Gift Policy
Approved by Tufts University Board of Trustees on November 7, 2020
Page 2 of 19
Table of Contents
1. Guiding Principles for Gift Acceptance .................................................................................................... 4
2. Authorizations and Responsibilities ........................................................................................................ 5
a. Board of Trustees .............................................................................................................................. 5
b. President ........................................................................................................................................... 5
c. Office of Finance and Treasurer ........................................................................................................ 5
d. University Advancement ................................................................................................................... 5
e. Office of University Counsel .............................................................................................................. 5
f. University Gift Advisory Committee .................................................................................................. 5
g. Gift of Real Estate Gift Committee .................................................................................................... 6
h. Gift of Fine Art and Collectibles Committee ...................................................................................... 6
3. Gift Acceptance ........................................................................................................................................ 6
a. Definitions of Gifts and Grants ........................................................................................................ 6
b. Compliance with the Council for Advancement in Support of Education Reporting Standards &
Management Guidelines for Educational Fundraising ............................................................................ 6
c. Non-Discrimination Policy ................................................................................................................ 7
d. Conflict of Interest ............................................................................................................................ 7
e. Gift Agreements ............................................................................................................................... 7
f. Gift Restrictions and Preferences Regarding Scholarships ............................................................. 7
g. Signatory Authorities ....................................................................................................................... 8
h. Changes to Existing Donor Agreements .......................................................................................... 8
i. Right to Rename and/or Repurpose ................................................................................................ 8
j. Exceptions to Standard Gift Agreements ........................................................................................ 8
4. Types of Gifts ............................................................................................................................................. 8
Outright Gifts
............................................................................................................................................. 9
a. Cash ................................................................................................................................................... 9
b. Securities (marketable and closely held) ........................................................................................... 9
c. Real Property (real estate) ................................................................................................................ 9
d. Tangible and other personal property (Gifts in Kind) ...................................................................... 10
e. Unreimbursed expenses .................................................................................................................. 10
f. Corporations and Foundations ........................................................................................................ 10
g. Corporate Matching Gifts ................................................................................................................ 10
h. Donor Advised/Donor Directed ....................................................................................................... 10
Page 3 of 19
i. Retirement Plan Assets (IRA/QCD Contributions) ........................................................................... 11
Special Circumstances Gifts
...................................................................................................................... 11
a. Quid Pro Quo ................................................................................................................................... 11
b. Sponsorships ................................................................................................................................... 11
Deferred Gifts .......................................................................................................................................... 11
a. Revocable Bequests and Trust Intentions ....................................................................................... 11
b. Irrevocable Bequests and Trust Provisions ...................................................................................... 12
c. Charitable Gift Annuities ................................................................................................................. 12
d. Charitable Remainder Trusts ........................................................................................................... 12
e. Charitable Lead Trusts ..................................................................................................................... 13
f. Pooled Income Funds ...................................................................................................................... 13
g. Life Insurance Policies ..................................................................................................................... 14
h. Retained Life Estates ....................................................................................................................... 14
i. Realized Bequest and Other Estate Distributions ............................................................................ 15
5. Endowed and Named Funds .................................................................................................................. 15
a. Endowed Funding Minimums ........................................................................................................ 15
b. Endowed Professorships ................................................................................................................ 16
Establishment .......................................................................................................................................... 16
6. Naming Opportunities ............................................................................................................................ 17
a. Naming of a School ......................................................................................................................... 17
b. Naming of an Institute or Center ................................................................................................... 17
c. Naming of an Existing Building ...................................................................................................... 17
d. Naming of a New Building .............................................................................................................. 17
e. Naming of a New Extension to an Existing Building ..................................................................... 18
f. Naming of Rooms in a New or Existing Building ........................................................................... 18
g. Naming of Spaces within a Building in Honor of Service to Tufts University ............................... 18
h. Naming of Grounds, Outdoor Renovations, Gardens, Trees and Benches ...................................... 18
7. Reporting and Counting ......................................................................................................................... 18
a. Fiscal Year ....................................................................................................................................... 18
b. Campaign Counting Procedure ...................................................................................................... 19
Page 4 of 19
1. Guiding Principles for Gift Acceptance
• Tufts University (the University) seeks to nurture relationships with donors and align
their philanthropic goals with University priorities.
