Planned Gift Agreement

POLICY: 2.3
Effective Date: 01/01/2004
Last Updated: 03/01/2012
Policy Owner: Coyle, Cindy

A Planned Gift Agreement is created to document the donor(s) intent to make a deferred gift.  Planned gifts can be for the support of an existing fund at the UGA Foundation can be used to establish a new fund, based on the intent of the donor(s).  The Development Officers or Dean/Vice President/Director at the University of Georgia will determine this through their work with the donor(s).  The Development Officers should work with the Office of Planned Giving regarding the acceptance of deferred gifts.  The Office of Financial Services acts as facilitator in the process of preparing the planned gift agreement for approval.

 

Procedure
POLICY: 2.3.1
Effective Date: 01/01/2004
Last Updated: 03/01/2012
Policy Owner: Coyle, Cindy

  1. The Development Officer or Dean/Vice President/Director should work with the donor(s) to determine if the planned gift will be for the support of an existing fund or if it is the donor(s) intent to create a new fund.  If the intent is to create a new fund, the development officer should work with the donor(s) to develop a purpose statement and criteria.
  2. The information should be forwarded from the Development Officer to the Financial Services.
  3. If the intent of the donor is to support an existing fund, the planned gift agreement will require the following:
    1. name of the fund the donor intends to support with the deferred gift, and
    2. donor's complete name.
  4. If the intent of the donor is to establish a new fund, the planned gift agreement will require the following additional information: 
    1. name of the restricted fund the donor intends to create,
    2. school/college that it benefits, and
    3. purpose of the fund.
    4. Some restricted funds will require more information:
      1. Scholarships
        1. selection criteria
        2. selection committee
      2. Chair/Professorship
        1. selection criteria
  5. The Office of Financial Services will prepare a draft and return it to the Development Officer within three business days of receipt of all of the required information.
  6. The Office of Financial Services will share the draft with the Office of Planned Giving and other appropriate University offices, if needed, for their comments before returning to the Development Officer.
  7. The Development Officer will share the draft with the donor(s) and the respective Dean/Vice President/Director.
  8. The Development Officer should return the draft with revisions marked to the Office of Financial Services or indicate his or her approval of the draft.  The Office of Financial Services will incorporate the recommended changes/corrections and complete a redrafted or final planned gift agreement.
  9. Two final planned gift agreements will be prepared and forwarded to the Development Officer in order to obtain the Dean/Director and Vice President's signatures.
  10. After the signatures are obtained from the donor and Dean/Vice President/Director, the Development Officer will forward the signed planned gift agreement to the Office of Financial Services.
  11. The Office of Financial Services will obtain the remaining signatures.
  12. After the planned gift agreement has been returned to the Office of Financial Services with all signatures in place, the Office of Financial Services will maintain one original for its files and the second original will be forwarded to the Development Officer for the donor.