We have a donor who committed to a planned gift via a life insurance policy back in 2001 (multiple campaigns ago). Due to the restrictions of the policy and a change in the donor's situation, we agreed to close out the life insurance policy (at one tenth the value) to avoid loosing it all together.
The donor has expressed in written intent that the funds from the insurance policy should now go towards a capital project of the current campaign.
Can I change the intent (fund)? [I think so?]
Can I count it in the current campaign? [I don't think so.]
Can we allow the gift to count towards naming rights on a space? [I can't see why not.]
What should I be doing to stay above board with the auditors either way?
Thanks in advance for the feedback/advice.
Joel Clasemann
jclasema@css.eduThe College of St. Scholastica
Duluth, MN
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Joel Clasemann
Director of Advancement Services
The College of Saint Scholastica
jclasema@css.edu------------------------------