Policy Statement

  1. The University of Northern Iowa Foundation was established as an affiliate organization to the University of Northern Iowa and incorporated in 1959 as a nonprofit 501(c)3 organization. The University of Northern Iowa Foundation (hereafter referred to as the Foundation) is governed by an independent board of trustees. The Foundation’s purpose is to seek, receive and manage gifts to support the students and programs of the University of Northern Iowa. The Foundation accepts gifts according to guidelines described in its Gift Acceptance Policy. It also holds, invests, and administers gifts it receives that donors have temporarily restricted or permanently endowed for particular uses.
  2. The University of Northern Iowa (hereafter referred to as the University) recognizes the UNI Foundation as the preferred channel for the receipt of gifts intended to benefit the University.
  3. From time to time, the University receives checks from donors’ gifts made payable to the Foundation. Similarly on occasion, the Foundation receives checks from donors for gifts that are made payable to the “University of Northern Iowa” or to a College, Department or other unit thereof. In such instances, the following practices will be observed.
    1. Gift checks of less than $10,000 made payable to the “University of Northern Iowa” (or to a College, Department or other unit thereof.)
      1. The check shall be deposited in the appropriate Foundation account if any of the following is true:
        1. the “Payee” line includes an existing Foundation fund
        2. Foundation pledge reminder form or other solicitation piece is returned with the check
        3. the check is returned in a Foundation envelope
        4. the check is returned with a letter or documentation indicating that the gift is intended for the Foundation
      2. If none of the above is true, the check and any supporting documentation will be reviewed by the Foundation Treasurer in consultation with the University Treasurer to determine the payee’s intent.
    2. All gift checks made payable to the “University of Northern Iowa Foundation” shall be deposited in the appropriate Foundation account.
    3. Any gift check of $10,000 or more that is made payable to the University of Northern Iowa will be reviewed by the University. The check cannot be accepted by the Foundation without proper endorsement by the University Treasurer or his/her designee.
      1. In the case of checks that are mailed to the Foundation, the Foundation shall forward to the University all material received with the check that might assist the University in determining whether the donor intended the amount to be deposited in a Foundation or University account.
      2. If, after review, the University determines that the donor intended the gift be deposited in a Foundation account, the check shall be endorsed by the University and returned to the Foundation for deposit by the Foundation. All backup material shall also be returned to the Foundation with the check.
      3. If, after review, the University determines that the donor intended the gift to be deposited in a University account, the check shall be endorsed by the University and deposited in the appropriate University account. In the latter event, the University shall notify the Foundation that a check has been deposited.
    4. If a check or security is erroneously deposited in a Foundation or University account under this policy, the funds incorrectly deposited shall be transferred to the other organization, upon discovery of the error.
    5. If at a subsequent date donor intent indicates the funds should be managed by the other entity, the funds will promptly be transferred.
    6. University funds transferred to the Foundation will be managed following the Foundation’s investment and fee policies.
  4. All Estate Gifts, regardless of amount, that are made payable to the University should be routed to the University Treasurer for the preparation of appropriate documentation and endorsement to deposit the funds in the Foundation.

 

Related policy: 9.02 Grants and Gifts

 

Special Assistant to the President for Development and Alumni Relations, approved March 1, 2012 
President’s Cabinet, approved August 6, 2012