025-02-18 17:46:48 UTC

I found it interesting that corporate educational foundation grants are actually considered to be gifts because the donors don't have reversionary interest, nor are they expecting a deliverable.

2025-03-24 16:06:59 UTC

I found it interesting that some payors request reports that show how the money was spent, yet the money is still considered a gift. It does makes sense that a donor might want to know how their funds were used.

2025-04-22 13:15:14 UTC

In Policy 3630 it was interesting what was defined as a Gift from private sources, as to comparing it to funds received for field testing where the payor can request what those funds can be administered to complete.

2025-04-22 13:17:09 UTC

Policy 12110, the handling of Virginia Tech Foundation Funds is a clear cut, how to receive the gifts, and to keep and transport even the envelope/note which was included with the payment.

2025-04-22 13:20:02 UTC

Policy 12115, Accepting and Reporting Gifts In Kind was interesting because previously I was not aware that the University could accept those types of things. Art, livestock, motor vehicles. I can see where historical papers would be beneficial to the university system, but was unaware that the others could be accepted and how they would be sold and funds distributed.

2025-05-01 15:16:37 UTC

Re: Policy 3630, I am interested in learning more about the "membership fees" paid by industrial affiliates and field testing. What are some examples?

Policy 12110 requires submission all original correspondence and envelope in which the contribution was delivered. That's a nice demonstration of transparency.

I was surprised to read in Policy 12115 that the unit receiving the gift must ensure they can fund the associated expenses. This forces consideration of future needs and commitments.

2025-05-16 20:50:47 UTC

Policy 3630 Enjoyed reading difference between sponsored funds and gifts. Interesting to find there is a plan to handle items that are not clearly one or the other.

2025-05-16 20:54:04 UTC

Policy 12110-Good descriptions of which type of gift (cash, checks, securities, proceeds/reimbursements/Loan repaymts) are handled by which area (Gift Accting, Investments & Debt Mgmt or Foundation) of the VTF.

2025-05-16 20:55:22 UTC

Policy 12115-Interesting that part of the ability for depts to accept a gift-in-kind is that the dept has to have an immediate need for it.

2025-08-26 18:46:32 UTC

For Policy 12115, I found it interesting that there is a listing of different types of gifts that cannot be accepted without prior written approval of the Foundation.

2025-09-08 20:59:08 UTC

In Policy 3630, I was interested to learn in the different classifications of donations and the determination of gift vs. sponsored program donations.

2025-09-08 21:06:35 UTC

Policy 12110: it was good to learn this fund handling procedure.

Policy 12115: I was interested to learn that a dept. accepting a gift-in-kind needs to work with OESRC to ensure that the gift is made in compliance with all sanctions, import and export regulations.

2025-10-22 13:36:32 UTC

12115: Gifts that exceed minimum threshold ($2000 currently) must be reported to and accounted for by Fixed Assets.

3630: The option exists to make deposits in-person at the Foundation office. The few deposits I have created during my tenure were sent by campus mail.

12110: The different funds should be delivered to the correct unit - Advancement Office vs. Foundation.

2025-10-27 13:47:15 UTC

Policy 3630 - I found it interesting about the field testing funds and how they are screened to see if they are actually gifts or not.

Policy 12110 - I wasn't aware of the other fund deposits (e.g., sales, loan repayments, reimbursements) so that was good to know.

Policy 12115 - I was unaware of the types of gifts the university can receive (e.g., fine art, livestock, motor vehicles, etc.) and found it very interesting.

2026-02-05 18:11:47 UTC

Policy 3630: Corporate Educational Foundation Grants are gifts even though these foundations require annual expenditure reports.

Policy 12110: Advancement Foundation Funds and VTF (gifts) should not be mixed.

Policy 12115: Gifts-in-Kind definition: A gift-in-kind means a gift of anything other than cash. It includes equipment, livestock, tools, artwork, jewelry, collectibles, gems, furniture, securities, real estate, vehicles, inventory, software, and any other tangible or intangible item that could be deemed to have value.

2026-02-19 16:34:26 UTC

Policy 3630: I thought it was interesting that several programs exist where "membership fees" are paid by corporations to support specific research activities.

Policy 12110: I found it interesting that funds being deposited with the University Advancement Office should not be mixed with funds being deposited with the Foundation.

Policy 12115: I thought it was very interesting that if you get prior written approval of the Foundation, you can get livestock as a gift.

2026-02-25 13:57:46 UTC

I found the definition of a gift very helpful in understanding what counts as a gift and what doesn't in relation to where a specific donation should go through VTF or if it should go to Sponsored Programs

2026-05-01 16:47:29 UTC

Policy 12220: I learned that sometimes Marketable Securities paperwork is sent by donors to departments. These are not handled by Gift Accounting. Just like monetary gifts, they are to be delivered to VTF on the day they are received, but they must go to the Office of Investments and Debt Management. Separation of Duties still applies as it does with departmental funds receiving. If the department receives loan repayments, sales proceeds, or reimbursements that are not related to State funds, they go to VTF's general office as Non-Gifts and are deposited into a VTF fund.

2026-05-01 16:47:37 UTC

Policy 3630: I work with sponsored funds as well as gift funds. The processes involved in receiving funds where there is ambiguity about their category -- gift or grant -- are new to me and will be useful to know. I learned that a local fund can be created as a temporary repository for those revenues while OSP and the Controller discuss the appropriate way to handle them.

2026-05-01 16:50:58 UTC

Policy 12115: I had to look up the definition of Gifts-in-Kind in order to get the context for understanding how they are dealt with by the Foundation. They are donated goods and services which are non-monetary and not intended to be utilized/sold for the donor’s or recipient's profit. Acceptance is not automatic: gifts must align with the university mission, comply with regulations, and receive proper approvals. It's also important to know that Gifts-in-Kind are only acceptable if the department can immediately utilize them and manage financial and operational responsibility for them.