Policy 736: Gifts and Donations for Perpetual Endowment Trust Fund

I. PURPOSE

The purpose of this policy is to provide guidelines for the acceptance of gifts by the School Board for the Perpetual Endowment Trust Fund and the management of non-cash gifts including but not limited to stock, vehicles and real estate.

II. GENERAL STATEMENT OF POLICY

The Board of Education of the Minnetonka Public Schools encourages the use of Gifts and Donations to enhance quality education to both students and residents. Participation by the community through gifts and donations better enables the district to share with its customers its vision, mission, and beliefs.

III. REQUIREMENT

Gifts and donations to the District Perpetual Endowment Trust Fund include monetary or in-kind contributions given to the District by groups, organizations, businesses, or individuals for the purpose of enhancing either the district’s educational programs and/or physical facilities.
The proposed use of the donation must be consistent with the mission of the Perpetual Endowment Trust Fund to build a corpus that will generate investment earnings to maintain School Board-designated Programs of Significance for perpetuity.
The School Board reserves the right to accept or decline any gift based upon legal, ethical, financial, operational, or educational considerations.
Contributions of assets other than cash, such as stock, vehicles, or real estate shall be immediately sold and the subsequent cash proceeds invested in the investment vehicles authorized in Minnesota Statutes 118A.04.

IV. IMPLEMENTATION

To ensure maximum utilization of Gifts and Donations, potential donors are urged to consult with the superintendent or designee prior to making a contribution.

Note: The provisions of this policy substantially reflect statutory requirements.