Unrestricted Gifts
A gift can be either designated for a specific purpose or given without restrictions (called unrestricted gifts). Unrestricted gifts can be used where they are needed most as determined by the involvement of various departments, deans and the college president's cabinet. In contrast, a gift that is designated for a particular program, department, campaign, project, scholarship fund or general endowment will be allocated only to the area specified by the donor.
All contributions to the Foundation are greatly appreciated but undesignated or unrestricted gifts are particularly valuable because some programs attract more attention than others, resulting in disproportionate designated gifts. However, other programs and projects may have a greater need for funding. Undesignated or unrestricted gifts allow the college administration and faculty to allocate funds to the areas and projects that require immediate attention and may lack sufficient revenue sources.
The Foundation operates as an independent 501(c)(3) nonprofit organization, meaning it cannot legally depend on the college to fund its operations. Under a master agreement with the college, value is placed on the services and benefits the college derives from the Foundation which may in return provide equivalent benefits. This reduces the size of the operations budget required by the Foundation. The Foundation must raise funds each year to cover its operational costs, supporting the college and its various departments and campus organizations.
Another important reason why undesignated or unrestricted gifts are highly valued is that the Foundation board has the option to allocate all or part of the donation to the general endowment. This general endowment can then generate revenue for the college indefinitely. Additionally, donors have the option to specify that their gift be designated for the general endowment.
Regardless of the case for undesignated or unrestricted gifts, the Foundation will honor a donor's request to designate their gift for a specific program, project or scholarship fund. Gifts are gratefully accepted whether designated or undesignated. Donors simply need to specify how they would like their gift to be applied and the request will be honored.