Stewardship (IA4)

SUBJECT: Stewardship

PURPOSE: It is the intention of the Graceland University’s Board of Trustees to be good stewards of the gifts provided for the benefit of the University. To that end, the Board will give strict attention to its fiduciary responsibility to provide conservative, strong and consistent management of all funds entrusted to it, in accordance with the "prudent person" investment standard.

POLICY:
Acceptance of all gifts by the staff of the University will be in accordance with the Gift Acceptance/Reporting Policy. Emphasis shall be placed on preserving the value of each gift; therefore, all gifts, with the exception of life insurance and annuity products, shall be converted to cash in an orderly fashion. Informed professionals may be used to assist in the disposal of items requiring specialized knowledge. Pending utilization for the purpose for which given, the net cash proceeds from all gifts, along with gifts of cash, shall, unless otherwise required by the donor, be invested in accordance with the University's Investment Policy, having the safeguarding of principal as the primary objective.

All gifts will be utilized only for those purposes identified by the donor and will be recognized as described by the donor of the funds, pursuant to the Gift Recognition Policy.

For investment purposes, the proceeds of gifts may be commingled and grouped together with other monies. The handling of gifts shall be reviewed at least quarterly by the Board to insure compliance with the purpose designated by the donor.

The staff of the University shall publish annually a report on fund activities. This report will be distributed to the Board, and be available to donors and other designated persons upon request.