Comprehensive Standard 3.2.13

 

An institution-related foundation, not controlled by the institution, has a contractual or other formal agreement that (a) accurately describes the relationship between the institution and the foundation, and (b) describes any liability associated with that relationship. In all cases, the institution ensures that the relationship is consistent with its mission. (Institution-related Foundations)

 

COMPLIANCE

 

Narrative:

 

The Vernon College Foundation is a 501(c)(3) non-profit corporation organized and incorporated in 1986 pursuant to the laws of the State of Texas as a separate corporate entity to be operated exclusively for the charitable and educational purposes in providing philanthropic support for the activities, programs, and facilities which are consistent with the mission of the College. The Foundation is comprised of an eleven-member Board of Directors from the College’s service area. The College President, Director of Institutional Advancement, Dean of Administrative Services, and the Assistant to the President serve as ex-officio members. The Chair of the College Board of Trustees serves as an ex-officio member with voting privileges. The President of the College also serves as Executive Director of the Foundation. This Board meets quarterly.

 

On August 3, 2005 the College and the Foundation signed and adopted a Memorandum of Understanding defining the relationship between the two entities. This agreement states that the Vernon College Foundation was organized and incorporated in 1986 for the sole purpose of generating, receiving, holding, investing, managing and allocating funds for the benefit and advancement of Vernon College. It further states that the Foundation is an independent 501(c)(3) non profit corporation.  Item 3.1 of the document states that The College acknowledges and accepts the separate and independent nature of the Foundation and the Foundation acknowledges and accepts the separate and independent nature of the College. Each agrees to cooperate with the other in the advancement, achievement and support of the educational and service programs of the College.

 

Documentation

 

1.    Memorandum of Understanding

2.    Vernon College Foundation By-Laws