Ways of Giving: Robert Morris University Ways of Giving | Robert Morris University

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To speak with someone about making a gift to RMU through Changing Lives, Building Futures, please contact, please contact Kimberley A. Hammer, Esq., vice president for development, at hammerk@rmu.edu or (412) 397-6413.

Cash
Pledges
Securities
Legacy Gifts
Intellectual Property
Disclaimer

Cash

Cash gifts in the form of checks or money orders shall be made payable to Robert Morris University and shall be delivered to the Office of Institutional Advancement. Gifts may also be made by credit card, automatic debit, electronic transfer, and RMU payroll deduction in accordance with university procedure.

For more information, please contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

Pledges
A pledge is a signed and dated commitment to make a gift over a specified period, generally two or more years, payable according to terms set by the donor and accepted by the university. Pledges must be documented by a Memorandum of Understanding signed by the donor and countersigned by the Vice President for Institutional Advancement. Pledges for $1,000,000 or more are also countersigned by the President of the University. Pledge documentation is to include:

  • Name of donor
  • Name of gift (if applicable)
  • Pledge amount
  • Payment schedule (amounts and dates due)
  • Type of gift (i.e. current use fund; endowed fund)
  • Purpose of gift
  • Authorizations (i.e. publicity and donor recognition)
  • Other information as applicable (i.e. additions to fund; change of the fund's use should stated purpose no longer be possible)

In general, pledges for major gifts should not exceed five years. Exceptions for very large or unusual gifts may be made by the Gift Acceptance Committee.

For more information, please contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

Securities
RMU can accept both publicly traded securities and closely held securities.

For more information, please contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

Publicly Traded Securities
A viable alternative to a cash gift is a gift of appreciated securities. If you have owned the stocks or securities for more than one year, you are entitled to a charitable income tax deduction for the fair market value of your gift to the fullest extent permitted by law. You also avoid paying capital gains tax on the appreciation of the securities. Please contact your financial advisor for further information about tax deductions and eligibility. Electronic transfer through your broker securities may be transferred electronically via DTC (Depository Trust Company) from your broker to the Robert Morris University account at RBC Wealth Management. Please instruct your broker/agent to transfer securities to:

RBC Wealth Management
Suite 1208
4208 Six Forks Road
Raleigh, NC 27609

DTC #0235
Account # 30625241
F.C. Robert Morris University
Attn:  Robert McCarthy
1-866-255-9966

The transfer is effective when Robert Morris University receives the securities in its account at RBC Wealth Management.  Please instruct your broker to call the Office of Institutional Advancement immediately at 412-397-6413 for acceptance of the gift and for further instructions.  For delivery by mail of physical Stock Certificates registered in the donor's name, a transmittal letter identifying the security, quantity and intended purpose of gift should be mailed with physical stock certificates via certified mail, return receipt requested to:  Robert Morris University, Office of Institutional Advancement, 6001 University Boulevard, Moon Township, PA  15108.

Gifts of securities mailed to Robert Morris University also require signed stock power forms. Please send the stock certificate and the signed stock power in separate envelopes to the above address. Each stock power form should be signed exactly as your name appears on the certificate. A separate stock power form is required for each issue or certificate of stock included in the transaction. Fill in "Robert Morris University" in the "sell/assign/transfer" section. Please do not fill in the "attorney to transfer" section. Transfer is effective at the postmarked date of the mailing.

For more information, please contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

Legacy Gifts

Closely Held Securities
Non-publicly traded securities shall be accepted only after consideration of the costs associated with such a gift and after approval by the Gift Acceptance Committee. There should be no restrictions on the security that would prevent the RMU from ultimately converting those assets to cash; the security should be marketable, and the security should not generate any undesirable tax consequences, nor cash calls, nor create a net liability for the university.

Bequests
RMU encourages alumni and friends to make bequests to the university under their wills and trusts, and to disclose their bequest intentions to the Office of Institutional Advancement in writing to ensure that the university is able to carry out their wishes and that the gifts conform to the principles in this Gift Acceptance Policy. Gifts from estates of deceased donors that do not conform to RMU's policies may be accepted or rejected pursuant to the procedures outlined above, and such decision communicated to the legal representative of the estate. If possible, a mutually agreeable plan shall be negotiated between the university and the representative to make the gift acceptable.

Charitable Trusts
RMU may accept designation as a remainder beneficiary of a charitable remainder trust. The university may accept a designation as income beneficiary of a charitable lead trust. Neither the Gift Acceptance Committee nor any employee or other person acting on behalf of the university shall recommend to a potential donor any corporate fiduciary, nor shall such employees or representatives of the university accept an appointment as trustee of a charitable remainder trust or charitable lead trust.

Charitable Gift Annuities
RMU may offer charitable gift annuities. Gift annuities and deferred payment gift annuities will be accepted for a single life or two life-joint and survivor only, unless the Gift Acceptance Committee approves acceptance under other circumstances.

  • No gift annuity that names an income beneficiary younger than age 60 shall be accepted without approval of the Gift Acceptance Committee.
  • The minimum initial contribution for a gift annuity shall be $10,000; acceptable forms of gifts include cash and marketable securities. The university will not accept real estate, tangible personal property, or any other illiquid asset in exchange for a current charitable gift annuity.
  • The university will use the payout rate schedule suggested by the American Council on Gift Annuities. Annuity payments may be made on a quarterly, semi-annual or annual schedule. The Gift Acceptance Committee may approve exceptions to this payment schedule.
Life Insurance
RMU will accept life insurance policies as gifts only when the university is named as the irrevocable owner and beneficiary of 100% of the policy. If the policy is paid up, the value of the gift for the university's gift crediting and accounting purposes is the policy's replacement cost. If the policy is partially paid up, the value of the gift for the university's gift crediting and accounting purposes is the policy's cash surrender value. The issuing insurance company will be consulted in the calculation of the value less any policy loan. If the donor contributes future premium payments, RMU will include the entire amount of the additional premium payment as a gift in the year that it is made. If the donor does not elect to continue to make gifts to cover premium payments on the life insurance policy, RMU may:
  • Continue to pay the premiums
  • Convert the policy to paid up insurance
  • Surrender the policy for its current cash value

Life Insurance Beneficiary Designation
Donors and supporters of RMU will be encouraged to name the university as beneficiary or contingent beneficiary of their life insurance policy.

