This procedure sets forth college-wide guidelines for gift naming opportunities (Named Gift Program) at Trident Technical College (TTC) and defines the procedures for acceptance of gifts. The Trident Technical College Foundation (Foundation) is the point of contact for all gift-based naming opportunities. Although such recognition may take many forms, this procedure seeks to establish guidelines for the naming of buildings, facilities, and campus green spaces (collectively, TTC Facilities) in recognition of donors.
These named gift recognition guidelines are designed to:
- Provide guidance/rationale for determining the appropriate recognition of a major donor.
- Provide guidance to prospective donors and to TTC and Foundation staff about the size and structure of gifts necessary to attain various levels of naming recognition.
- Provide a mechanism for evaluating proposed major naming gifts.
- Promote appropriately consistent naming recognition levels and procedures for TTC departments and units.
- GUIDELINES FOR NAMING
- TTC will consider the following when deciding to name TTC Facilities:
- the gift,
- devotion, and/or
- distinguished service.
- All naming requests should confirm that the honoree or donor meets the highest values and societal standards. For organizations, this means their work and values are consistent with the mission of TTC.
- All naming procedures are negotiable, and the Foundation recognizes that notwithstanding this procedure, the TTC Area Commission and the Foundation Board of Trustees retain, in their sole discretion, the right to make exceptions or alter criteria or conditions as appropriate to the circumstances.
- Signage reflecting the naming of TTC Facilities shall conform to all TTC signage guidelines.
- TTC and the Foundation promise to uphold the spirit and intent of each naming designation for at least 25 years. However, unforeseen or changing circumstances, including but not limited to demolition, replacements and re-designation of purpose of a named TTC Facility, may necessitate transference of the naming designation to another comparable space or facility. In such instance, the Foundation will make every reasonable effort to consult the donors or any living family members prior to the transference.
- TTC reserves the right, on reasonable grounds, to revoke and terminate its obligations regarding a naming designation, with no financial responsibility for returning any received contributions to the donor. These actions, and the circumstances that prompt them, may apply to an approved naming that has not yet been acted upon, or to a conferred naming. Such circumstances include, but are not limited to:
- If the donor fails to maintain and fulfill payment on a pledge upon which the naming was bestowed, the naming may be revoked.
- If a planned gift upon which the naming was bestowed does not result in the value agreed upon, the naming may be revoked.
- If the donor's or honoree's reputation changes substantially so that the continued use of that name may compromise the public trust, dishonor TTC's standards, or otherwise be contrary to the best interests of
TTC, the naming may be revoked.
- TTC will consider the following when deciding to name TTC Facilities:
- TYPES OF GIFTS FOR NAMING COMMITMENTS
If the naming opportunity is based on a generous gift to the Foundation for TTC's benefit, the following guidelines will apply:
- Any and all combinations of gifts, pledges, and irrevocable deferred gift arrangements are acceptable for naming commitments.
- Donations and other contributions to support the naming recognition of a given TTC facility or scholarship may be made and received in installments. However, as determined by the Foundation Board of Trustees or the TTC Area Commission, the naming recognition may be deferred until the gift commitment has been fully accounted for or received.
- Irrevocable planned gifts may generate current naming of facilities if current cash flow considerations are not an issue for the requesting facility. Irrevocable planned gifts will be credited at their present value and particular emphasis will be given to the predictability of the long-term value of the irrevocable deferred gift.
- GUIDELINES FOR NAMING TTC FACILITIES
- The donor, in response to a formal solicitation or on his or her own volition, indicates an interest in making a gift of significance to benefit TTC. A gift officer in the Development Office of TTC (Gift Officer) determines the exact nature of the gift intention and discusses the Named Gift Program procedures with the donor to identify naming opportunities of interest.
- Once the Gift Officer determines the exact nature of the gift intention and the interest in naming opportunities, the Gift Officer then discusses the application with the Foundation Executive Director.
- The Foundation Executive Director reviews the gift materials presented, determines appropriate naming opportunities available, and when appropriate, makes a recommendation to the TTC President or TTC's Area Commission, according to TTC Policy 9-6-0, and the Foundation Board of Trustees.
- The Foundation naming commitments, as well as all major gifts, whether recognized by naming rights or not, are reflections on the ideals and reputation of TTC. Accordingly, each gift and naming commitment will receive a careful review for full compliance with applicable laws and ethical principles. This is especially true where there is some direct or indirect business or other continuing relationship between the donor and TTC, its officers or employees. Any questions about the applicability of state or federal laws on conflicts of interest and other ethical considerations should be referred to appropriate Foundation or TTC legal counsel.
