POLICY OF BOARD OF TRUSTEES OF PEARL RIVER COMMUNITY COLLEGE
Adopted: Tuesday, December 7, 1993
Reference: Administrative
Policy:
Pearl River Community College will abide by all state and federal regulations pertaining to tax-exempt educational foundations.
Procedure:
The Pearl River Community College Development Foundation Inc. is a separate tax-exempt non-profit 501 (c) (3) corporation governed by its own board of directors. An annual audit is conducted by an independent accounting firm in accordance with generally accepted auditing standards.
The Development Foundation is a clearinghouse for all private funds to Pearl River Community College and is responsible for coordinating all fundraising endeavors and solicitation efforts whether through written, personal, or telephone contact.
Contributions to the Foundation may be made of gifts such as cash or securities, gifts in trust with reservation of income to donors, or a transfer of property (such as real estate). The private sector gifts might also include matching gifts, insurance policies, and gifts-in-kind. Gifts are tax deductible as provided by law.
Donations can be made to the Foundation as either unrestricted or restricted. Unrestricted donations are used to fund priority goals on campus while restricted donations are used as designated by the donor(s). A donation for a scholarship can be given out on a current basis, referred to as an “in/out scholarship”, or it can be used to fund an endowed scholarship with a minimum principal of $10,000 contributed either by the accumulation of $1,000 per year minimum or the entire balance initially. Gift levels are determined by the amount of donations and range from $10-$10,000+.
Unrestricted donations are used to fund priority goals on campus as recommended by the Pearl River Community College Administration and approved by the Pearl River Development Foundation Board of Directors as follows:
- Student Scholarships
- Teaching Enhancement Grants
- Student Loan Program
- Faculty/Staff Excellence Awards
- General Endowment Fund
At the time a donation is received, a receipt is printed and mailed with an acknowledgment letter to the donor. Purchases are made through a purchase order/withdrawal form system and checks are issued with two authorizing signatures. Deposits are made daily and all monies are placed in interest bearing accounts.
All donations whether cash, securities, property, equipment, deferred gifts, and/or gifts-in-kind should be accepted through the Pearl River Community College Development Foundation, Inc.
