FundSvcs Community

Expand all | Collapse all

Naming opp and useful life of a facility

  • 1.  Naming opp and useful life of a facility

    Posted 21 days ago
    Happy Friday! There is no CSU policy that addresses this issue so I'd like to get your input.

    One of our development officers is working with a family on a $10,000 gift to name the waiting room of one of our centers in memory of their father. In the gift agreement, we indicated that the naming would last until the useful life of the building (which is 46 years old--but given that we are a state university, the facility will last for quite a few more years). One of the family members asked what we would do if the building burned down the day after they made the gift. I suggested adding X number of years or the useful life, but I am not getting any input on the number of years. Do you have any suggestions?

    Thank you!

    ------------------------------
    Lisa Woodard-Mink
    Executive Director of Adv. Services & Stewardship
    California State University, Sacramento
    lisa.woodard-mink@csus.edu
    ------------------------------


  • 2.  RE: Naming opp and useful life of a facility

    Posted 20 days ago
    I have shied way from "useful life" clauses because of the subjective nature.  Who is to say what that means without dozens of paragraphs of "what if?"

    A ten-year naming limit is customary for spaces.  20 is more common for entire buildings when attaching a time-limit.

    You might also add a clause suggesting that, "If the original space can no longer be used as intended during the specified number of years, an alternate naming will be jointly conferred."

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987