Policy 7.3: Foundations and Donations to the Foundations
Definitions
Anoka-Ramsey Community College Foundation: A private, non-profit organization legally incorporated under IRS statutes 501(c)(3) and officially recognized by the President to support programs and activities that benefit the Coon Rapids Campus.
Cambridge Community College Foundation: A private, non-profit organization legally incorporated under IRS statutes 501(c)(3) and officially recognized by the President to support programs and activities that benefit the Cambridge Campus.
Anoka Technical College Foundation: A private, non-profit organization legally incorporated under IRS statutes 501(c)(3) and officially recognized by the President to support programs and activities that benefit the Anoka Technical College Campus.
Administrative support: May include the use of college employees, equipment, and facilities that are needed to carry out foundation policies and authorizations. The foundation board is responsible for managing its financial resources, including authorizing fund-raising strategies, budgeting the use of funds for the benefit of the college and its students, and establishing investment policies.
Policy
The President will contract with each foundation in accordance with the Minnesota State Board Policy 8.3 and Procedure 8.3.1. The contract will be approved by the system office and will outline allowable services, non-allowable services, handling of foundation funds, and other requirements as outlined in the Board policy.
Each foundation will establish its own policies and procedures.
Separate bank accounts must be maintained for foundation funds and shall not be commingled with college funds.
Reporting
Within six months of the close of the foundation’s fiscal year, each foundation will provide annually to the college and the system office a copy of its most recent financial report filed with the attorney general pursuant to Minnesota Statue Ch. 309. A foundation receiving less than $350,000 in revenue annually shall submit a copy of an external financial audit at least every three years.
Acceptance of Donations
The President may receive and accept donations on behalf of the college and/or the Foundation(s) and will clearly elicit from the donor which entity is the intended recipient of the gift. The Foundation may receive and accept donations on behalf of the Foundation. Unless otherwise so expressed in terms of the donation, the Foundation shall determine the use of Foundation donations. Donations of real property to the college require Board approval prior to acceptance (see Minnesota State Board Policy 7.7).
Solicitation
The solicitation of donations, the sale of goods, or any other fund-raising activity on behalf of the college by any individual or group other than the Foundation requires prior approval, in writing, from the President.
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History:
09.2012 Aligned
08.2017 Technical change: MnSCU to Minnesota State