• The University encourages donors to explore their philanthropic interests by supporting
both core areas of need and areas more customized to the donor’s interests that are
consistent with University priorities.
• Gifts will not be accepted that compromise the University’s commitment to academic
freedom and independent pursuit of truth.
• Direct donor involvement in the administration of a gift is prohibited, though a
consultative /non-controlling role may be possible in rare cases.
• The University will not allow any quid pro quo to be connected to a specific gift or a
donor’s overall philanthropy with the University.
• The University will honor a donor’s request for anonymity, except for situations where
the intent is to shield the University from potential harm to its reputation or to hide the
origins of a gift which would not otherwise have been accepted or to the extent such
disclosure is legally required.
• If the intended purpose of the gift and/or being associated with the donor of the gift
could harm the University’s reputation or be contrary to the University’s values, the
University may use its discretion to decline acceptance of a gift. In exceptional cases, the
University may decide to return a previously accepted gift and/or to adjust any related
recognition. When possible, the University will inform the donor (or their designees) of
these rare actions.
• All accepted gifts must conform to relevant federal and state laws, and not conflict with
the University’s current Standards of Professional Conduct and Integrity and related
University policies.
• Gift acceptance and the broader work of the professional staff in University
Advancement at Tufts is informed by principles articulated by the Council for
Advancement and Support of Education (CASE).
Page 5 of 19
2. Authorizations and Responsibilities
a. Board of Trustees
The Board of Trustees has final authority on all matters pertaining to fundraising, gifts,
or grants to the University.
b. President
The President is responsible for the development and implementation of policies for
Board approval and is ultimately responsible for the acceptance of all gifts to the
University. No general or group solicitation of funds for specific purposes may be
undertaken by any school or department of the University without the approval of the
President.
c. Office of Finance and Treasurer
The Vice President of Finance and Treasurer works closely with University Advancement
to ensure that all revenue derived from charitable contributions is recorded accurately
and reflected appropriately in the University’s financial statements. The approval of the
Treasurer or the Treasurer’s designee is required before final acceptance of certain gift
assets and gift arrangements. These are noted within this document and include, but
are not limited to: non-marketable securities and securities with special restrictions,
limited partnerships, bargain sales, trust agreements for which Tufts will serve as
trustee, real property, gift annuity agreements, and any gift that could generate a
potential financial liability for the University.
d. University Advancement
The Senior Vice President for University Advancement has principal responsibility for
fundraising at Tufts. Activities and gifts that require the approval of the Senior Vice
President include, but are not limited to: solicitation of all gifts from individuals,
foundations, or corporations; hiring of any fundraising consultants, individuals, or firms
to work for Tufts University or any segment thereof; and any gift that may benefit
particular groups or fall outside standard policy regarding nondiscrimination.
e. Office of University Counsel
The Office of University Counsel protects the legal interests of the University. In this
role, it provides interpretation and guidance on nonstandard gifts that may contain
indemnification and/or other contractual issues.
f. University Gift Advisory Committee
The University Gift Advisory Committee—consisting of the Executive Vice President, the
Senior Vice President and General Counsel, the Vice President for Communications and
Marketing, a faculty member appointed by the President, and the Senior Vice President
Page 6 of 19
for University Advancement—will advise on decisions regarding possible conflict of
interest and/or potential reputational risk associated with a gift. This committee will be
supported by the Director of Prospect Development and the Senior Management Team
in University Advancement.
g. Gift of Real Estate Gift Committee
The Real Estate Gift Committee—consisting of the Treasurer, Director of Real Property
Services, Senior Director of Gift Planning, and the Senior Vice President for University
Advancement—will review pending gifts of real property. Development Officers with
the Gift Planning Office will be responsible for informing the donor of the probability
and time frame of completing the transaction with the University. Due diligence
procedures for gifts of real property, as determined by the Real Estate Gift Committee,
are the joint responsibility of the Development Officer, Gift Planning Office, Treasurer,
and Director of Real Property Services.
h. Gift of Fine Art and Collectibles Committee
The Gifts of Fine Art and Other Collectibles Committee, consisting of the Vice President
for Finance and Treasurer, Director of Galleries and Collections and the Senior Vice
President for University Advancement, will meet, as needed, to review pending gifts of
art and other collectibles to determine whether the particular work of art/collectible will
be accepted.
