2241 Gifts from Fidelity Charitable
Document purpose
To set forth a policy for the treatment of grants from Fidelity Charitable donor advised funds.
effective
April, 2024
Reviewed
May, 2024
Responsible OfficeTreasurer
Approval
Treasurer
POLICY
- The University accepts distributions from Fidelity Charitable donor advised funds. Fidelity Charitable sends all grant funds as one transaction daily to the University via Electronic Funds Transfer. A grant detail report, which includes available grant information, is received with the daily transfer.
- Fidelity Charitable grants will be deposited into an operating gift fund pending identification of the purpose of the grants.
- Grants which specify a Special Purpose on the Fidelity Charitable detail report will be transferred within the University in accordance with the purpose identified. The Office of the Treasurer will seek to match grants which do not specify a Special Purpose on the Fidelity Charitable detail report to existing donor nonbinding pledges in an attempt to identify the purpose of the grants.
- The Office of the Treasurer will periodically report information regarding unmatched grants to Development and Alumni Relations staff, who will assist in efforts to identify grant purposes.
- Any grant which is determined to be unrestricted or which remains in the operating gift fund after two years from its receipt by the University will be deposited into the General University Quasi Endowment fund and will be used at the discretion of the Executive Vice President and Vice President of Finance and Treasurer.
- If a grant purpose is identified after the transfer is made to the General University Quasi Endowment fund, the University will transfer the gift value to the purpose determined by the donor-advisor, whenever possible.