- Once the naming opportunity is approved at all required levels, a formal contractual commitment will be executed with the donor outlining parameters of the gift to the Foundation in support of TTC, as well as the nature of the named recognition (Gift Agreement). This Gift Agreement will detail the terms of understanding regarding the payment of the funds to the Foundation and the naming and any related issues about the use, recognition, and publicity of the gift.
- Recognition steps are then set in motion by the Foundation Executive Director, including appropriate media announcements, signage installation, campus ceremonies, etc. (consistent with the wishes of the donor). Throughout the review and approval process, the donor's intentions will be held in strict confidence.
- For named facilities, the named gift will be registered in TTC's official register of named places on the campus, maintained by the TTC President's office and is marketed as such in appropriate publications and future announcements concerning this newly designated area.
- Older existing facilities (more than 10 years old) funded with public money should be named only in exchange for gift commitments of at least 20 percent of the building's current value or replacement cost. Total costs of the building's value include architectural, planning, and construction fees; site clearance and landscaping; furnishing; and equipment.
- Newer existing facilities (less than 10 years old) funded with public money should be named only in exchange for gift commitments of at least 25 percent of the building's current value or replacement cost. Total costs include architectural, planning and construction fees, site clearance and landscaping; furnishing; and equipment.
- Each named gift should be accompanied by a Gift Agreement that has been approved and signed by the donor or designated donor representative(s) and Executive Director of the Foundation. Each Gift Agreement specifies the pledge period to reach the funding level, the purpose of the gift, and any restrictions within Foundation and TTC guidelines, as to distribution from the fund.
- TTC's President's Office and the Foundation shall be responsible for maintaining a record of named rooms, buildings, grounds, and other spaces.
- Private Funding of Buildings and Structures. If a new building is to be funded 100 percent from private funds, the gift to name the building must be at least 60 percent of the total construction cost of the facility. The gift should fund 50 percent of the construction budget as well as an endowment fund (10 percent of total construction costs) to provide for programs and maintenance of the facility.
- Private/Public Funding of Buildings and Structures. If the new building is dependent upon a private funding component, the gift to name the building must be at least 50 percent of the total dollars raised to fund a portion of the construction budget as well as an endowment fund (10 percent of total construction costs) to provide for programs and maintenance of the facility.
- Public Funding of Buildings and Structures. If the new building is constructed entirely from public funds, a private gift may still be used to establish a naming opportunity. The private gift to name the building should be at least 25 percent of the total construction costs of the facility. Typically, the gift will establish an endowment fund restricted for use of the programs and maintenance of the facility.
Academic Teaching Space (Note: suggested minimum funding levels)
- Classroom - $50,000
- Laboratory - $150,000
- Auditorium - $500,000
Non-Academic Space (Note: suggested minimum funding levels)
- Faculty Offices - $5,000 - $10,000
- Student Study Spaces - $10,000
- Conference Rooms - $25,000
- Foyers/Lobbies and Pre-Function Areas - $50,000
Donors who want to establish a named scholarship may select one of two options:
A. Names Annual Scholarship - Annual Scholarships are those where the gift or a portion of this and any future gifts will be expended for the purpose stated until such time as the account has a $0 fund balance. Additional gifts can be added to the account at any time to extend the life of the scholarship, gift or award or to increase the number of available scholarships. Annual Scholarships are established with a minimum donation of $500 per year for a minimum of five years. Available award amounts are based on the entire balance of the fund at the time of awards.
B. Named Endowed Scholarship - "Endow" means that the Foundation will invest the gift so that investment returns will provide funding to accomplish the stated purpose. Additional gifts may be added at any time. Endowed scholarships are established with a minimum donation of $30,000 or a series of donations over a specified period of time. Distributions are calculated by applying a spending rate (set annually by the Foundation) to an average balance of the fund.
IV. SPECIAL ACKNOWLEDGEMENT OR MEMORIAL OPPORTUNITIES
From time to time, it may be appropriate to create a naming opportunity at TTC for an individual or organization that has not reached the minimum gift requirements outlined in this procedure. In these instances, the President of TTC or Chair of the Foundation Board of Trustees may make recommendations to the TTC Area Commission to name TTC Facilities in honor or memory of individuals who have distinguished themselves in their service to TTC. With this in mind and upon recommendation by the President of TTC and the Foundation Board of Trustees, the TTC Area Commission may approve the naming of a TTC Facility.