3. Gift Acceptance
a. Definitions of Gifts and Grants
A gift is defined as a contribution received by an institution for either unrestricted or
restricted use in the furtherance of the institution for which the institution has made no
commitment of resources or services other than, possibly, committing to use the gift as
the donor specifies.
A grant is defined as a contribution received by an institution for either unrestricted or
restricted use in the furtherance of the institution that typically comes from a
corporation, foundation, or other organization, rather than an individual. (Please note:
this policy statement pertains to gifts only and does not cover grant awards.)
b. Compliance with the Council for Advancement in Support of Education Reporting
Standards & Management Guidelines for Educational Fundraising
Tufts University adheres to the industry best practices and guidelines as recommended
by the Council for Advancement and Support of Education (CASE).
Page 7 of 19
c. Non-Discrimination Policy
Terms and solicitation of any gift must not be discriminatory regarding race, religion,
color, national or ethnic origin, religion, disability, age, sex, sexual orientation, gender,
gender identity and transgender identity, genetics, veteran status, retaliation and any
other characteristics protected under applicable federal or state law. Gifts that may
benefit particular groups will be individually reviewed for compliance with current IRS
regulations, other applicable federal and state laws and approved by the Office of
University Counsel before acceptance.
d. Conflict of Interest
In compliance with the University’s policy on financial and personal conflicts of interest,
gift terms may not be negotiated by anyone on behalf of the University if that person (or
anyone in the person’s immediate family) has an existing or foreseeable financial
dealing or personal business with the prospective donor. In addition, any gift terms that
may have an undue influence on academic, clinical and research programs may be
limited by the terms of the Institutional Conflict of Interest Policy. Such circumstances or
any other situation that may reasonably be perceived as a conflict of interest must be
promptly reported to appropriate supervisors/managers, who are responsible for
overseeing the integrity of negotiations and transactions. Under no circumstances may
any donor agreement provide any employee of the University with any personal benefit
unless this is approved in writing by the appropriate University representatives (e.g.,
President, Provost, Senior Vice President for University Advancement, Dean and/or chair
in charge of the affected department or activity).
e. Gift Agreements
Gift Agreements are required for:
• Any gift of $25,000 or more, with the only exception being unrestricted annual fund
gifts.
• All Charitable Gift Annuity or Pooled Income Fund contributions, which will be
documented by a contract via the Gift Planning Office.
• Any restricted gift that does not fall within the gift agreement restrictions and
preferences below.
f. Gift Restrictions and Preferences Regarding Scholarships
• Donors cannot choose individual recipients, as the scholarship might be considered
a gift directly to the student, which is not tax deductible.
• The scholarship cannot be so restrictive that it could only be awarded to a very
limited group of students (e.g. students with the same last name as the donor). This
does not serve a sufficiently broad purpose to be considered a gift, and therefore is
not tax deductible.
• Donor involvement in the selection process is also not allowed because of student
privacy issues.
Page 8 of 19
g. Signatory Authorities
All donor agreements must comply with the University Signatory Policy and the
University Advancement Signatory Policy. Signatures on each donor agreement are to
be obtained only after the document has been thoroughly reviewed by appropriate
internal parties and by the donor(s) in draft form. After a gift agreement is agreed
upon, the final gift agreement should be signed first by the donor(s) and then by the
authorized University representative(s).
Only designated officers authorized to sign gift agreements may do so on behalf of the
University. No person purporting to act for the University may commit the organization
to any gift agreement, term, or condition without proper authorization.
h. Changes to Existing Donor Agreements
Exceptions to this policy are allowable only with permission of the Senior Vice President
for University Advancement.
i. Right to Rename and/or Repurpose
The University may terminate the naming in the unlikely event the University’s Board of
Trustees, in its reasonable and good faith opinion, determines that circumstances have
changed such that the naming would adversely impact the reputation, image, mission or
integrity of the University. The name will not be removed without the approval of the
University’s President and the Board of Trustees, and notification to the Donor, or if
deceased, their family.
