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[DRAFT] University Recognition Through Naming Comment Period Ends April 21

  • Responsible Office: Development and Alumni Relations
  • Draft Date: 04/07/2021
  • Policy Type: Board of Visitors

Comments

EXECUTIVE SUMMARY OF PROPOSED POLICY:

University Recognition through Naming

 

New Policy ☐ or Substantive Revision ☒

Policy Type:  BOV

Responsible Office: Development and Alumni Relations

Draft Date:  03/15/2021

Initial Policy Approved:  05/25/2010

Revision History: University Naming (local policy approved1/2013)

 

Governance Process Tracking:

If new BOV policy, enter date and name of President (or designee) approving development of policy: MM/DD/YYY – Name

If new Administrative policy, enter date and name of President’s Cabinet member approving development of policy: 03/152021 Jay Davenport, VP, Development and Alumni Relations

Integrity & Compliance Office Review: 03/15/2021

University Counsel Review: 04/05/2021

Public Comment Posting: 4/7/2020

University Council Academic Affairs and University Policy Committee Review: MM/DD/YYYY

University Council Review: MM/DD/YYYY

President’s Cabinet Approval: MM/DD/YYYY

Board of Visitors Approval (if applicable): MM/DD/YYYY

 

  • Why is this policy being

created ☐ or revised ☒?

 

The policy is being reviewed and updated for accuracy and guidance pertaining to allowable name recognition of physical and non-physical university properties.

 

  • New policy ☐: What are the general points or requirements covered in this policy?

or

Revised policy ☒: What are the substantive differences between this draft and the current policy?

 

Substantive differences include:

  1. updated language explaining how program, schools, physical spaces and funds are named by the BOV in recognition for philanthropy or extraordinary service
  2. new expiration periods for honorary or donor recognition
  3. process and conditions for removing name recognition, in accordance with presidential and BOV powers
  4. restrictions on donor recognition with regard to revocable planned gifts or gifts paid over a period of pledge payments
  5. New minimum endowment gift levels to qualify for donor recognition, apart from levels approved for capital projects that are approved by the BOV on a case-by-case basis
  6. the role of a newly established Gift Acceptance Committee in accepting complex gifts that may result in the recommendation of recognition through naming
  • Which stakeholder offices or personnel have provided input into this policy draft?

 

Development and Alumni Relations, Compliance and Integrity Services, vice president of Administration, and Office of Facilities Management

  • Which other universities’ policies or resources (e.g., laws, regulations, etc.) did you consider when preparing this draft?

Policy on Gift Acceptance. A best practices assessment was collected from national peer institutions concerning naming opportunities, donor recognition and removal of such recognition from schools, facilities, programs, current funds and endowed funds.

 

  • What is your general assessment of this policy’s impact on the university community?

The policy will guide development professionals in working with university donor constituencies on donations that may result in donor recognition. This policy will provide clear guidelines to the university community when developing proposals for the recognition of extraordinary contributors to VCU.

 

  • What is your plan to implement this new policy or policy revision (e.g., raise awareness and train relevant audiences and monitor for compliance)?

The policy will be incorporated into fundraiser training, shared across academic partners, and provided to institutionally-related foundation partners. New policy will be owned by Development and Alumni Relations Office of Donor Relations and Gift and Records Management for compliance in the data management process.

 

Policy Statement and Purpose

This policy establishes guidelines for the naming of physical and nonphysical entities at Virginia Commonwealth University.  The VCU Board of Visitors, in its sole discretion, approves naming opportunities to honor individuals, families or organizations that make extraordinary contributions through service or philanthropy. The Board of Visitors may also approve exceptions to this policy as requested by the president and, as described in this policy, may remove a designated name from a physical or nonphysical entity.

This policy’s overarching objectives are to create a transparent system through which naming decisions are consistent and timely, respect the expectations and intentions of all parties, and do not conflict with the university's values.

