The Development office will work with donors to arrange appropriate recognition for gifts and will depend on the scale and purpose of the gift. Any public recognition will be discussed and approved by the donors and if they prefer to remain anonymous, their wishes will be honored.
1. Establishing Names for Buildings, Endowments and Programs. Authority to name buildings, facilities and parts of facilities, endowment funds and programs rests with the Board of Trustees upon recommendation from the President. Naming authority has been granted for the following naming opportunities under item 4 and 5 of this document. No advance approval for determining names is implied in this policy.
2. Procedures for Naming a Building or Portion of a Building. When it appears that a contribution to the college will result in a request to name a building or portion of a building for a donor or other individual, the Vice President for Development should be notified. A profile of the donor, the area of interest with any proposed stipulations, and information about how the gift will be paid should be provided. The Vice President for Development will discuss the potential naming with the President and other appropriate College officials.
3. Contribution Guidelines for Buildings, Facilities and Programs. In order for a building, facility or program to be named based upon a contribution the following will normally be met:
a. The amount of the gift will comply with the guidelines following;
b. The gift must be in irrevocable form, e.g., trust, contract for will, or to be paid over a period of five years (longer if necessary in special circumstances) based upon a signed commitment (A deferred gift is not normally acceptable for a facility where construction is dependent upon the gift.);
c. The person for whom the name is assigned has some reasonable connection to the facility or program being so designated.
d. Unless the gift is required to construct the facility to be named, the gift should be used to establish a program endowment restricted to an appropriate department or program closely associated with the facility.
e. If a program or department is to be named, a restricted program endowment supporting that program/department normally will be established.
The following amounts are suggested to establish a naming opportunity for a building, facility or program:
|
To name a: |
Minimum Gift Amount |
|
Building |
at least 1/2 the cost of the building, or 1/2 the private fund raising goal, whichever is appropriate |
|
Center, Institute or Program |
$1.5 million minimum but determined by Center, Institute or Program |
|
Lecture Hall/Concert Hall/Auditorium - New |
1/2 cost minimum but determined according to scale |
|
Lecture Hall/Concert Hall/Auditorium - Existing |
$100,000 minimum but determined according to scale |
|
Classrooms, Conference Rooms, Meeting / Seminar Rooms, Social Rooms |
$100,000 |
|
Exterior Spaces, Courtyards-New |
1/2 cost minimum but determined according to scale |
|
Exterior Spaces, Courtyards-Existing |
$250,000 minimum but determined according to scale |
4. Named Endowment Funds
To establish an endowment, a formal written agreement between the donor and Rhodes College must be executed which details the purposes and objectives of the endowment fund. In establishing a named endowment fund, the principal must be sufficient to meet the stated objectives of the endowment agreement.
The Rhodes College Board of Trustees has authorized the creation of named endowment funds for such purposes including academic programs, scholarships, library collections, lectureships, awards, etc. The college will establish a named endowment fund when the minimum level of endowment is achieved.