Adopted: 9/26/97
Amended: 11/14/97, 3/31/98
Reviewed: 3/26/02
The board may accept and retain control of gifts, devises, bequests, donations, or grants to the School (hereinafter, "gift"), either absolutely or in trust of money, securities, personal property, and real property from any individual, estate, group, association, or corporation. The funds or other property donated or the income from the property may be spent by the board for:
1. Any purpose designated by the donor that is in keeping with the lawful purpose of the School; or
2. Any legal purpose, if a specific purpose is not designated by the donor.
At the regularly scheduled board meeting following a gift with a value of $500 or more from a donor, or the notification by the donor or the donor's representative of the donor's intent to make a gift to the School, the Superintendent shall include an item on the Board agenda to inform the Board of the gift and to allow the Board to accept or decline to accept the gift.
The Superintendent is authorized to receive a gift pending the regularly scheduled meeting of the Board, at which time the Board will consider whether to accept the gift.
Acceptance of any gift with a value of $500 or more must be approved by the Board in an open meeting.
When the Board accepts a gift, the board meeting minutes must include the name of the donor, a description of the gift, and a statement of the purpose of the gift.
Government Code Chapter 575
The Superintendent may accept a gift on behalf of the Board when the value of the gift is less than $500.
At the next regularly scheduled meeting following the acceptance of a gift by the Superintendent, the Superintendent shall include an item on the Board agenda to inform the Board of the amount, purpose, and the designated expenditure of the gift.
If the donor's purpose may be accomplished only by an acceptance and use of the gift prior to the next regularly scheduled board meeting, the Superintendent will request that the Office of the Governor accept the gift on behalf of TSBVI.
The Superintendent is authorized to use a gift accepted by the Office of the Governor to accomplish the donor's purpose.
All gifts shall be maintained and accounted for in a separate fund designated as the School "Legacy Fund."
No other funds shall be maintained or accounted for with the funds in the Legacy Fund.
The property and funds in the Legacy Fund shall be managed in accordance with the Public Funds Investment Act and TSBVI Board Policy CDA.
All gifts shall be included among the total receipts of the School which are reported in the annual financial report.
General Appropriations Act, Article IX, Section 86 (1997).
The Superintendent or designee shall annually present to the Board for approval at a regularly scheduled meeting of the Board, prior to the beginning of the fiscal year, a budget for the expenditure of funds from the Legacy Fund for the next fiscal year.
Beginning with the 1999 fiscal year, unless otherwise directed by the Board, through action of a majority of a quorum of the Board present at any Board meeting, the amount to be budgeted annually from the Legacy Fund shall equal 100% of all revenues projected to be received during the next fiscal year from the following sources:
1. Income received from gifts accepted prior to the approval of the current year's Legacy Budget; and
2. Interest earned on investments.
The Superintendent is authorized to prepare an amended budget for any revenues, other than gifts, that are greater than the amounts originally projected.
In addition to the amount authorized above, the Superintendent is authorized to expend:
1. Individual gifts of $5,000 or less in accordance with the purpose of the donor.
2. Upon specific approval by the Board, gifts greater than $5,000.
The Superintendent or designee shall present to the Finance and Audit Committee of the Board, at each regularly scheduled meeting, a report of all funds deposited into and expended from the Legacy Fund.
Adopted: 9/26/97
Amended: 11/14/97, 3/31/98
Reviewed: 3/26/02
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