All contributions, both restricted and unrestricted, are the property of the FCCJ Foundation. Any restrictions placed on donations will be included in the appropriate accounting procedures for the Foundation.
In order to establish an endowment account, the principal contribution fund must reach $5,000 within a 12-month period and $25,000 within a 60 month period from the date of the gift agreement. While all pledge payments participate in the endowment pool for earnings and growth, the fund will not provide spendable income until the minimum endowment level of $26,250 ($25,000 plus 5% current spendable rate) is achieved. The Distribution Policy will become effective when the account reaches $25,000 in donor contributions. Therefore, during this capital accumulation period, no spending from the account will occur. If the fund does not reach the required amounts within specified periods, the funds will be transferred to the endowed general scholarship fund and the name of the fund will be removed. If the donor elects to also provide start up funds to allow for immediate scholarships a separate account will be established which earns interest and State Match. At the end of the next fiscal year any funds remaining in this account will be transferred to the donor’s endowment account.
In order to establish a new account for a designated purpose a minimum lump sum contribution of $5,000 is required before expenditures may be made. A minimum scholarship award from these Annual Scholarship Funds will be $500. Any contributions or expenditures which would endanger the non-profit status of the FCCJ Foundation will administratively be refused. Any contributions in which control of investments or disbursements remains with the donor or are intended to be used for sole interests of the donor are to be refused.
Definition of Donor: The Donor shall be defined as the principal contributor to an account, and if the Donor is not known, alive, or available for communication with the Foundation, the Executive Director of the Foundation or his/her designee shall function as Donor for decisions about the account.
Deferred Gifts are defined as those donations to the Foundation which do not pass simply and quickly from the donor to the receiver, such as life insurance policies, trusts, pooled income funds, wills, bequests, etc.
Inactive Accounts are those for which there has been neither contribution nor award activity in the past five years. The Foundation will make all reasonable efforts to contact the donors of inactive accounts to stimulate additional contributions or awards. If the donor cannot be contacted to direct the use of the funds to a more active account, the Foundation will close the inactive account and transfer the balance to the endowed general scholarship fund.
Gift Agreement If a contributor to the Foundation wishes to establish a new account for a designated purpose, the Donor must complete a Gift Agreement Form and have it accepted by the Executive Director of the Foundation or designee. The following must be addressed in the agreement: name, purpose, criteria, schedule of payment, recognition, and College discretion. See a copy of Gift Agreement attached. Copies of the Gift Agreement will be provided as follows: 1 copy to the Student Aid Office if there are funds to be awarded, one copy to the Foundation Accountant IV, the original and one copy to the Foundation Administrative Assistant II. The Foundation Accountant shall set up the Raiser’s Edge and Financial Edge accounts and the required software mappings.
Operational Procedures
Contributions: Contributions of money may be for immediate use in general support of College endeavors, for specific use through donor-specified restrictions, or for endowment purposes. Pledges of contributions in future years will be accepted and acknowledged. Written acknowledgement is to be made to the donor within a week by the Foundation Executive Director and, as deemed appropriate, the President of the College. Significant contributions may also be recognized with a separate letter from the Foundation Board President or College President. Separate acknowledgement of IRS tax qualifying contributions should also be made as funds are received.
Interest and Investment Income: Interest and Investment Income of all Endowed, Quasi-endowed, or Restricted (Non-Endowed) Foundation accounts will be calculated at the end of each month. Funds must be on deposit from the first day of the month to receive interest income for that month. No interest income will be credited to unrestricted (operating) accounts. Unless otherwise requested by the Executive Director, at fiscal year end accounts with less than $500 will have those balances transferred to the General Endowed Scholarship.
Income Reporting: The Foundation’s Receipts and Disbursements Journal is open to Foundation Board members at any time for their review. Confidentiality of donor activity limits public access to the journal.
Materials, Supplies and Equipment
Persons contacting the Foundation with the offer to donate physical materials, supplies or equipment are processed as follows:
Donation Form for Non-Cash gifts will be completed to indicate the nature of gift and approximate value, need for transportation to College property, and other pertinent information as necessary for internal use.
Appropriate College departments are to be consulted regarding potential use of donation.
Donor is notified within a week of Foundation’s acceptance or rejection of gift and arrangements are made for conveyance.
Inventory of tangible assets of the Foundation will be maintained in the Foundation office.
In general, items accepted by the Foundation for use in education programs should be given to the College. In general, items accepted by the Foundation for resale will be held by the Foundation for sale at the appropriate time.
A third party appraisal is required for all donations estimated to be a value of over $5,000 and at the Executive Director’s discretion for amounts less than $5,000.
All donated items should be transferred to the College if they are to be used for educational programs. The Executive Director of the Foundation determines, on the basis of information gathered, the acceptability of donation and whether it will be donated “as is” to the College for use or whether ownership will be retained by the Foundation for resale or investment purposes. The Director also gives consideration to the liquidation value of the gift. See a sample Donation Form for Non-Cash Gifts.
Real Property or Services
Persons contacting the Foundation with an offer to donate services, real property or securities are to be referred to the Executive Director. Information pertinent to the nature of the donation is collected, and a decision to accept is made by the Foundation Executive Director in conjunction with the Foundation Investment Policy.
All real estate gifts should be accepted for specific use in an educational program or for management as an investment. An exception would be made if a land or property donation was made and an eventual FCCJ expansion was anticipated.