The appropriate University representative will make all reasonable efforts to inform in
advance the original donors or honorees when the naming period is deemed concluded.
The University may provide alternate recognition as appropriate in honor of the original
gift.
j. Exceptions to Standard Gift Agreements
Exceptions to this policy are allowable only with permission of the Senior Vice President
for University Advancement.
4. Types of Gifts
Gifts are either outright or deferred. The most common gifts to the University are outright
gifts. In addition to cash gifts, the University accepts gifts of securities, real property, and
tangible personal property. Deferred gifts, also called planned gifts, are typically (though
not always) arranged with the University during the donor’s lifetime but with the benefits
not accruing until a later time, usually after the death of the donor or the donor’s
beneficiaries. Bequests are the most common type of deferred gift.
The following types of gifts are acceptable, within the terms of the law and subject to
review, where noted below:
Page 9 of 19
Outright Gifts
a. Cash
Cash is often the easiest way to give and is the form of gift most frequently received by
the University. Cash can take the form of currency, money orders, checks, or electronic
transfers (either through a wire transfer to the University’s bank account or by a verified
credit card transaction). Cash gifts are reported on the date the cash is received by
Advancement Gift and Information Services. If a gift is transferred by electronic fund
transfer or wire, the date of the gift is the date that the money is transferred into the
University’s bank account. Credit card gifts are reported on the date that the credit card
charges are processed.
b. Securities (marketable and closely held)
The University will accept liquid U.S. listed securities or securities traded over the
counter that can be sold over a reasonable amount of time without materially impacting
the market price as outright gifts or as payments toward pledges. Under most
circumstances, the gift value of the securities is determined on the recognized gift date
with, per IRS Publication 561, the date that the transfer of the property is deemed to
have taken place. Securities may be received in the form of a broker-to-broker
electronic transfer or stock certificates.
c. Real Property (real estate)
Real Property is defined as land and buildings erected on or affixed to land, and rights
(e.g., mineral, air, water) and easements connected with land. The Treasurer has sole
responsibility for accepting gifts of real property.
A Real Estate Gift Committee—consisting of the Treasurer, Director of Real Property
Services, Senior Director of Gift Planning, and the Senior Vice President for University
Advancement—will review pending gifts of real property. Development Officers with
the Gift Planning Office will be responsible for informing the donor of the probability
and time frame of completing the transaction with the University. Due diligence
procedures for gifts of real property, as determined by the Real Estate Gift Committee,
are the joint responsibility of the Development Officer, Gift Planning Office, Treasurer,
and Director of Real Property Services.
• Title will not be transferred or acknowledged until after formal acceptance of the
gift of real property in accordance with this policy.
• Real Property must have a clear record and marketable title.
• Easements and/or restrictions including liens and mortgages must be disclosed and
investigated prior to acceptance by Tufts and their effects understood by and
acceptable to Tufts.
Page 10 of 19
• The University will consider environmental issues relating to the property in
determining whether to accept a gift of real property.
• Except for Real Property gifts to be used directly for academic purposes, properties
may be sold if the University determines that it would be beneficial to do so.
d. Tangible and other personal property (Gifts in Kind)
The University may consider gifts of tangible and other personal property, including but
not limited to art, equipment, antiques, stamp and coin collections, jewelry, furniture,
rare books, manuscripts, artifacts, specimens, historical items, patents, copyrights, or
any tangible items. These gifts are also referred to as gifts-in-kind. It is the policy of the
University to sell or otherwise dispose of all gifts of personal property, unless the items
can be used by the University in a manner related to learning, discovery, or
engagement. Such gifts are facilitated by the Director of Advancement Gift and
Information Services in accordance with the Gift Acceptance Policy and will be counted
at the appraised or documented fair market value. Gifts of art where the donor
stipulates that the artwork must be held and be publicly displayed by the University will
typically be reviewed by the University Gifts of Art Committee, which will provide the
Senior Vice President for University Advancement with a recommendation for or against
including the art in the University’s Permanent Art Collection.
