The UNT Foundation
What does the Foundation do?
Investment Committee
Budget Committee
Audit Committee
What is a deferred gift?
Why have a Foundation?
Who oversees the Foundation?
Board of Directors
Why should I give to the Foundation?
Additional questions?
The UNT Foundation
The University of North Texas Foundation is an independent,
not-for-profit organization incorporated in the state of Texas.
Chartered in 1972, the Foundation advances education through financial
support of UNT in order to improve teaching, research, scholarship
and facilities.
How the Foundation directs gifts
The UNT Foundation has in place the mechanisms to
direct gifts and gift income as designated by the donor. The Foundation
receives many smaller gifts for the support of various programs,
and they may be designated or not. Larger gifts typically are restricted
by the donors to specific areas of the university.
Gifts of cash, negotiable securities, equipment and
real property, as well as deferred gifts, may be used to provide
endowments for chairs, professorships, scholarships, awards and
other educational and public service programs.
The Foundation’s board of directors is committed
to doing everything possible to ensure a steady flow of funds from
each permanent endowment to the scholarship, professorship or other
activity designated by the donor. Using a comprehensive model developed
by the accounting industry, the Foundation transfers dollars from
earnings and fund reserves to the university on a quarterly basis.
The distribution management process works in conjunction with the
investment policy to provide dependable long-term support to the
university.
Office of Development staff members work with donors
to identify the areas of interest they wish to support. For designated
funds, a formal Memorandum of Understanding, signed by
the donor, university representatives and the Foundation chair,
is created to guide the use of the gifts. Donors may make their
gifts through cash or check donations, transfer of securities, a
pledge of future scheduled payments or a carefully crafted deferred
gift strategy.
Investing and accounting for the funds entrusted to
its care is a major responsibility of the board of directors. A
comprehensive structure of standing committees oversees these functions.
- The Investment Committee
meets regularly with professional advisers to review investment
policies and returns.
- The Budget Committee
is charged with planning and managing the budget dedicated to
the internal operations of the Foundation, and for reviewing the
quarterly financial statements of the Foundation.
- The Audit Committee works
with external Certified Public Accountants and audit firms to
ensure the proper recording, accounting and reporting of Foundation
assets. Annual audits include a review of financial statements
and of Foundation management policies and procedures.
Deferred gifts
Deferred gifts, typically received following the death of the donor,
are an excellent way to experience today the personal satisfaction
of making a significant gift that will benefit the university in
the future. Deferred giving is an effective method of estate planning,
investment diversification, increasing income and reducing state
and federal income taxes and estate taxes. Deferred gifts that involve
the UNT Foundation include:
- Bequests – naming the UNT Foundation
in a will for a specific dollar amount, a percentage or a remainder
interest.
- Insurance – establishing or transferring
an existing policy naming the UNT Foundation as owner and beneficiary.
- Trusts – creating a charitable remainder
trust naming the UNT Foundation as the beneficiary, the donor
or designated others may receive income for life and significant
other benefits.
- Gift annuities – giving a gift of appreciated
assets to the UNT Foundation, which creates a guaranteed lifetime
income stream for the donor and/or others.
- Real estate – deeding real estate to
the UNT Foundation outright or retaining a life interest in the
property, thereby providing benefits to the donor during his or
her lifetime.
The advantage of a university foundation
As state agencies, certain limitations are placed on the operation
of public universities in Texas. The advantages of having a private,
not-for-profit foundation at UNT include:
- Providing a private/public partnership for raising and managing
money above that which is appropriated from state funds. Operating
independently of the university, in that it makes decisions not
limited by state regulations. The UNT Foundation adheres to all
state and national accounting, managerial and ethical standards.
- Allocating unrestricted moneys to urgent needs that UNT is
unable to support with state-appropriated funds.
- Managing donated funds and distributing the earnings, as well
as the principal if stipulated by the donor.
- Maintaining separate fund accounts from one fiscal year to
the next.
- Permitting flexibility in the options for short-term investment
of money needed for operating purposes, and in choosing long-term
investments opportunities for endowments.
- Accepting and selling tangible personal property and real property
with fewer state restrictions.
- Maintaining an independent board, which more effectively attracts
volunteers who develop a sense of ownership and pride in the university,
critical to success in fund-raising.
Governing the UNT Foundation
The UNT Foundation is governed by a board of directors
drawn from UNT alumni and friends who share in the pride of the
university’s history and who are committed to its vision for
the future. It is the responsibility of the board to manage and
disburse assets prudently within a policy that provides for growth
as well as income.
Giving to a great university
For more than 100 years, the University of North Texas
has built an enviable reputation for excellence in its academic,
research and community outreach programs. Sustaining the excellence
of the initiatives, however, will require increasing commitments
from those friends in the private sector who share UNT’s vision.
Because of state funding limitations, the State of Texas can guarantee
only that UNT provide a basic level of education. As with other
important public universities, UNT must have an adequate endowment
to remain secure without depending on state funding. A substantial
endowment can transform a good university into a great one.
UNT’s share of state funds supports less than
40 percent of the university’s total budget each year. The
support of loyal North Texas alumni and friends has been instrumental
in helping the university sustain its record of excellence. By giving
to the UNT Foundation, donors share in a proud tradition of commitment
that helps UNT achieve greater distinction, year by year.
For more information
Additional information about the UNT Foundation may
be obtained by writing or calling:
University of North Texas Foundation, Inc.
Douglas J. Chadwick, Executive Director
P.O. Box 311250
Denton, TX 76203-1250
Phone: (940) 565-4555 or toll-free (800) 868-1153
Fax: (940) 369-7111
E-mail: chadwick@unt.edu |
