Gift Policy Statement
This policy is designed to provide guidance to the VMI community and the general public to facilitate the gift-giving process. The intent of this policy is to provide prospective donors with the greatest flexibility possible in formulating their gifts within governing policy and legal parameters while assuring that gifts obtained will support programs consistent with the mission of the VMI Alumni Agencies (VMI Foundation Inc., VMI Keydet Club Inc., VMI Alumni Agencies Inc.). The Agencies value and are responsible for maintaining their integrity and independence.
The Agencies seek gifts from individuals, corporations, foundations and public agencies to fulfill its purpose of raising dollars for the support of the Institute. The Agencies accepts gifts that advance the core mission of the Agencies.
In accepting a gift, the Agencies also accepts a responsibility to the donor to steward the gift. This includes administering the gift properly, providing the donor with the appropriate financial information about the gift and reporting to the donor about the use of the funds.
Routine gifts, including cash, publicly traded securities and tangible personal property, are accepted through the offices of the chief executive officer. Gifts in kind to be retained by the Agencies for use by the Institute may be accepted; however, proposed gifts that require undue expenditures or involve the Agencies in unexpected responsibilities because of their source, conditions, or purposes will be referred to the Property Management and Gifts Committee, whose members are appointed by the president of the VMI Foundation, Inc. This committee is established to review gifts offered to the Agencies and to recommend whether to accept or decline these gifts. The final decision authority on gifts brought to the PM&G Committee lies with the president of the recipient Agency.
Various methods of gift giving can provide flexibility, security and tax savings to donors. Unrestricted resources are essential to ensure the continued quality of the VMI academic programs and supporting services and to sustain and enhance the Institute’s financial strength and flexibility. Gifts accepted by the Agencies must not inhibit it from seeking gifts from other donors, be they similar or different, foreign or domestic. Finally, gifts must be designed and administered in a manner consistent with legal requirements.
No gift can be received which is overly restrictive in purpose or which sets limits on research that a faculty member of the Virginia Military Institute or student can perform.
The Agencies will not accept gifts that involve discrimination based upon race, religion, gender, sexual orientation, age, national origin, color, disability or any other basis prohibited by federal, state and local laws.