How does Summit manage assets donated via planned Giving?
- Planned gifts donated to SUUF directly that are not specified for a specific purpose and don’t exceed 5% of Summit’s annual budget are controlled by the SUUF Board of Directors.
- Planned gifts to Summit that are specified for a particular purpose are placed into a specific fund within the Summit accounting system until they are spent.
- If a planned gift exceeds 5% of Summit’s annual budget and is not specified for a specific purpose, 50% of the amount above the 5% is invested in the SUUF Endowment Fund which is overseen by the Endowment Fund Trustees. The SUUF Board determines if the remaining 50% will be put in the Endowment Fund or in the Summit operating fund for another use.
- Summit’s Gift Acceptance Committee determines whether to accept gifts other than monetary gifts. The Committee will determine whether to accept the gift and how to monetize the gift. The proceeds are handled by the criteria specified above.