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Policies & Procedures

Policy 3115 - Guidelines for Establishing College and Department Foundation Accounts

Effective Date: 8/26/2000

Responsible Office: Vice President for University Advancement


The following guidelines shall be adhered to in establishing an account within the Louisiana Tech University Foundation for the benefit of a college, division, department, program, or organization within the University.

Eligibility

Accounts may be established for a college, division, department, program, or organization of Louisiana Tech University within the framework of the Louisiana Tech University Foundation.

The following specific areas of the university are included:

  1. Academic units as listed in the Louisiana Tech University catalogue.
  2. Administrative units approved by the vice presidents of the appropriate areas.
  3. Functional units as approved by formal action of the University, including student organizations. Such organizations must be registered organizations of the University and in compliance with the regulations for such organizations as set forth by the Division of Student Affairs.

Requirements

  1. The individual assigned responsibility for the fund must be a full-time employee of Louisiana Tech University. Student organizations must assign such responsibility to a faculty advisor.
  2. The new account should fill a need not presently being met by existing Foundation accounts or University accounts.
  3. There should be an indication that use of the account will continue on an annual basis, except in situations where the account is endowed and the corpus or principal remains in perpetuity with only the interest being spendable. The principal must be a minimum of $10,000.
  4. In most cases, a minimum of $500 should accompany the request to open the new account.
  5. The Department of Business Affairs of the Louisiana Tech University Foundation shall assign the account a number.
  6. If the request to open a new account is made by an individual other than an administrative or department head, approval must be obtained from that individual’s unit head. (See attached form for opening account)
  7. When establishing a scholarship account, the criteria and selection process for awarding the scholarship should accompany the request for establishing the account; if the account will result in an endowed scholarship, a formal endowment agreement must be executed between the Foundation and the donor(s) or the University unit responsible for the funding of the scholarship.
  8. All Foundation accounts should be categorized into one of five basic areas:
    1. General Welfare of the College, Division, Department, Program, or Organization
      1. Provide funds for costs associated with professional seminars
      2. Provide funds for supplementary and educational materials
      3. Make special equipment and publications available
      4. Provide special programs and materials
      5. Assist in the advancement of Louisiana Tech University
    2. Research
      1. To assist research efforts in a particular college, division, department or program
      2. To assist research efforts by faculty, staff, students, or individuals approved by the University
    3. Student Assistance
      1. To assist research efforts in a particular college, division, department, or program
      2. To recognize outstanding academic achievement
      3. To assist students who have a financial need
      4. To recognize outstanding students through scholarships
      5. To provide financial assistance to students for special student efforts and programs
    4. Capital Improvements

      To fund building or remodeling of campus facilities under guidelines and policies approved by the University of Louisiana System and the State of Louisiana

    5. Faculty Development
      1. To create endowed chairs and professorships
      2. To provide support for faculty conferences and meetings
      3. To provide support for special program development

      Each unit head may establish one discretionary account to be used for activities consistent with but not limited to the above categories. All donations to a discretionary account must be clearly specified as such.

Procedures

A request to open an account within the Louisiana Tech University Foundation should be made on the appropriate form and submitted to the Louisiana Tech University Foundation. The request must meet the criteria set forth in this document. Written notification shall be provided for all requests; all accounts are subject to final approval of the Board of Directors of the Louisiana Tech University Foundation.


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