e. Unreimbursed expenses
Donor contributions of $250 or more made in the form of unreimbursed expenses (e.g.
underwriting/hosting a donor event) will be accepted as gifts by the University.
f. Corporations and Foundations
Generally, funds received from closely held corporations, and family foundations will be
classified as gifts. Funds received from corporations, corporate foundations, and major
foundations are classified as gifts unless they require performance or other
consideration(s) that may result in their being designated as sponsored research (grant).
g. Corporate Matching Gifts
The University accepts matching gifts from companies that match the contributions of
donors to the University.
h. Donor Advised/Donor Directed
Gifts from donor-advised or donor-directed funds are typically accepted in the form of
checks or electronic fund transfers and processed accordingly. Gifts from such funds
cannot be used to make pledge payments on behalf of a donor advised fund. The
University does not administer its own donor-advised fund.
Page 11 of 19
i. Retirement Plan Assets (IRA/QCD Contributions)
The Charitable IRA Rollover allows individuals 70 ½ and older to transfer up to $100,000
each calendar year from their IRAs to Tufts.
Special Circumstances Gifts
a. Quid Pro Quo
“One thing in return for another.” A quid pro quo contribution is a payment that a
donor makes to the University partly as a contribution and partly for goods or services.
In determining the actual value of such a gift, the value of the benefits or “premiums”
that the donor receives will be excluded from the original gift. See IRS publication 526:
Charitable Contributions (www.irs.gov/pub/irspdf/p526.pdf) for guidelines. Quid pro
quo gifts that unduly impact academic, clinical or research programs or academic
freedom will not be accepted.
b. Sponsorships
Corporations and other organizations often give money to the University to sponsor
activities, events, or projects and in return receive recognition on campus, at the event,
or in accompanying publications. Most corporate sponsorship dollars are fully
countable; the determining factor is whether the recognition the corporation receives
constitutes advertising. The IRS defines advertising in this instance as competitive
pricing or product information displayed because of the donation. If the recognition fits
this definition of advertising, the sponsorship is an exchange transaction, not a gift.
Simple name or logo placement is not advertising.
Deferred Gifts
All planned gifts to Tufts should be facilitated by the Office of Gift Planning. It is
recommended that prospective donors considering gifts to the University that will take
effect at the time of their death or some other date in the future consult with the Office of
Gift Planning regarding how to designate the gifts and to discuss any potential trust or
bequest restrictions under consideration.
a. Revocable Bequests and Trust Intentions
Recognition credit will be given at full fair market value for revocable estate gifts (such
as gifts for Tufts within irrevocable trusts such as charitable remainder trusts, and
revocable bequest intentions in wills, revocable trusts, retirement plans, donor advised
fund remainder values, and other beneficiary designations--with the exception of life
insurance as listed in section “g” below) when gifts meet the following criteria:
• The donor or at least one member of the donor couple needs to have reached one
of the following age/reunion criteria:
o Undergraduate alumni who have reached their 35th reunion year or reached
their 60th birthday by the end of the fiscal year; or
Page 12 of 19
o Graduate school alumni who have reached their 30th reunion year or 60th
birthday by the end of the fiscal year; or
o Non-alumni who have reached their 60th birthday by the end of the fiscal
year.
• During a campaign, Tufts will extend the age/reunion criteria to be the end of the
campaign rather than the end of the fiscal year.
• Donor(s) must provide a copy of the will, trust document, or beneficiary designation
form or relevant passages of these documents describing the provision for Tufts.
• If the gift is not a specific dollar amount, the donor(s) must provide a credible
written estimate of the current value of the gift.
• Gift credit will not be given for contingent gifts unless the gift will arrive following
the passing of a donor couple. In the case of such “sweetheart” arrangements in
which two donors have mirror provisions for Tufts, the estate planning documents
of either of the individuals or relevant passages therein, must be provided to Tufts.
b. Irrevocable Bequests and Trust Provisions
Recognition credit will be given for all irrevocable gifts at full fair market value
regardless of the age or reunion milestone of the donor(s).
• Donor(s) must provide a copy of the trust or other estate planning document or
relevant passages of these documents describing the provision for Tufts.
