| Policy Title | Gifts to the Foundation of The State University of New York at Binghamton, Inc. |
|---|---|
| Responsible Office | Binghamton University Foundation |
| Policy Type | Binghamton University Foundation |
| Policy Number | 700 |
| Last Revision Date | 12/15/2022 |
Statement of Incorporation
The Foundation of the State University of New York at Binghamton, Inc. (also referred to as the Binghamton University Foundation) was incorporated in the State of New York in June 1957 for the following purposes:
- Assist in advancing the welfare and development of Binghamton University by accepting and encouraging gifts to this Corporation, and by using such gifts to advance purposes in a manner consistent with the educational policies of the State University of New York.
- Make grants of financial assistance to the University, its faculty and students, including scholarship grants to students, the endowing of professorships, and other desirable purposes.
- Receive, hold, and administer such gifts with the primary objective of serving the purposes of the University; invest or reinvest funds as permitted by applicable law; receive gifts and bequests of personal property and real property, to hold, sell, and administer such gifts or the proceeds thereof for the purposes specified.
In the event of the liquidation or dissolution of this Corporation, whether voluntary, involuntary, or by operation of law, any disposition of the assets of this Corporation shall be calculated to carry out the objectives and purposes for which this Corporation was formed. None of the assets shall be transferred or conveyed to the private benefit of any of the members of the Corporation.
Mission Statement
The Binghamton University Foundation is a not-for-profit corporation established to raise funds that advance the purpose and mission of Binghamton University. Volunteers and staff working on behalf of the Foundation foster and maintain partnerships with alumni, parents, friends, and members of the University community.
The Foundation also educates others about charitable giving, matches institutional fundraising priorities with donors' charitable intentions, and provides sound fiscal management and stewardship of all assets held in trust for the benefit of Binghamton University.
IRS Certification
The Foundation received its 501(c)(3) exempt status in March 1958 from the United States Treasury Department, Internal Revenue Service. Copies of the IRS certification letter of the Foundation’s 501(c)(3) status can be obtained from the Foundation office.
Role of the Binghamton University Foundation
The Binghamton University Foundation is the official fundraising organization of the institution and exists to encourage greater private support of Binghamton University, its sole beneficiary. Gifts from individuals (alumni, faculty, staff, parents, students, community members, friends, etc.), foundations, and corporations — defined as the University's constituents — are solicited and used to finance University programs and priorities for which other funds may not be available. The Foundation may accept many types of gifts (cash, check, appreciated securities, real estate, equipment, business interests, and personal property such as art) by a variety of methods (outright, credit card, wire transfer, beneficiary designations, bequests through estate plans or wills, or other vehicles such as trusts). The Foundation manages and allocates all gift funds, and is also a repository for gifts of property- real, tangible and intangible. All donations are tax deductible as allowed by law.
The Foundation accepts both unrestricted and restricted gifts.Unrestricted gifts are used where the needs of the University are the greatest — for student aid, scholarships, academic awards, graduate fellowships, faculty recruitment, undergraduate research, admissions programs, and alumni and Foundation programs. Restricted gifts are used as the donor stipulates; the only control the Foundation exercises over restricted gifts is whether they further the goals of the University and whether they can be administered in accordance with exceptional business practices. The Foundation recognizes individuals, foundations or corporations, as requested, so long as requests for such recognition are considered reasonable and within the Foundation's practices and policies. Gifts "in memory of" or "in honor of" are also accepted, with appropriate recognition.
General Fundraising Policies and Procedures
Any request to undertake a fundraising program or solicitation of contributions from University constituents as defined above must be fully endorsed by the Foundation and the Division of Advancement. An individual initiating a request from an academic department is responsible for securing the endorsement of the appropriate dean and coordinating with the Vice President for Advancement for review.
The Vice President for Advancement, in consultation with the University President and the Executive Director of the Foundation, provides final approval for all fundraising requests. It is the policy of this institution that no solicitation of funds or property (other than grants or contracts administered through the SUNY Research Foundation) shall be made by anyone for the benefit of the University, or any agency thereof, without the prior approval of the Vice President for Advancement and Executive Director of the Foundation, acting on behalf of the University President. All funds raised are to remain with the Foundation for the sole benefit of the University. No outside organization may use Foundation or University constituent lists for the purpose of fundraising.
For more information: https://www.suny.edu/sunypp/documents.cfm?doc_id=62