Third party appraisals for all real estate donations to the Foundation are required in order to ensure value is reported accurately.
An environmental survey should be completed and/or before accepting a land/property donation. Generally the donor will pay survey costs, but each case will be decided individually.
Land/property donations in a location not readily available for inspection and maintenance (e.g. Alaska) may be declined.
If rental property is donated, and accepted, the Foundation would secure the services of a property management company.
Securities
Marketable securities accepted for donation are to be wired by the donor’s broker to the Foundation account at:
Wachovia Securities, LLC
Attention: Dennis Wiggins
4601 Touchton Road E., Suite 3120
Jacksonville, FL 32246
Account # 63154732
Depository Trust Company (DTC) #0141.
Securities are to be sold at market value as soon as received and written confirmation from Wachovia Securities will be sent to the Foundation within 1 business day, and the Foundation will in turn send written confirmation to the donor within 2 business days.
The cash proceeds from the transaction are then to be deposited or invested in an investment or temporary account per directions from the Foundation.
The donor will complete a Securities Gift form with the Foundation.
Accounting Procedures
Accounts are to be maintained on a timely and accurate basis consistent with generally accepted National Association of College and University Business Officers (NACUBO) and Government Accounting Standards Board (GASB) principles. Contributions are to be accepted and classified according to IRS standards. Acknowledgement to donors will reflect tax deduction eligibility.
Fund balances are recorded according to donor specifications into one of three funds: restricted, unrestricted (operating, non-endowed, or endowed). The Executive Director is responsible for discerning donor intent and the College Controller is responsible for identifying the appropriate fund to which donations are deposited. A written gift agreement is required for all endowed or named fund accounts. In the absence of any donor direction, donated funds are to be deposited to the Endowed General Scholarship Fund. The Executive Director may also designate undirected contributions as deemed in the best interests of the Foundation.
The check register is to be made available as requested to Board Members.
Foundation Expenditures
Scholarships will be administered by the College Student Aid department per the College administrative procedures and the following…
Funds released by the Foundation to the College General Scholarship Fund are to be allocated on the advice of the Student Aid Advisory Committee and the approval of the Executive Vice President of Instruction and Student Services.
Scholarships are to be awarded per the selection criteria and disbursed through standard College financial aid disbursement methods. The Foundation will be billed for such disbursements and will first settle accounts with the College no later than 60 days after the first day of session A16 classes. The second settlement with the College will be no later than 30 days after the end of session A16 for each term.
In the absence of eligible students for scholarships for which a Gift Agreement has been completed with the College Discretion clause, the College Director of Student Aid will utilize College discretion as agreed with the donor and award the scholarship as close to the donor’s original intent as possible.
In the absence of award criteria, scholarships will be awarded for the academic year per the default selection criteria: a minimum 2.5 GPA, enrolled in at least 6 credit hours per term and pursuing a degree or eligible certificate program. The award amounts will be $1,250 when enrolled part-time, $2,500 when enrolled full-time and the student receives any residual.
The College and Foundation shall have a single scholarship application form, to facilitate ease of student application and office processing.
No later than April 20th of each year the Finance Department will provide to the College Student Aid Department a list of endowed accounts with the 5% spendable allowance for the subsequent years’ scholarships for budgeting purposes.
Program Support, Foundation Operations and Institutional Support
Program Support will be requested by the appropriate College administrator. The Foundation Executive Director may release Program funds to the College upon review that the proposed usage is consistent with account restrictions.
Foundation Operating Funds may be approved and expended by the Foundation Executive Director upon review that the proposed usage is consistent with the mission of the College and is within the approved Budget. Such Budgets shall be submitted and approved by the Foundation Board of Governors per the By-Laws.
Institutional Support- Contributions may be made to other civic organizations after review and approval by the Executive Director that such contributions are over and above normal personal contribution levels and are required by the organization for a College administrator’s membership to their leadership boards.
Fundraising
Policy Statement: The Foundation will engage in formal and organized fundraising activities to support the College’s initiatives.
Administrative Guidelines
The Foundation will engage in fundraising activities including, but not limited to: annual fund drives, specific needs campaigns, capital campaigns, planned giving campaigns.
Fundraising activities of the Foundation should benefit the common good of the College and be based on the strategic initiatives of the College Board of Trustees and Administration.
Operational Procedures
Annual Employee Fund Drive: Contributions received from employees during the campaign may be a single contribution or a payroll deduction extending throughout the year. Employees may direct their contributions to a named fund or leave it unspecified. Unspecified contributions from the Annual Fund are to be deposited in the unendowed General Scholarship Fund. Acknowledgement is made to donor upon receipt of form described above.
Specific Needs Campaigns: Contributions received for specific purposes are recorded toward a designated account to insure the integrity of the funds.
Capital Campaign: Contributions received for purposes of making major capital improvements to the College are retained in an account designated for the purpose. Investment of these funds during the length of the campaign is determined by the Finance and Investment Committee of the Board of Governors.
Planned Giving Campaign: Contributions received in a planned giving campaign may be made on a current or a deferred basis. The decision to retain or sell gifts of, stocks, securities, land and real property is made by the Finance and Investment Committee of the Foundation Board of Governors. Gifts that are made on a deferred basis (the donor continues to derive some benefit from the gift during his lifetime) are administered by the Finance and Investment Committee. Tangible evidence of such gifts is held in the Foundation safe, and permanent records are kept as part of the listing of assets.
