GIFT ADMINISTRATION Sample Clauses
GIFT ADMINISTRATION. The University Foundation at Sacramento State will serve as a trustee for these funds and, therefore, has fiduciary duty to the donor and the University to administer the assets consistent with the donor’s wishes, the University’s policies, and generally accepted financial standards. The University Foundation assesses a one-time fee of 3% on all new gifts made to this purpose and a recurring annual fee of 1% on the value of invested funds, to defray necessary accounting and administrative costs, as required by CSU policy on auxiliary organizations. The annual recurring fee shall be taken out of investment earnings.
GIFT ADMINISTRATION. This gift shall be administered in accordance with the Foundation’s policies and procedures and shall be consistent with the Foundation’s policies, as follows:
A. The gift shall be used only for qualified charitable purposes consistent with the laws of the State of Iowa.
B. This gift will be entered into the Foundation books and shall be separately accounted for and entered on the Foundation’s books and records in the name of the donor. This gift can be commingled with other Foundation investment assets.