Retirement Plan Beneficiary
Donors and supporters of the university will be encouraged to name Robert Morris University as beneficiary of their retirement plans.
Real Estate
Gifts of real property may include developed property, undeveloped property, or real estate subject to a retained life interest. The following restrictions on acceptance of gifts of real estate apply unless waived by the Gift Acceptance Committee:
  • No gift of residential, commercial, industrial or agricultural real estate shall be accepted without prior approval by the Gift Acceptance Committee, regardless of the purpose or value of the proposed gift.
  • The donor is responsible for obtaining an appraisal of the property by a qualified appraiser.
  • All gifts of real estate shall be evaluated in light of the need for an environmental audit. Qualified environmental professionals selected and directed by the Gift Acceptance Committee shall perform a Phase 1 Environmental Audit. The cost of such audit is to be paid by the donor. An environmental professional is an individual who, through academic training or occupational experience, is qualified to conduct such an audit. The environmental audit is to determine whether a hazardous substance is, or in all likelihood could be, present on the property and shall contain in writing all information required by the Gift Acceptance Committee.
  • If an environmental audit discloses the presence or likely presence of, or a release or threatened release of, a hazardous substance on the property, the transfer of the property to the university will not be accepted until satisfactory documentation is provided to the Gift Acceptance Committee that federal, state and local environmental authorities have determined that such condition has been remediated. The donor will bear the cost of any environmental cleanup.
  • No gift of real estate encumbered by a mortgage or lien shall be accepted (except for bargain sales, as discussed below).
  • Before the presentation to the Gift Acceptance Committee, a staff member from the Office of Institutional Advancement must conduct a visual inspection of the property. If the property is located in a geographically remote area, a real estate consultant hired by the university, rather than a staff member, may conduct the visual inspection.
  • Before presenting the gift proposal to the Gift Acceptance Committee, the donor must provide the following documentation:
  • No violations of state, local or federal law exist on the property
  • There are no restrictions on the title to the property
  • No unrecorded rights of way, easements or encumbrances are attached to the property
  • No contractual or other donative commitments to other individuals, corporations or groups are attached to the property
  • The property is neither the subject of, nor threatened with, litigation
  • The property is not contaminated with environmental hazards
  • If the donor is giving a retained life estate gift, the donor shall enter into an agreement with the university to pay for all or a portion of the following during the donor's lifetime: Maintenance costs, real estate taxes, insurance, any other current carrying costs of the property, real estate broker's commission and other costs of sale and appraisal costs.
  • The donor must be advised before making a gift of real estate that the property might be sold upon receipt.

Bargain Sales
RMU will enter into a bargain sale arrangement in instances in which the bargain sale furthers the mission and purpose of the university. All bargain sales must be reviewed and approved by the Gift Acceptance Committee. Factors used in determining the appropriateness of the transaction include:

  • The university must obtain an independent appraisal substantiating the value of the property
  • If the university assumes debt with the property, the debt ratio must be less than 50% of the appraised market value
  • The university must determine that it will use the property, or that there is a market for sale of the property allowing sale within 12 months of receipt.
  • The university must calculate the costs to safeguard, insure and expense the property (including property tax, if applicable) during the holding period.

Tangible Personal Property
RMU may accept tangible personal property as a gift. The property must be saleable and the donor must agree that it can be sold, but the university has sole discretion whether or not the item is sold or put to a use related to its exempt purposes. The donor is responsible for establishing the value of the gift. If the perceived value is over $5,000, the donor is required to obtain a qualified appraisal and submit a copy to the university as well as submit an IRS Form 8283.

Gifts of tangible personal property shall be examined in light of the following criteria:

  • Does the property fulfill the mission of the university?
  • Is the property marketable?
  • Is a lengthy selling period anticipated?
  • Are there any undue restrictions on the use, display or sale of the property?
  • Are there any carrying costs for the property?

Gifts of automobiles and other types of vehicles can be considered and will be evaluated per the above criteria. Other criteria considered before accepting a vehicle or other tangible personal property may include transportation and storage costs, cost of insurance, selling, maintenance or repair. The final determination on the acceptance of tangible property gifts shall be made by the Gift Acceptance Committee. If accepted, gift valuations must be determined by the donor per current IRS regulations.

Once tangible personal property is donated, the donated item becomes the property of the university. RMU retains the right to dispose of the item as it seems fit to do.

For more information or to set up your Legacy Gift, contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

Intellectual Property
Gifts of intellectual property (i.e. patents, copyrights, etc.) may be considered and shall require the review and approval of the Gift Acceptance Committee and, at their discretion, review by qualified experts in the industry.

To speak with someone about making a gift to RMU through Changing Lives, Building Futures, please contact Kimberley A. Hammer, Esq., at hammerk@rmu.edu or (412) 397-6413.

*Disclaimer
It is understood that special gifts or circumstances might require a case-by-case review and might not be addressed by the information listed above. Neither the university nor the Office of Institutional Advancement shall provide any legal, tax, investment or other advice to the donor, which is reserved to the donor's advisors. Text-to-give donations cannot be refunded.

 

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