7.7 – Gift and Grants Acceptance
Part 1: Authority
Lake Superior College (LSC) and the LSC Foundation may actively solicit and accept gifts and grants to further the mission of LSC pursuant to Minnesota Statute §136F.80.This policy addresses giving to LSC.
All gifts and donations to LSC are to be directed to the LSC Foundation.
Part 2: Responsibility
- The Foundation’s Director of Institutional Advancement, Board members, volunteers or staff of the Foundation or College so designated, have authority to solicit gifts on behalf of the Foundation or the College.
- The College President is authorized to accept gifts and grants made to the institution, other than gifts or grants of real property, land and permanent improvements thereon. The College President, the Foundation’s Director of Institutional Advancement, and any Foundation Board members, or staff of the Foundation so designated, have authority to accept gifts on behalf of the Foundation for the College. Any gifts and grants over $50,000 made to the College shall be reported to the Minnesota State Board of Trustees.
- All gifts and grants of real property, land and permanent improvements thereon, given to the College shall be formally accepted by the Minnesota State Board of Trustees and shall be subject to appropriate due diligence and conformance with the campus facilities master plan.
- All gifts and grants to the College must be recorded in the Minnesota State financial system.
Part 3: Transfer of Gifts. In the event that the College receives a gift or bequest as provided in Minnesota Statute §136F.80 and §136F.81 that is intended for the purposes performed by the Foundation approved under Minnesota Statute §136F.46, it may transfer the money to the 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, or a person designated by the president.
The Chancellor of Minnesota State 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 LSC. The College shall maintain a list of gifts and grants for incorporation into a comprehensive annual report to the Chancellor.
Date Implemented: April 5, 2001
Date Updated: September 2, 2014