• If the gift is not for a specific dollar amount, the donor(s) must provide a credible
written estimate of the current value of the gift.
c. Charitable Gift Annuities
• The minimum gift amount for a Charitable Gift Annuity, Deferred Gift Annuity, or
Flexible Deferred Gift Annuity is $10,000. Recognition credit will be given for the full
fair market value of the gift.
• The Senior Vice President of University Advancement is the designated signatory for
all gift annuity contracts. Gift annuities must be funded with liquid assets or receive
prior approval of the Treasurer.
d. Charitable Remainder Trusts
The following policies apply to Charitable Remainder Trusts (CRTs) including Charitable
Remainder Unitrusts (for example, standard, net income, and flip unitrusts) and
Charitable Remainder Annuity Trusts.
If the portion of the remainder designation for Tufts is irrevocable, then recognition
credit will be given at the full fair market value of the funding amount of Tufts’ portion.
Page 13 of 19
If the remainder designation for Tufts is revocable, then the criteria listed in section a.
will determine if recognition credit will be granted. If it is granted, it will be for the full
fair market value for that portion of the trust.
All CRTs which are to be trusteed by Tufts require the approval of the Treasurer before
the gift is accepted and must meet the following criteria:
• Signatories for trust documents must follow the University Signatory Policy.
• The minimum gift amount for a CRT created at Tufts is $100,000, and the trust must
be funded with liquid assets unless prior approval is granted by the Treasurer.
• Tufts must be irrevocably designated to receive at least 50 percent of the remainder
of the trust.
• Management of trust assets is the responsibility of the Treasurer and assets will be
managed separately.
• Management and administrative fees will be paid by the trust.
• The Treasurer is responsible for managing the disposition and transfer of assets to
Tufts upon the trust’s termination.
e. Charitable Lead Trusts
For recognition credit purposes, the total anticipated income will be recorded as a
pledge, and the pledge period may not exceed the period of the trust. The income
received each year from Charitable Lead Trusts (CLTs) will be recorded as a pledge
payment.
All CLTs to be trusteed by Tufts require the approval of the Treasurer before the gift is
accepted and must meet the following criteria:
• Signatories for trust documents must follow the University Signatory Policy.
• The minimum gift amount for a CLT trusteed by Tufts is $100,000, and the trust must
be funded with liquid assets unless prior approval is obtained by the Treasurer.
• Tufts must be irrevocably designated to receive at least 50 percent of the interest
income of the trust.
• Management of trust assets is the responsibility of the Treasurer and assets will be
managed separately.
• Management and administrative fees will be paid by the trust.
f. Pooled Income Funds
• The minimum initial gift to the Pooled Income Fund (PIF) is $10,000; subsequent
gifts of $1,000 or more may be made to the fund.
• Gifts to the PIF may be made with liquid assets only.
• Assets will be commingled and managed in the PIF.
• Recognition credit will be given for the full fair market value of the gift.
Page 14 of 19
g. Life Insurance Policies
Recognition credit will be given for life insurance gifts when: 1) Tufts is named as both
the owner and irrevocable beneficiary of the life insurance policy, regardless of the
donor’s age or reunion year; or 2) Tufts is named as a revocable beneficiary of the policy
and the donor shares a copy of the beneficiary designation form naming Tufts, provides
a credible statement of the cash surrender value, and meets age/reunion requirements
(as described in Section “a”). Tufts does not accept, or offer recognition credit for, gifts
of term life insurance.
Recognition credit will be granted based on the cash surrender value of the policy as of
1) the date ownership is transferred to Tufts (when Tufts is named as owner and
irrevocable beneficiary); or 2) the date when the donor informs Tufts that he or she has
named Tufts as a revocable beneficiary and provides the documentation described
above.
If a donor wishes to name Tufts as the owner and irrevocable beneficiary of a policy:
• All gifts of life insurance policies require the approval of the Treasurer before
acceptance.
• If additional premium payments are required, the donor must agree to make such
payments. The donor will receive gift recognition for the premium payments.
