Type of Gifts

 

1. Monetary Gifts

All checks must be made payable to “Fund for Research and Educational Programs” and shall in no event be made payable to an employee, agent, or volunteer for the credit of KFUPM. Unrestricted gifts of SR10,000 or more may be accepted by H.E. Excellency the Rector. Unrestricted gifts of less than SR 10,000 will be accepted by the Executive Director of the Endowment Office. All restricted monetary gifts will be referred to H.E. Excellency the Rector for review.

2. Gifts-in-Kind

Gifts-in-Kind that provide services or consumables to a specific unit at the university may be accepted by the Unit head on condition of approval by the General Supervisor for Technical Affairs. Since proposed gifts-in-kind may place demands upon the University in terms of special requirements (e.g., electrical, space, maintenance, etc.), it is essential that the General Supervisor for Technical Affairs be notified in advance of all such potential donations. If it is determined that the University is able to accept the donation, all pertinent information (e.g. value, general description, and purposes for which it will be used) will be forwarded to H.E. the Rector for acceptance.

3. Gifts of Real Estate

Gifts of real estate may be accepted only by the Endowment Office. No gift of real estate shall be accepted without first being appraised as to value by a party chosen by KFUPM Endowment Office, who shall have no business or other relationship to the donor. In general, real estate will be accepted only if it is likely to be readily marketable and is not likely to involve significant carrying charges or administrative burdens until it can be sold. Any real estate accepted by Endowment Office will be sold as promptly as possible. The Endowment Office may make exceptions to these real estate policies in particular cases.

4. Gifts of Securities

Gifts of marketable securities may be accepted only by the Endowment Office. Such gifts will be sold as soon as practicable at the market rate determined by the Endowment Office and reviewed by the Investment committee. The net proceeds shall be used according to the donor’s designated purpose (if any). Gifts of securities that are not readily marketable will be submitted to the investment committee for an acceptance decision. KFUPM will consider acceptance of gifts subject to economic conditions, such as the assumption of donor indebtedness, joint tenancy arrangements with donors, provisions for life estates and other economic stipulations that may obligate KFUPM. In no event will KFUPM enter into agreements that will place a material obligation or a lien upon KFUPM or its general budget revenues.