Procedure 7.7.1 - Gift and Grants Acceptance
Part 1: Authority
Lake Superior College (LSC) and the LSC Foundation may actively solicit and accept gifts and donations to further the mission of LSC pursuant to Minnesota Statute §136F.46 and §136F.81.
Part 2: Donations
All gifts donated to LSC are to be directed to the LSC Foundation. Donations include monetary gifts, publicly traded securities, closely held securities, life insurance, planned gifts, memorials, and donations of real property. It also includes equipment, supplies, in-kind donations, and volunteer hours.
The Accepting Donated Goods & Equipment form is required for all gifts of equipment, vehicles, supplies, in-kind donations, and volunteer hours.
Related Documents
- Accepting Donated Goods & Equipment form
- Minnesota Statute 136F.46, Non-Profit Foundation Payroll Deduction
- Minnesota Statute 136F.81, Transfer of Gifts
History
As of April 2024, LSC will follow Minn State Board Policy 7.7, but created a separate procedure for receiving gifts and donations to the Foundation detailed in Procedure 7.7.1 Gift and Donations Acceptance. For Grants that require a written award or agreement, Procedure 7.7.2 Institutional Grants Management and Acceptance was created to detail that process.
Date implemented: July 1, 2024
Date Updated: September 8, 2014
Date Reviewed/Revised: April 2024
President's Signature Date: May 1, 2024
Related Policies/Procedures
Chapter 7: Finance
- 7.3 - Financial Administration
- 7.7 - Gift and Donations Acceptance
- 7.8 - Academic Resale
- 7.8.1 - Academic Resale ASTE and ABTE
- 7.8.3 - Academic Resale: Dental Clinics
- 7.8.5 - Academic Resale: Massage Therapy Clinic
- 7.8.7 - Academic Resale: Physical Therapy Clinic - RESCINDED