• The donor will be informed, prior to transferring ownership of the policy, that if, for
any reason, he or she is unable to cover the premium payments (and there are not
dividends to cover the payment), Tufts University will select an option to determine
the future of the policy based upon several factors, which may include the age of the
donor, death benefit, amount of paid-up insurance, amount of premium, number of
premiums remaining, etc. At the Treasurer’s discretion, in consultation with
Advancement, the University will decide whether to surrender the policy for its
present cash value and use the funds as designated by the donor, use University
resources to continue making premium payments, or retain the policy but cease
additional payments.
h. Retained Life Estates
A Retained Life Estate is defined as a gift of a personal residence or farm in which the
donor retains full use and rights to the property during the donor’s lifetime and for
which Tufts University is designated to receive the remainder interest in the property at
the end of the lives of the life tenants.
• The donor retains responsibility for maintenance and other carrying costs such as
taxes and repairs to the property, and this should be outlined in an agreement
signed by the donor and the Treasurer.
• All policies for gifts of real property apply to retained life estate arrangements.
Page 15 of 19
• Retained Life Estates may not be used to fund certain types of projects.
i. Realized Bequest and Other Estate Distributions
As noted above, all realized bequests and other estate distributions and death benefits
will be recognized at full fair market value, less any amount previously recognized
during the donor’s lifetime.
Other outright and deferred gifts not included in the aforementioned list (e.g.,
charitable bargain sales, testamentary pledges, etc.) also may be accepted by the
University. Charitable bargain sales, gifts of real estate, closely held stock, life
insurance, and all planned gifts should be facilitated through the Office of Gift Planning.
Gifts of real estate and liquidated closely-held stock are also facilitated in coordination
with the Investment Office.
5. Endowed and Named Funds
a. Endowed Funding Minimums
The University may approve the establishment of named or memorial endowment funds
upon receipt of an unconditional promise to give specified minimum amounts, listed
below, for specific purposes.
Endowment Categories Endowment Level
Endowed Deanship
$5,000,000
University Professorship
$4,000,000
Professorship for new faculty positions $3,000,000
Professorship for existing faculty $2,000,000
Junior Professorship
$1,250,000
Head Coach Position $1,000,000
Fellowship $250,000
Endowed Summer Scholarship $110,000
Endowed Summer Ph.D. Stipend
$100,000
Lectureship $100,000
Scholarship
$100,000
Endowed Internship Fund $75,000
Faculty Development Fund
$50,000
Faculty Research Fund $50,000
Student Research Fund $50,000
General Endowed Fund $50,000
Award or Prize Fund $25,000
Page 16 of 19
b. Endowed Professorships
The establishment of an endowed professorship is an extremely important event,
representing a commitment by the university to maintain a designated faculty position
in perpetuity. Since endowed professorships are widely acknowledged as the pinnacle of
recognition for a lifetime of distinguished scholarship, they enable Tufts to attract and
retain the finest scholars and teachers.
The endowed funding minimums for professorships (listed above in section 5a)
represent minimum amounts that would be accepted for a professorship. The true cost
of each professorship will vary depending upon the requirements of the position. Before
presenting any figures to potential donors, the school dean and senior vice president of
University Advancement should have the opportunity to provide input into potential
costs.
Establishment
The establishment of an endowed professorship requires approval by the Academic
Affairs Committee of the Board of Trustees. The request to establish a new
professorship must be submitted by the appropriate school dean in writing to the
provost once a signed gift agreement has been received by University Advancement.
The gift agreement must have a pledge payment period that does not exceed five years.
Appointment
The appointment of an endowed professorship requires approval by the Academic
Affairs Committee of the Board of Trustees. The recommendation of an appointment to
an existing or newly created endowed professorship must be made by the appropriate
school dean in writing to the provost. Prior to appointing an inaugural professorship
holder, the Vice President of Finance and Treasurer will determine that the following
funding requirements are met. Any requests for exception to these funding
requirements for new faculty positions will be presented to the Administration and
Finance Committee of the Board of Trustees for approval. Any requests for exception to
these funding requirements for existing faculty positions must be approved by the
Treasurer or the Treasurer’s designee.
• For professorships requiring the appointment of a new faculty position, cash
receipts must be equivalent to the Board-approved funding level in effect at
the time the gift agreement is executed.
