Rhode Island Gift Agreement Between Donors and University Foundation with Purpose of Gift to Construct Building to be Named after Donors

• Category: Gifts - Donations
• State: Multi-State
• Control #: US-13369BG
• Format: Word; Rich Text

Description

This form is a sample gift agreement between donors and a university foundation with the purpose of the gift to be construction of a building to be named after the donors. Rhode Island Gift Agreement Between Donors and University Foundation with Purpose of Gift to Construct Building to be Named after Donors A Rhode Island Gift Agreement between donors and a university foundation is a legally binding document that outlines the terms and conditions for a generous donation made by individuals or organizations to a university foundation for the purpose of constructing a building that will be named after the donors. This type of gift agreement is commonly seen in the philanthropic world, where donors aspire to leave a lasting legacy by supporting educational institutions and leaving their mark through the naming of buildings. The agreement serves as a roadmap for both parties, ensuring that the donor's intentions are met, and the university foundation follows through with their obligations. The Rhode Island Gift Agreement typically includes the following key components: 1. Donor Information: The agreement starts by identifying the donors, including their full legal names, addresses, and contact information. If the donors represent an organization or foundation, their official details are also included. 2. University Foundation Information: The agreement includes the name and contact information of the university foundation to which the gift is being made. This includes the foundation's legal name, address, and contact details. 3. Gift Description: The agreement clearly outlines the nature and purpose of the gift, which is the construction of a building on the university campus. The agreement specifies that the building will be named after the donors, honoring their contribution. 4. Financial Terms: The agreement details the financial aspects of the gift, including the total amount being donated, any specific conditions or restrictions attached to the donation, and the timeline of payments. It may also specify whether the gift will be provided as a lump sum or in installments. 5. Naming Rights: The agreement specifies the exact name of the building to be constructed, ensuring that the donor's wishes are accurately reflected. It may also outline any exclusivity or usage rights associated with the name, such as preventing external branding on the building or granting the donor special access. 6. Recognition and Publicity: This section outlines how the donor will be recognized and acknowledged for their contribution. It may include details about plaques, signage, or other forms of public recognition, as well as any specific guidelines the donors may have for publicity surrounding their gift. 7. Termination Clause: The agreement may include provisions for termination or modification of the gift agreement under certain circumstances, such as if the construction project is not initiated within a specified timeframe or if there are unforeseen circumstances affecting the feasibility of the project. Types of Rhode Island Gift Agreement Between Donors and University Foundation with Purpose of Gift to Construct Building to be Named after Donors: 1. Endowed Gift Agreement: This type of gift agreement involves the establishment of an endowment fund, where the principal amount is preserved and only the generated income is used for the building's maintenance and operations, ensuring the long-term sustainability of the project. 2. Capital Gift Agreement: A capital gift agreement focuses on the immediate construction of the building, utilizing the entire donated amount for the building's construction costs. This type of agreement is suitable for donors who aim to witness the fulfillment of their contribution during their lifetime. In conclusion, a Rhode Island Gift Agreement between donors and a university foundation for the purpose of constructing a building to be named after the donors is a crucial document that outlines the terms, conditions, and expectations associated with this generous act of philanthropy. By formalizing the agreement, both parties can ensure that the donation is utilized effectively and the donor's legacy is properly honored.

Rhode Island Gift Agreement Between Donors and University Foundation with Purpose of Gift to Construct Building to be Named after Donors A Rhode Island Gift Agreement between donors and a university foundation is a legally binding document that outlines the terms and conditions for a generous donation made by individuals or organizations to a university foundation for the purpose of constructing a building that will be named after the donors. This type of gift agreement is commonly seen in the philanthropic world, where donors aspire to leave a lasting legacy by supporting educational institutions and leaving their mark through the naming of buildings. The agreement serves as a roadmap for both parties, ensuring that the donor's intentions are met, and the university foundation follows through with their obligations. The Rhode Island Gift Agreement typically includes the following key components: 1. Donor Information: The agreement starts by identifying the donors, including their full legal names, addresses, and contact information. If the donors represent an organization or foundation, their official details are also included. 2. University Foundation Information: The agreement includes the name and contact information of the university foundation to which the gift is being made. This includes the foundation's legal name, address, and contact details. 3. Gift Description: The agreement clearly outlines the nature and purpose of the gift, which is the construction of a building on the university campus. The agreement specifies that the building will be named after the donors, honoring their contribution. 4. Financial Terms: The agreement details the financial aspects of the gift, including the total amount being donated, any specific conditions or restrictions attached to the donation, and the timeline of payments. It may also specify whether the gift will be provided as a lump sum or in installments. 5. Naming Rights: The agreement specifies the exact name of the building to be constructed, ensuring that the donor's wishes are accurately reflected. It may also outline any exclusivity or usage rights associated with the name, such as preventing external branding on the building or granting the donor special access. 6. Recognition and Publicity: This section outlines how the donor will be recognized and acknowledged for their contribution. It may include details about plaques, signage, or other forms of public recognition, as well as any specific guidelines the donors may have for publicity surrounding their gift. 7. Termination Clause: The agreement may include provisions for termination or modification of the gift agreement under certain circumstances, such as if the construction project is not initiated within a specified timeframe or if there are unforeseen circumstances affecting the feasibility of the project. Types of Rhode Island Gift Agreement Between Donors and University Foundation with Purpose of Gift to Construct Building to be Named after Donors: 1. Endowed Gift Agreement: This type of gift agreement involves the establishment of an endowment fund, where the principal amount is preserved and only the generated income is used for the building's maintenance and operations, ensuring the long-term sustainability of the project. 2. Capital Gift Agreement: A capital gift agreement focuses on the immediate construction of the building, utilizing the entire donated amount for the building's construction costs. This type of agreement is suitable for donors who aim to witness the fulfillment of their contribution during their lifetime. In conclusion, a Rhode Island Gift Agreement between donors and a university foundation for the purpose of constructing a building to be named after the donors is a crucial document that outlines the terms, conditions, and expectations associated with this generous act of philanthropy. By formalizing the agreement, both parties can ensure that the donation is utilized effectively and the donor's legacy is properly honored.