Noncompliance with this policy could result in disciplinary action up to and including termination. VCU supports an environment free from retaliation. Retaliation is prohibited against any employee who brings forth a good faith concern, asks a clarifying question, or participates in an investigation.

Table of Contents

Who Should Know This Policy
Definitions
Contacts
Policy Specifics and Procedures
Forms
Related Documents
Revision History
FAQ

Who Should Know This Policy

All university employees engaged in development, facilities planning, and university athletics and those who accept and administer named funds should know this policy and familiarize themselves with its contents and provisions.

Definitions

Gift Acceptance Committee: A group of university administrators convened by the vice president of development & alumni relations (DAR) to advise the president of VCU. See the VCU Gift Acceptance and Administration Policy in Related Documents below.

 

Gift agreement: An agreement between the donor(s) and the university or an affiliated foundation that defines the purpose of the gift, the gift amount, a schedule of contributions and other terms deemed appropriate by either party.

 

Irrevocable pledge: Legally binding promise to pay a set dollar amount over a specific time period with cash or negotiable securities without conditions or the expectation of return of funds. This does not include donor advised funds, insurance pay-outs, planned gifts, or revocable trusts.

 

Matching gift: Donation made by a business in response to the voluntary contributions of its employee or other eligible participants. For the purpose of stewardship, the employee donor is recognized for the sum total of the gift and the matching employer contribution.

 

Naming opportunity: A specific donor recognition level, set by the Board of Visitors, bestowed on a physical entity, academic program, center, institute, department or any other area of the university or upon an endowment or other fund.

 

Nonphysical entity: A college, school, department, institute, center, program, teaching award and/or prize; academic or nonacademic position, including but not limited to deanship, professorship, directorship and/or lectureship; or student support, including but not limited to scholarship, fellowship and/or other student award.

 

Physical entity: A building or facility, discrete components of a building (wings, lecture halls, auditoriums, foyers, classrooms, laboratories, studios, offices, conference rooms, etc.), athletic facilities and fields, residence halls, campus spaces, fountains, parking facilities and/or other real property. This may also include collections of significant size and continuing educational, scientific, historic, artistic or cultural value owned, wholly or partially, by the university or by a VCU-affiliated foundation, if used by the university.

Contacts

The Office of Development and Alumni Relations (DAR) and the Divisions of Administration officially interpret this policy. DAR is responsible for obtaining approval for any revisions as required by the policy Creating and Maintaining Policies and Procedures through the appropriate governance structures. Direct policy questions to the Office of Development and Alumni Relations or the Office of Facilities Management that oversees facilities on all campuses of Virginia Commonwealth University.

Policy Specifics and Procedures

 

Honorific name recognition

The majority of university naming recognition is a result of irrevocable philanthropic commitment. However, under certain circumstances, the university may honor individuals for extraordinary and lasting contribution to the university or society.   

The Gift Acceptance Committee or cabinet may recommend to the president that a physical or non-physical entity be named in honor of an individual whose extraordinary contribution to the university or society aligns with VCU’s values.  If the president agrees with the recommendation, the president will bring the honorific name recommendation to the Board of Visitors for approval.  A physical or non-physical entity may not be named to honor active members of the university faculty or staff, sitting members of the Board of Visitors, the sitting Governor of Virginia, or current elected officials and state employees concerned with the functions, oversight or control of the university. 

The Board of Visitors may delegate the authority to approve honorific recognition of non-physical entities other than a college, school, or program to the president or the president’s designee.

Philanthropic name recognition

The Board of Visitors approves all donor recognition levels before these opportunities are shared with prospective donors. The vice president of development and alumni relations may convene the Gift Acceptance Committee to review complex naming opportunities or situations. The Board of Visitors sets the minimum recognition levels for establishing endowment funds, at the recommendation of the vice president of development and alumni relations, no less than once per decade.

