GIFT AGREEMENT TO NAME THE DONOR(S) NAME(S) PROJECT AT THE SCHOOL/COLLEGE OF

Transcription

1 GIFT AGREEMENT TO NAME THE DONOR(S) NAME(S) PROJECT AT THE SCHOOL/COLLEGE OF I. INTRODUCTION The purpose of this agreement is to summarize the mutual understanding of NAME OF DONOR(S) (Donors), the UCI Foundation (Foundation), and The Regents of the University of California for the benefit of the Irvine Campus (UCI) regarding an irrevocable gift to UCI. The Donors gift will support the UCI SCHOOL (School), its PROJECT and other related disciplines within the School. This agreement will be made a part of the Foundation s permanent records and is intended to serve as a guide to those who will administer these funds in the future. II. THE UCI FOUNDATION The Foundation represents that it is qualified as a charitable organization and a 501(c)(3) non-profit public benefit organization (federal ID ). III. DESCRIPTION OF THE GIFT The Donors wish to demonstrate their support of the University of California, Irvine SCHOOL by irrevocably pledging $GIFT (GIFT LANGUAGE) to support the SCHOOL. This pledge will be paid as follows: (PLEDGES AND GIFTS MAY BE PAID OUT OVER A FIVE-YEAR PERIOD) The Donors may accelerate the completion of this pledge at the Donors discretion. IV. USES OF THE GIFT Distribution of the $GIFT AMOUNT will be as follows: $ PORTION OF THE GIFT PURPOSE OF THE GIFT page 1 of 5

2 THIS SECTION DESCRIBES EACH PORTION OF THE OVERALL GIFT AND THE SPECIFIC PURPOSE(S) FOR THIS PORTION OF THE GIFT (i.e. Endowed Chairs, Endowed Faculty and Administrative Positions, Endowed Dean position and fund, Graduate Fellowship Endowment, Undergraduate Scholarship Endowment, Current-use Funds for Dean s Discretionary Use, Current-use Fund for Special Projects, etc.) (SAMPLE FOR A $20 MILLION NAMING GIFT) USES OF INITIAL $10 MILLION GIFT Distribution of the initial $GIFT will be as follows: A. $3 million Endowed Faculty Positions The faculty positions supported by this endowment may be either senior faculty of academic distinction who shall be known as DONOR(S) NAME(S) Professors of (appropriate discipline) or younger faculty early in their academic careers who shall be known as DONOR(S) NAME(S) Faculty Fellows. The Dean of the SCHOOL with the approval of the Chancellor shall determine the number of Professors and Fellows, and the term of the Fellows. A DONOR(S) NAME(S) Faculty Fellow may typically hold this position for no more than five years. The endowment payouts shall be used to support the teaching, research, and service activities of the faculty recipients. The faculty recipients shall determine the use of funds according to a budget approved annually by the appropriate campus administrator in the normal budgetary process. However, no portion of the endowment income may be applied to a faculty s academic year salary. Upon the recommendation of the Dean and approval by the Chancellor, the DONOR(S) NAMES Professor may be held for 5-year renewable terms, subject to satisfactory review of the professor s performance. Donors understand that the establishment of these endowed faculty positions is subject to the approval of the President of the University of California and UCI s Academic Senate. B. $3.5 million Graduate Fellowship Endowment Distribution of endowment payout will be divided to support competitive fellowships for enrolled graduate students among SELECTED SCHOOL DEPARTMENTS/UNITS (PERCENTAGES) AND/OR DEAN S DISCRETIONARY FUNDS (PERCENTAGE). C. $1 million Undergraduate Scholarship Endowment Distribution of endowment payout will be divided to support competitive scholarships for enrolled undergraduate students majoring in MAJORS (PERCENTAGES) AND/OR DEAN S DISCRETIONARY FUNDS (PERCENTAGE). page 2 of 5

3 D. $2.0 million Current-use Fund for Dean s Discretion A fund or funds will be created to support those activities, programs, or capital projects that the Dean of the SCHOOL has deemed of highest importance. E. $0.5 million Current-use Fund for Special Projects A fund will be created to support special projects in the SCHOOL such as faculty summer salary assistance and other priority projects. This fund will be administered at the discretion of the Dean of the SCHOOL. V. USES OF SECOND $10 MILLION GIFT The second $10 million gift will be distributed by the same formula listed above for the first $10 million or, upon mutual agreement of the Donors and the Dean of the SCHOOL, for other purposes deemed to be in the best interests of the SCHOOL. VI. NAMING CONSIDERATIONS In recognition of the Donors support as described by this document, and upon receipt of the initial $ HALF OF OVERALL GIFT, UCI agrees to name the UCI SCHOOL The DONOR(S) NAME(S) SCHOOL. Donors understand that the naming of the SCHOOL is subject to the approval of the President of the University of California. The naming will be handled consistent with University policy, including identification of the SCHOOL name and, if appropriate, a selected named building on maps, through appropriate signage, and in all written materials referencing the SCHOOL. Any named building will remain for the useful life of the structure at UCI. Should there be additional departments added to the SCHOOL in the future, UCI s Chancellor and the SCHOOL S Dean may, in consultation with the Donors or the Donors heirs, if possible, change the name of the SCHOOL to reflect these changes. VII. ADMINISTRATION OF ENDOWMENT This endowment will be managed by the Foundation s Board of Trustees in accordance with the Foundation s investment and disbursement policies, which have been provided to the Donor. The Fund may be combined with the Foundation s other assets for investment purposes. The total return earned by the fund, in excess of the payout amount provided for expenditure, will be retained to protect the corpus principal from the effects of inflation. The annual payout portion of the endowment will be managed by the Foundation s Board of Trustees in accordance with UCI policies on current funds. The Chancellor may authorize the return of payout to the fund principal under the following circumstances: during the period prior to pledge fulfillment; during periods when an endowed position is vacant; when the payout exceeds the annual needs of the academic program or designated gift purpose. page 3 of 5

4 In the unlikely event that market conditions temporarily drive the fund s market value below the historic gift value, the Donors authorize the Foundation to apply the payout formula based on its then current spending policy in order to ensure that the fund provides immediate and consistent benefits to the School, even if application of this formula would result in the fund balance going below the historic dollar value. The Donors acknowledge that this gift will be subject to the UCI campus standard administrative fees assessed to all gifts. VIII. RECOGNITION In recognition of this gift, UCI agrees to name the PROJECT the DONOR(S) NAME(S) and PROJECT. The Donor agrees to allow UCI to publish his/her/their name(s) in various publications and press releases. For recognition purposes, the Donor shall be identified as DONOR(S) NAME(S). IX. UNFORESEEABLE CIRCUMSTANCES In the unlikely event that, at some future time, it becomes impossible for any of the categories specified above for the gift to serve the specific purpose for which they were created, the Chancellor shall direct that the principal and income from any of these categories be devoted to purposes that are deemed to be the most consistent with the wishes of the Donors and, if possible, in consultation with the Donors or their heirs. X. BINDING OBLIGATION The Donor intends this Gift Agreement to be fully enforceable against the Donor to the extent that the obligation has not been satisfied by gifts completed following the date of this Agreement. XI. MISCELLANEOUS a. Situs: This gift agreement is executed in and shall be governed by the laws of the state of California. b. Amendment: This gift agreement may be amended at any time by written agreement signed by each party. c. Effective date: The effective date of this agreement shall be the date this agreement is fully executed. (Signature page follows) For the Donors: For UCI: page 4 of 5

5 DONOR Date NAME Date Chancellor DONOR Date For The UCI Foundation: NAME President Date page 5 of 5