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Statement of Incorporation: The Foundation of the State University of New York at Binghamton, Inc. (also referred to as the Binghamton University Foundation) was incorporated in the State of New York in June 1957 for the following purposes: 1. Assist in advancing the welfare and development of Binghamton University by accepting and encouraging gifts to this Corporation, and by using such gifts to advance purposes in a manner consistent with the educational policies of the State University of New York. 2. Make grants of financial assistance to the University, its faculty and students, including scholarship grants to students, the endowing of professorships, and other desirable purposes. 3.
Receive, hold, and administer such gifts with the primary objective
of serving the purposes of the University; invest or reinvest funds
as permitted by applicable law; receive gifts and bequests of personal
property and real property, to hold, sell, and administer such gifts
or the proceeds thereof for the purposes specified.
In the event of
the liquidation or dissolution of this Corporation, whether voluntary,
involuntary, or by operation of law, any disposition of the assets of
this Corporation shall be calculated to carry out the objectives and
purposes for which this Corporation was formed.
None of the assets shall be transferred or conveyed to the private
benefit of any of the members of the Corporation.
Mission Statement: The Binghamton University Foundation
is a not-for-profit corporation established to raise funds that further
the purpose and mission of Binghamton University.
Volunteers and staff working on behalf of the Foundation foster
and maintain partnerships with alumni, parents, friends, and members
of the University community.
The
Foundation also educates others about charitable giving, matches institutional
fundraising priorities with donors' charitable intentions, and provides
sound fiscal management and stewardship of all assets held in trust
for the benefit of Binghamton University.
IRS Certification: The Foundation
received its 501(c)(3) exempt status in March 1958 from the United States
Treasury Department, Internal Revenue Service. Copies of the IRS certification letter of the Foundation’s
501(c)(3) status can be obtained from the Foundation office.
Role of the Binghamton University Foundation: The Binghamton University Foundation is the
official fundraising organization of the institution and exists to encourage
greater private support of Binghamton University, its sole beneficiary. Contributions to it are tax deductible as allowed
by law. Gifts from individuals
(alumni, faculty, staff, parents, community members), foundations, and
corporations – defined as the University's constituents –
are solicited and used to finance University programs.
Gifts may be made in the form of cash, check, credit card, securities,
land, works of art, equipment, etc.
The Foundation manages and allocates gift funds, and is also
a repository for other gifts to the University, such as works of art
and books.
The
Foundation accepts both unrestricted and restricted gifts.
Unrestricted gifts are used where the needs of the University
are the greatest – for student aid, scholarships, academic awards,
graduate fellowships, faculty recruitment, undergraduate research, admissions
programs, and alumni and Foundation programs.
Restricted gifts are used as the donor stipulates; the only control
the Foundation exercises over restricted gifts is whether they further
the goals of the University and whether they can be administered in
accordance with good business practices.
The Foundation recognizes individuals or corporations, as required
by the donor(s), so long as requests for such recognition are considered
reasonable. Gifts "in memory of" or "in
honor of" are also accepted, with appropriate recognition.
General Fundraising Policies and Procedures: Any request to undertake a fundraising program or solicitation of contributions from University constituents as defined above must be fully endorsed by the Foundation. An individual initiating a request from an academic department is responsible for securing the endorsement of the appropriate dean and coordinating with the department's gift officer before submitting the request to the Sr. Executive Director of Advancement Operations for review.
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