Policy 3101 – Mission and Purpose
Revision Date: 3/9/2021
Last Review: 3/9/2021
Original Effective Date: 8/26/2000
Responsible Office: Division of University Advancement
References: LA RS 17:3390
The Louisiana Tech University Foundation (Foundation) is a private, non-profit 501(c)(3) organization created to solicit, manage, and steward private resources given in support of Louisiana Tech University (University). The Foundation is part of the Division of University Advancement, whose mission is to facilitate support for Louisiana Tech University’s goals, objectives, programs and activities through effective communication with the University’s internal and external publics. The Foundation coordinates and executes comprehensive fundraising programs on behalf of the University and participates in entrepreneurial and other activities that benefit the University, such as intellectual property, licensing agreements, real estate projects, and campus improvements. The Foundation is managed by an independent board of directors, and the books and records are kept in accordance with generally accepted accounting principles and audited annually.
The Foundation was first formed “To promote the educational and cultural welfare of
Louisiana Polytechnic Institute and all departments thereof, and to develop, expand,
and improve the College’s facilities so as to provide broader educational advantages
and opportunities, encourage research and increase the College’s usefulness to the
citizens of Louisiana and the United States of America.” The original purpose of the
Foundation continues into the 21st Century and has been expanded into the Foundation’s mission statement and operating practices.
The Louisiana Tech University Foundation serves a large number of objectives in support of the university, and five purposes shape its core values and missions. These basic values and purposes are the following:
- to secure private gifts as a resource distinct from state and institutional resources;
- to enlist and use key volunteers in development endeavors on behalf of the institution;
- to engage prospective donors in the university’s dreams and aspirations, and steward their investments of time and money;
- to provide a vehicle for important university activities, ventures, and service, such
as acquiring real estate by gift or purchase that the university cannot pursue because of statutory, regulatory, or time-bound restrictions; and
- to strengthen the university’s public image and create an environment conducive to financial support.
The activities of the Foundation are divided into four general categories: solicitation
of funds for the qualified activities of the Foundation and for support of appropriate
areas of Louisiana Tech University; management and administration of the Foundation’s university related accounts, funds, scholarships, and programs; asset management and investment oversight responsibilities; and the internal operations of the Foundation itself.
Given that the Foundation is closely identified with Louisiana Tech University, an Affiliation Agreement executed between the parties clearly documents their relationship to each other and their respective responsibilities and authority.