7.7 Gift and Grants Acceptance
Chapter 7 - General Finance Provisions
Part 1. Authority
Pursuant to Minnesota Statutes Ch. 136F.80, the Board of Trustees may apply for, receive and accept on behalf of the state and for the benefit of any state college or university any grant, gift, bequest, devise or endowment that any person, firm, corporation, foundation, association, or association may make to the system office or a college or university or any federal, state, or private money made available for the purpose of providing student financial aid at the colleges and universities. Each gift or grant must be consistent with the college, university or system mission.
Part 2. Responsibility
Each college and university president is authorized on behalf of the Board of Trustees to accept gifts and grants made to the institution, other than gifts or grants of real property. All gifts and grants over $50,000 shall be reported to the Board of Trustees.
The chancellor is authorized on behalf of the Board of Trustees to accept gifts and grants made to the system office, other than gifts or grants of real property.
All gifts and grants of real property shall be formally accepted by the Board of Trustees and shall be subject to appropriate due diligence and conformance with the campus facilities master plan.
All gifts and grants must be recorded in the Minnesota State Colleges and Universities financial system.
System procedures will include criteria for the acceptance of gifts and grants.
Part 3. Transfer of Gift.
A college or university that receives a gift or bequest as provided in Minnesota Statutes Ch. 136F.80 and Ch.136F.81 that is intended for the purposes performed by a foundation approved under Minnesota Statutes Ch.136F.46 may transfer the money to its foundation, provided the money is used only for public purposes.
Part 4. Accountability/Reporting
No proposal shall be submitted to any funding authority without the signature of the president (for institutional grants) or the chancellor (for system office grants), or a person designated by the president or chancellor.
The Chancellor or designee will be periodically updated on the nature and the amount of all gifts and grants with a value in excess of $50,000 accepted by the colleges, the universities, and the system. The colleges and universities shall maintain a list of all gifts and grants for incorporation into a comprehensive annual report to the Chancellor.
- Procedure 7.7.1 Gifts and Grants Acceptance Reporting Form
To view any of the following related statutes, go to the Revisor's Web site (http://www.revisor.leg.state.mn.us/). You can conduct a search from this site by typing in the statute number.
- Minnesota Statute 136F.46, Non-profit Foundation Payroll Deductions
- Minnesota Statute 136F.80, Grants, Gifts, Bequests, Devises, and Endowments
- Minnesota Statute 136F.81, Transfer of Gifts
Date of Implementation: 06/21/00
Date of Adoption: 06/21/00
Date & Subject of Revisions:
11/16/11 - Effective 1/1/12, the Board of Trustees amends all board policies to change the term "Office of the Chancellor" to "system office," and to make necessary related grammatical changes.
03/17/10 - Amended Part 4, raising the value of reportable gifts is from $5,000 to $50,000.
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