The university honors philanthropic contributions by naming physical and nonphysical entities for the lesser of 75 years or until the entity exceeds its useful life. The donor entity may have a first right of refusal to maintain the name, if applicable.

Gift levels to establish endowed funds

General scholarship fund (talent, merit, need)

$25,000

Named student scholarship (with restrictions)

$50,000

Lectureship, department or research fund

$100,000

Graduate student or postdoc

$250,000

Junior faculty fellowship/term professorship

$500,000

Discovery Innovation Fund

$500,000-$1M

Departmental Professorship

$750,000

Research Professorship

$1.25M

Faculty Chair

$1M-$3M

Department Chair

$2M-$3M

Research Chair

$3M-$4M

Deanship

$4-$10M

Department, center or institute

$5-$20M

Schools or colleges

$20-$200M

 

Minimum gift level to name a current, non-endowed fund:  $25,000

Cash gifts smaller than $25,000 do not generate permanent name recognition, but these donors may be recognized on walls, plaques, bricks, furniture or on perishable items, such as trees and small gardens .

Name recognition on physical and nonphysical entities

Deans and university leadership may submit requests, in partnership with the Office of Facilities Management, to set donor recognition levels for new and existing physical and non-physical entities. Upon acceptance of an irrevocable gift, the president, or designee, then recommends that the Board of Visitors honor the donor by naming a physical or non-physical entity on any VCU campus. All gift agreements must state that donor recognition through naming requires approval by the Board of Visitors. Should an honoree’s name change, the university is not obligated to change the name but, in its sole discretion, can change the name at the donor’s request, and potentially at the donor’s expense.

The following considerations determine appropriate donor recognition:

  • Completed gift agreements must outline payment terms if it is not an outright gift and must clearly explain that donor recognition requires Board of Visitors approval.
  • At the discretion of the president, VCU initiates donor recognition, including signage, once 51% of an irrevocable pledge is received.
  • For contributions that include a corporate matching gift, in order for recognition to proceed, the donor must agree to fulfill the pledge should the corporation not pay the expected amount or not agree to donate to the same fund.
  • Donor recognition may not result from gifts already made and recognized for other purposes.
  • Name recognition lasts only for the useful life of a physical entity or for 75 years, whichever is shorter, unless otherwise specified in the gift agreement.
  • Sponsorships restrict name recognition only for the set period of time of that sponsorship.

 The Office of Development and Alumni Relations is responsible for tracking all gifts in the donor database of record.

Removal of name recognition

The Board of Visitors, in its sole discretion, may remove name recognition of a physical or non-physical entity if (i) the entity ceases to exist in a functional state, exceeds its useful life, or changes usage or location; (ii) the name recognition reflects negatively on the university’s reputation or standing; or (iii) the name recognition ceases to be consistent with the moral or educational values of the university.

Forms

Gift agreement templates are available to university development personnel on the internal DAR intranet or on the university’s institutionally-related foundation websites. Current forms are also available by emailing giftagreement@vcu.edu

Related Documents 

VCU Policy: Development and Alumni Relations Activities

VCU Policy: Gift Acceptance and  Administration (Pending Approval)

Revision History

This policy supersedes the following archived policies:

 

Approval/Revision Date                                   Title

May 2010          Advancement Policies and Procedures                            [BOV policy]

January 2013     Policy on naming university facilities and programs           [DAR local policy]

 

FAQ

1.       How long is a program or structureassigned a name?

Naming recognition lasts for the lesser of the duration approved by the Board of Visitors or until the physical entity reaches its useful life.

2.       Can a donor be recognized for a gift-in-kind of large value?

The vice president of DAR may recommend recognition for a substantial in-kind gift, with specific restrictions and time periods.

3.       Can a donor be recognized for a planned gift?

Only an irrevocable planned gift may be considered for name recognition, with conditions set by the vice president of Development and Alumni Relations and, at the discretion of the president, when 51% of the total gift is received.