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Senior Gift Fund Reallocation

  • 1.  Senior Gift Fund Reallocation

    Posted 05-12-2021 01:21 PM
    We have several Senior Gift funds with outstanding balances going all the way back to the 90's. In some cases the "gift" was already funded and complete.  In other cases, the gift was never fully funded and no funds were ever spent.  What are the best practices for reallocating these funds so they are not sitting out there in perpetuity?  Do you need to get approval from every donor?  That doesn't seem feasible.

    --
    Kimberly Suriano
    Advancement Services Administrator
    Office of Advancement
    Utica College
    1600 Burrstone Road
    Utica NY 13502
    Voice - 315.792.3346
    Email - kasurian@utica.edu


  • 2.  RE: Senior Gift Fund Reallocation

    Posted 05-12-2021 01:37 PM
    The answer depends, in large measure, on how you solicited the funds and what was promised at the time.  For example, if the students were asked to, "Please contribute to support a College initiative, such as . . .", the "such as" gives you great leeway.  However, if you asked for donations for a specific purpose and did not need all of those funds - or never spent them, that's a different story.

    Per the Donor Bill of Rights, you have a responsibility to those donors to honor your commitment.  If you cannot commit to the promise you made, you need to involve those donors again.  No, I do not think you need their permission to repurpose their gifts - although I have seen institutional leadership demand that.  But I do think you owe it to those donors to write them with your new plans.  And that correspondence should leave an opening for them to contact you if they feel differently.

    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