Securing and Administering Private Support for West Virginia University

Securing and Administering Private Support for West Virginia University

CONTENTS Foundation Overview...1 University Overview...3 Significance of Giving...7 Students, Faculty, WVU Libraries, Academic Research & Initiatives, Campus Development & Technology and Unrestricted Resources Ways of Giving... 13 Outright Gifts, Pledges, Planned Gifts, Securities, Gifts-in-Kind, Matching Gifts and Tax Status Recognition Groups... 15 The Woodburn Circle Society, The Irvin Stewart Society, Foundation Partners and Endowment Club

Foundation Overview: The History of Private Giving at WVU Chartered in 1954 as a 501(c)(3) non-profit corporation, the West Virginia University Foundation is devoted to the welfare and future development of West Virginia University and its affiliated organizations. The mission of the WVU Foundation is to enrich the lives of those touched by West Virginia University by maximizing private charitable support and providing services to the University and its affiliated organizations. Gifts of cash, securities and other property are given to the WVU Foundation absolutely or in trust by individuals, corporations and philanthropic foundations for the benefit of the University. The Foundation administers and invests these funds subject to the policies established by its board of directors. Guidelines established by the board ensure the Foundation operates in a politically-neutral, cost conscious environment conducive to carrying out its mission efficiently and effectively. The existence of the WVU Foundation as an independent, non-profit corporation offers several important advantages to the University and to donors: Confidentiality of donor information and anonymity when requested Maintenance of fund accounts from one fiscal year to the next, whereas many state accounts must be closed at the end of each fiscal year Flexibility in the investment options of money needed for near-term disbursements and diversity in choosing long-term investment opportunities for endowed assets Timeliness, flexibility and service are made available to the University through efficiency-centered, streamlined business operations A long-term perspective on the needs and priorities of the University unaffected by political vagaries and other short-term circumstances 1

The West Virginia University Foundation continuously works to advance the mission of West Virginia University. The Foundation is one of WVU s greatest assets because of the resources it obtains from donors and subsequently provides the University and its students, our future leaders. These donors working with the Foundation build a university greater than the state alone can build. From the Mountain, a bronze statue created by WVU alumnus Burl Jones, is located in Raymond J. Lane Park at Statler Wilson Commons, adjacent to the Erickson Alumni Center. 2

University Overview: For the Education of the Citizens Higher education was largely unavailable to the general American population in the mid-19th century, primarily due to a scarcity of colleges throughout the country. Land-grant institutions, including West Virginia University, were created to allow each state to offer its residents access to advanced instructional opportunities. Founded in 1867 as the state s comprehensive land-grant research institution, WVU was established by the legislature to provide instruction in not just the classics, but also in more directly applicable fields of study such as agriculture, business and emerging technologies. 3

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West Virginia University is comprised of 14 colleges and schools, and offers 184 bachelors, masters, doctoral and professional degree programs. Spread across three separate campuses - Downtown, Evansdale and Health Sciences - WVU features 189 historic and innovative buildings throughout 1,099 acres of Morgantown. The Morgantown Downtown campus is home to a total of ten buildings that are listed on the National Register of Historic Places. WVU also operates five regional campuses, eight experimental farms, and four forests throughout the state. The Carnegie Foundation for the Advancement of Teaching has classified WVU as a Research University (High Research Activity) the only West Virginia institution to earn this designation and one of only 151 in the United States. As the state s leading primary research university, WVU offers its students the opportunity to study with professors who are prominent scholars and experts in their fields of research. WVU is accredited by the North Central Association of Colleges and Schools and dozens of other specialized academic accrediting agencies. In a continual search for development and progress, the University s leadership has mapped out a path for success as part of the 2020 Strategic Plan for WVU (www.strategicplan.wvu.edu). Through capital improvements, academic advancements, and faculty and staff preservation, WVU has set an ambitious goal to enhance its culture and academic prestige. As a land-grant institution in the 21st century, West Virginia University will continue to deliver high-quality education, excel in discovery and innovation, encourage a culture of diversity and inclusion, promote health and vitality, and build pathways for the exchange of knowledge and opportunity between the state, the nation, and the world. 5

Downtown Campus Library 6

Significance of Private Giving Private support is playing an increasingly important role in maintaining the strength of universities and colleges. West Virginia University is no exception. As support for public higher education from state and federal sources has leveled and in many cases declined, private support is playing an increasingly important role in maintaining and enhancing the strength of universities and colleges. West Virginia University is no exception. Private philanthropy impacts WVU in numerous ways by providing scholarships that enable students to further their education; by enabling the University to attract new and retain outstanding faculty; by creating innovative, exciting programs that would not otherwise be realized; and by enabling University faculty and students to conduct ground-breaking research. With the help of our generous donors who believe in West Virginia University, its quality education and the promise of tomorrow s scholars, the mix of private and public support is making a monumental difference. Private gifts help support the following: 7