• For professorships requiring the appointment of an existing faculty position,
cash receipts must be at least 20 percent of the Board-approved funding
level and a pledge payment period for the remaining funds must not to
exceed five years from the date of the gift agreement.
Page 17 of 19
6. Naming Opportunities
The University will accept gifts to name spaces at the University, including gifts to name
individual schools, centers, new buildings, existing buildings, external spaces, and spaces
within buildings. Following is the list of approval protocols for each of these opportunities.
Gifts for named spaces are also subject to the same policies referenced in this document.
a. Naming of a School
The naming of a school is a significant event in the life of a university. These policies are
intended to ensure consistent and equitable institutional practices in recognizing donors
who leave a lasting legacy at Tufts University. The President of the University will
recommend a school name change to the Board of Trustees for their consideration and
approval. Gift level and conditions will be determined by the Board on a case-by-case
basis. The naming gift should provide endowment or equivalent resources to ensure the
financial security of the school.
b. Naming of an Institute or Center
The Provost or Dean of the School may recommend the new name for an academic
institute or center for consideration by the President. The President has the authority to
set gift level and appropriate conditions.
c. Naming of an Existing Building
The Executive Committee of the Board of Trustees may approve a name change to an
existing building, named or unnamed. The historical significance of the structure and its
location will be taken into account during deliberations.
d. Naming of a New Building
In coordination with Tufts’ planning process, the President may recommend a name for
a new building to the Executive Committee of the Board of Trustees for their
consideration and approval. Buildings, rooms, facilities, or other capital projects for
which the Board of Trustees has approved and authorized construction may be made
available for naming or memorial purposes.
Funding requirements
In general, naming opportunities for a new building will be provided to donors who
contribute at least 50 percent of the present value of the non-federally funded
construction costs of a building or project. The University will assess federal funding,
debt, cost increases, and other factors in determining total construction costs. Funding
less than this amount must be approved by the Executive Committee of the Board of
Trustees.
Page 18 of 19
Required approval and documentation
Final approval by the Executive Committee of the Board of Trustees will occur when
total construction costs are determined, and the President recommends a naming donor
and gift level. At least half of the gift commitment should be paid prior to official naming
of the building. Upon approval of the name by the President and Trustees, the donor
and relevant administrators must complete a gift agreement contract that has been
reviewed by the Office of Legal Counsel. This contract takes into account issues such as
life expectancy of the building, potential name change of the corporate donor (if
applicable), and possible name change due to divorce or separation of a donor couple.
e. Naming of a New Extension to an Existing Building
All policies for the naming of a new building also apply to the naming of a new extension
to an existing building.
f. Naming of Rooms in a New or Existing Building
The Senior Vice President for University Advancement may approve naming
opportunities for rooms within a facility, such as classrooms or laboratories.
g. Naming of Spaces within a Building in Honor of Service to Tufts University
The Senior Vice President for University Advancement may approve the naming of a
space to honor a person who has served Tufts in an academic, administrative, or key
alumni volunteer capacity and has made extraordinary contributions to one of the
schools.
h. Naming of Grounds, Outdoor Renovations, Gardens, Trees and Benches
Naming of grounds, outdoor renovations, gardens, trees, and benches should be
approved by the Senior Vice President for University Advancement or his/her designee
upon consultation with the appropriate parties, including Facilities Management,
Buildings and Grounds, regardless of the cash value of the gift. A gift-related naming will
consider the value, visibility, improvements, and marketability of the location and will
typically be based on a minimum donation valued at 50 percent or more of the original
construction, renovation, or current value of the property.
7. Reporting and Counting
a. Fiscal Year
The University’s fiscal year runs July 1 through June 30 annually. Gifts will be counted in
the fiscal year received.
Page 19 of 19
b. Campaign Counting Procedure
Campaign period refers to the total time encompassed by the active solicitation for a
campaign, including both the leadership phase (also referred to as the “quiet” or
“silent” phase) and the public phase, as approved by the Board of Trustees.
Campaign Goal refers to the total fundraising goal for a campaign as approved by the
Board of Trustees.
