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Issuing Authority: President
Responsible Officer:
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Senior Vice President for University Advancement / Executive Director, Rowan University Foundation
Adopted:
Last Revision:
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2/
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1/
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2016
Last Reviewed: 4/14/2015
I. PURPOSE
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Under the direction of the President, the Associate Senior Vice President for University Advancement/Executive Director of the Rowan University Foundation shall ensure compliance and implementation of this policy.
III. APPLICABILITY
This policy is applicable to all individuals involved in proposals for naming of buildings, spaces, streets, walkways, facilities or properties owned or leased by Rowan University. This includes, but is not limited to: deans, development directors, the President, Trustees, Foundation Board members, Alumni Board members and members of the University community.
IV. POLICY
A. On occasion, Rowan University seeks to recognize the efforts and contributions of individuals by the naming of buildings, spaces, streets and walkways, facilities/properties, and academic and non-academic programs. This policy establishes a uniform and consistent procedure to gain University approval. Accordingly, all proposals will be reviewed and approved in accordance with this policy.
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- Final authority rests with the Rowan University Board of Trustees.
- Recommendations to the Board of Trustees shall come through the Foundation Board via the Advancement Committee of the Board of Trustees.
- The Senior Vice President for University Advancement maintains a master list of facility naming opportunities and coordinates the naming request and approval process.
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- The approval processes are based on the type of naming opportunity being proposed. A prospective donor should not be approached about the naming opportunity until initial internal approval from the Senior Vice President for University Advancement is received. Therefore, there needs to be careful planning in advance of any solicitation involving naming to ensure a desirable outcome with the donor.
- To initiate the naming approval process, Deans/Development Directors are required to work with the Senior Vice President for University Advancement to review the proposal. Other times, naming opportunities may be initiated by the President, a Trustee, a Foundation Board member, an Alumni Board member or various other members of the University community and coordinated by the Senior Vice President for University Advancement.
- The Senior Vice President for University Advancement will review and consult with the following parties before submitting a recommendation to the University Advancement/ University Relations Committee of the Board of Trustees:
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- The University is committed to retaining the name of each facility bearing a donor-designated name. The name is intended to remain for the life of the facility regardless of any subsequent change in the occupying unit(s). If the facility is razed at some future date, the University will recognize the honoree in an appropriate way, as approved by the University President.
- Naming of facilities, spaces, endowments and programs in honor of corporations or other organizations will have a set number of years attached to the naming which will be determined on a case-by-case basis and listed in the signed agreement.
- Under extraordinary circumstances when the continued use of the name would compromise the public trust and reflect adversely upon the University, Rowan University reserves the right to rename the facility or program.
- Rowan University has an extraordinary history. The institution has evolved from a two-year normal school in 1923 to a comprehensive university with a medical school in the twenty-first century. Should circumstances warrant, the Rowan community—students, alumni, faculty, staff, and governing boards—can bring forward proposals to rename a facility bearing an honorific name that is not associated with a gift to the Senior Vice President for University Advancement to reflect Rowan's evolution. Once reviewed, the Senior Vice President may forward the proposal to the University President for support and then to the Board of Trustees for approval.
- Naming associated with a particular facility, space, endowment or program will not preclude further naming within the facility, space, endowment or program.
- When a facility is proposed for renaming, Rowan University will make all reasonable efforts to inform in advance the original donors or honorees and their immediate family members.
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C. Attachment 3, Naming Opportunities Threshold and Approval Authority
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ATTACHMENT 1
PROPOSALS FOR NAMING
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Naming Opportunities | Amount Required | Approval Authority |
Endowed Scholarships | $25,000 minimum | Per Gift Agreement |
Endowed Faculty Chair | $1 - $2 million average | Board of Trustees |
Endowed Department Chair | $1 million average | Board of Trustees |
Endowed Faculty Professorship | $1 million average | Board of Trustees |
Endowed Visiting Professor | $300,000 minimum | University President |
Endowed Lectureship | $250,000 minimum | University President |
ATTACHMENT 4
ENDOWMENT PLEDGE AGREEMENT TEMPLATE
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- Invest and manage the Amount as part of the Rowan University Foundation portfolio and pay the current spending policy annually to Rowan University for the purpose of funding the Account. To preserve the Amount gift, the first endowment payout will occur one year after receipt of the payment.
- Publicize the Fund as part of the Account.
- Designate the responsible individual to expend the funds in accordance with the donor's wishes.
- Provide a yearly reporting to donor on the fund as well as a financial reporting of the fund.
It is the donor's intention to fulfill the terms of this pledge. However, should unforeseen circumstances require modification or cancellation of these terms, the donor reserves the right to do so in writing to the Rowan University Foundation.
Agreed to, on this date day of month, year.
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