Students Total student enrollment at WVU s main campus is approximately 30,000. About 52 percent of students are West Virginia residents. WVU has been recognized for its attraction and development of high-caliber students. In fact, WVU ranks nationally for prestigious scholarships, including 24 Rhodes Scholars, 22 Truman Scholars, 36 Fulbright Scholars and 37 Goldwater Scholars. Thanks to the generosity of our donors, the WVU Foundation manages more than 1,630 scholarship funds, many of which provide multiple scholarships. These scholarships continue to attract quality students who otherwise may not have the opportunity to attend college. Currently, about 70 percent of WVU s students receive some $350 million in financial aid annually - with the average aid per recipient at $9,800. When mere dollars stand between an accomplished student and an excellent university, both the student and the university lose the benefit offered by the other - while the state and nation lose twice over. Faculty WVU students are afforded the opportunity to be educated and mentored by faculty that includes 18 named Carnegie Foundation Professors of the Year. Also notable is the 93 percent of full-time instructional/tenure track faculty who have earned doctorates or 8

first-professional degrees in their discipline. Professors lead the work that results in a stimulating and productive environment conducive to successful research and inspired teaching. Approximately 130 named chairs and professorships, as well as faculty development funds, ensure that WVU s teachers have the necessary resources to stay at the top of their fields. The competition for nationally and internationally renowned professors to hold these positions ranges from intense to fierce. WVU must maintain funds comparable to those of its peer institutions so that it can continue, and expand upon, its legacy of academic quality. WVU Libraries WVU s library system is continually ranked as one of the most innovative and student friendly libraries among its peer institutions. The libraries have maintained this level of recognition by upgrading services and advancing technology. The WVU Libraries system includes the Downtown Library Complex, the Evansdale Library, the Law Library, the Health Sciences Library, the Libraries Depository and the West Virginia & Regional History Center. Although the Law Library is separately administered, it participates in several library services offered to all WVU students and faculty. Library users currently have access to more than two million print volumes, 262 networked databases, more than 46,000 electronic journals, over 450,000 ebooks, 342 desktop and 125 laptop computers with high-speed internet access. State-of-the-art technology 9

and multimedia programs enable WVU s academic community to compete internationally in its scholarship, research, teaching, and service missions. Substantial private funding is needed to enable the WVU Libraries system to remain competitive with the nation s leading research institutions, and to expand upon collections that complement the University s academic programs. Academic Research & Initiatives West Virginia University is recognized as the state s flagship research institution. The 2020 Strategic Plan for the future has placed a large emphasis on academic research. The strategic plan s vision states, By 2020, West Virginia University will attain national research prominence, thereby enhancing educational achievement, global engagement, diversity, and the vitality and well-being of the people of West Virginia. Private philanthropic support will continue to provide the WVU academic community with the necessary resources to maintain its national prominence while achieving new breakthroughs in research initiatives and activities. Campus Development & Technology West Virginia University has made great strides in its goal to increase efficiency in its energy consumption, technology and campus logistics. 10

The University is set to make dynamic additions to its campus with the construction of new buildings, along with other renovations on its Evansdale campus as part of WVU s 2020 Strategic Plan. Renovations and expansions are also occurring at WVU health care facilities and the College of Law. The plans for the new and renovated facilities remain consistent with the Strategic Plan, as each will help to increase research ability and output by creating and allocating the necessary space and technology. With continued private support, the University will remain consistent with the world s technological advancements and take the lead in many of its developing initiatives. Unrestricted Resources Traditionally 97 percent of the funds donated for the benefit of the University through the WVU Foundation are restricted funds, which means the donors have designated them for specific purposes. The other three percent including funds that are undesignated gifts are used by the University to fulfill unexpected needs and opportunities. For example, unrestricted dollars make it possible to bring renowned speakers to campus, acquire works of art that suddenly come on the market, explore new initiatives or obtain a state-of-the-art piece of equipment for a laboratory. WVU must continue to be able to act when the occasion presents itself, respond to issues as they occur and do what is necessary to remain at the national forefront of research, teaching and service. One hundred percent of all gifts are used for their intended purpose with no overhead or indirect charges. 11

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Ways of Giving Contributions to the WVU Foundation for the benefit of West Virginia University and its affiliated organizations can be made in a number of ways, including: Outright Gifts Donations may be made through cash, credit card, marketable securities, real estate, mutual funds or personal property. Donors can receive a tax deduction based on the value of the gift and can avoid capital gains tax when an appreciated asset is donated. Pledges A pledge can be made over a five-year period with a written commitment to give. Donors can receive a tax deduction when the gift is made. Planned Gifts Because many donors think about tomorrow s opportunities, they include the WVU Foundation in their retirement or estate planning. Donors can include a gift provision in a will or revocable trust, name the WVU Foundation as the beneficiary of the retirement account, provide a gift that produces lifetime income and a charitable deduction, or even donate life insurance or real estate. Capital gains taxes possibly can be avoided or reduced when an appreciated asset is donated. Foundation staff can provide individualized financial projections and related information. Assuring a brighter future for hard-working students and faculty makes these options very attractive. 13

