3. Gifts
A.3.01 - Gifts from Private Sources:
All bequests of property for the benefit of the System shall vest the property in the Board. When not specified by the grantor, funds or other property donated, or the income from such funds for property, may be expended in any manner authorized by statute.
The Chancellor shall make recommendations to the Board regarding the acceptance of gifts and donations including donor, value, form, and restrictions.
The authority to accept gifts shall be vested solely with the Board.
The Board shall not accept gifts that discriminate against any person on the basis of gender, race, color, religion, national origin, or disability.
The College Presidents are authorized to sign nonfederal gift contracts unless prohibited from doing so by law or agency regulations, subject to final approval of the Board of Trustees.
Monetary donations received from private sources should be processed through the LSCS Foundation and follow the LSCS Foundation policies and procedures.
A.3.02 - Philanthropic Gift:
The Lone Star College System District Foundation (the “Foundation”) exclusively supports the philanthropic income and investments of the System. The Foundation serves as a Texas nonprofit corporation and is exempt from federal income tax under section 501(a) of the Internal Revenue Code as an organization described in section 501(c)(3).
The Foundation is a fiscal and organizational independent entity from the System and receives governance through its own Board of Directors. The Foundation Board is made up of business, corporate and community leaders, who reside and/or conduct professional endeavors within the boundaries of the System.
The criteria for philanthropic gifts must be vested in the LSCS Foundation and requires that the donor:
a. Constitutes a public or private funding source,
b. Provides the intent to make a charitable contribution,
c. Invests the gift irrevocably, and
d. Does not receive any goods or services in exchange for the gift
LSCS Policy Manual Section adopted by the Board of Trustees on August 7, 2008