Securities Stocks or mutual funds may be electronically transferred to the WVU Foundation. Stocks which have appreciated in value provide the most tax benefits. Donors may receive a charitable deduction for market value if stocks have been owned more than one year. A donor may receive a charitable deduction equal to the cost basis of their stocks if they have been owned less than one year. Gifts-in-Kind Gifts-in-kind are gifts of physical property intended for use by the institution in its educational or research programs. Examples include: artwork, books, equipment, antiques, coin collections, historical documents and furnishings. To create a gift-in-kind, notify the WVU Foundation of the intent to transfer the assets to the WVU Foundation and complete the Foundation s gift-in-kind form. If the in-kind gift is in excess of $5,000, the donor is required to complete IRS form 8283 and obtain a qualified independent appraisal for tax purposes. Matching Gifts Many companies match employees donations to educational institutions. Company human resources offices generally have information on such matching gifts programs. Both the original donor and the company may receive a tax deduction for their respective portions of the gift. Donors are encouraged to contact the WVU Foundation to determine which gift is most appropriate. Tax Status As a non-profit organization, the West Virginia University Foundation, Inc. is exempt from federal income tax under Section 501(c)(3) of the 1986 Internal Revenue Code, as amended. The Foundation has been 14

classified by the IRS as a foundation operated for the benefit of a state university as defined in Section 170 of the Internal Revenue Code of1986. Contributions to the Foundation by individuals, corporations, organizations and other foundations qualify for tax deduction to the full extent provided by law. The Internal Revenue Service identification number assigned to the West Virginia University Foundation, Inc. is 55-6017181. One hundred percent of any gift to the West Virginia University Foundation is made available for the donor s intended purpose. The Foundation takes no fee from the gift. Recognition Groups The Woodburn Circle Society By making a pledge or contributing a gift of $100,000 or more, donors become members of the Woodburn Circle Society, the most prestigious giving club at the WVU Foundation. Lifetime membership benefits include your name listed on the electronic donor recognition wall located in the Erickson Alumni Center, invitations to the annual induction banquet held annually the first Friday of June, and various WVU cultural and sporting events. Donors have the option of remaining anonymous. There are three levels to this membership which reflect cumulative giving to the University. They are: Woodburn ($1 million+), Martin ($250,000- $999,999) and Chitwood ($100,000-$249,999), named after the three buildings in WVU s historic Woodburn Circle. The Irvin Stewart Society The Irvin Stewart Society, named for the University s thirteenth president, honors those individuals whose planned gifts provide for the future of West Virginia University. Dr. Stewart, who served as WVU president from 1946 to 1958, prepared the way for the establishment of the 15

WVU Foundation and remained a tireless advocate of the University until his death in 1990. His memory and legacy of philanthropy has been carried forward with the creation of the Irvin Stewart Society. Founded in 1992 with 94 charter members, the Society has grown to more than 800 living members. Membership is bestowed upon donors of gifts made through wills or trusts, income-producing gifts, testamentary retirement funds, life insurance, after-death gifts of stocks, checking or savings accounts, and real estate remainder interest gifts. Members are invited to the Foundation s annual luncheon, are listed in a leatherbound registry kept in Stewart Hall (site of the WVU president s office) and on the electronic donor recognition wall. Donors reserve the right to remain anonymous if they choose to do so. Foundation Partners The WVU Foundation and the West Virginia University community recognize the important role of alumni and friends who make annual gifts of $1,000 or more, the highest level of annual giving. These WVU donors, in partnership with the Foundation, provide the University with a solid base of ongoing private financial support and inspire others to follow their example. Therefore, members of this exclusive group are honored as Partners of the Foundation for their commitment to excellence at West Virginia University. Acknowledgment of Foundation Partners recognizes and actively encourages individuals to support WVU on an annual basis. Endowment Club The Endowment Club recognizes those who have made financial investments in the future of West Virginia University by creating an endowed fund through the WVU Foundation. Members receive financial reports on their endowments at the end of each fiscal year and invitations to special events, dedications and lectures. 16

MAKE A GIFT ONLINE To scan here, download a QR code scanner in your mobile app store. www.astateofminds.com

West Virginia University Foundation One Waterfront Place, P.O. Box 1650 Morgantown, West Virginia 26507-1650 800.847.3856-304.284.4000 www.wvuf.org