Development: The Fitchburg State College Foundation, Inc.
Table of Contents:
Role
Structure
Funding and Procedures
Policies
Meeting Schedule
Board of Directors
Role
The primary activity of the Foundation is to raise and manage private
gifts on behalf of the college. In addition, the Foundation serves
as the main link between the campus and the external community,
transmitting information between the two and playing a vital role
as an advocate of the college in the community and of the community
in the college. These functions are fulfilled by members and friends
who:
- Communicate the strengths and opportunities of Fitchburg State
College to alumni and friends.
- Assist the President of the college and its external affairs
officers in advocating college interests with appropriate legislative
and governmental agency members.
- Represent the community on college advisory committees.
- Host or attend events as a representative of the college when
asked.
- Identify and solicit potential donors and assist in cultivating
major gifts on behalf of the college.
- Serve as a liaison between the college and the community.
Structure
The Foundation -- The Foundation is an independent
non-profit corporation organized under Massachusetts law. The federal
Internal Revenue Service classifies it as a 501(c)(3) corporation.
Donations to the Foundation qualify for state and federal tax deductions.
Board of Directors -- The Foundation is governed by a Board
of Directors, elected by the directors for a three-year term, which
is renewable. College employees or college trustees may be Directors,
but they cannot make up half or more of the Board. The President
and president-elect of the Alumni Association Board, and a Trustee
of the College selected by the Chairperson of the Board of Trustees,
are directors.
Officers -- The officers of the Board are the President,
Treasurer, Assistant Treasurer and Clerk and such other officers
as the Board of Directors may determine.
Committees -- The Board of Directors has four standing
committees: Membership, Development, Investment and Property with
the following job descriptions:
Membership -- The Membership Committee identifies and enlists
new members and Directors. The chair of the nominating committee
and a member of the college development staff will meet with each
prospective new member and Director to inform them of the Foundation's
mission and objectives and the expectations of members and Directors:
to attend meetings, serve on committees, and to solicit and raise
funds for the Foundation. In addition, the committee evaluates each
Board member every year and recommends their reappointment to the
Board.
Development -- The Development Committee assists college
staff in identifying and soliciting donors and overseeing Foundation
fund-raising efforts. The Development Committee recommends policies
to the Board on endowed gifts and reviews any potential restrictions
on gifts, recommending acceptance or rejection of restricted gifts
to the Board.
Investment -- The Investment Committee oversees the investing
and fund management activities of the Foundation, including the
annual audit, the investment manager and banking services. The committee
reviews and recommends an investment policy to the Board.
Property -- The Property Committee oversees the receipt,
dispersal and management of real property given to or purchased
by the foundation. The committee reviews and recommends and acceptance
or rejection policy of real property to the Board.
Meetings -- The Foundation's annual meeting is held on
the last Thursday in October and a regular meeting is held on the
last Thursday in February. Other regular and special meetings are
scheduled as needed.
Friends -- The
directors have established two groups of friends to assist the Foundation.
Honorary Directors
are individuals who have served the Foundation as members or directors
or who have provided significant support to its
giving efforts, but who do not want to play an active role in Foundation
affairs.
A Board of Visitors is a group
of friends who assist the college as volunteers and donors. They
are selected by the Board of Directors to advocate for the college
and to give it advice in pursuing its educational, cultural, and
economic development goals.
Funding and Procedures
Source of Funding -- The Foundation is supported
by annual fund gifts, capital campaign gifts, earnings on restricted
and unrestricted endowments, and revenues from programs and grants.
Accounting Procedures-- The Foundation follows the rules
of the Financial Accounting Standards Board for reporting gifts
(Rule 116) and for presenting aggregate financial data (Rule 117).
The Foundation is audited annually by an independent auditing firm
selected by the Board of Directors.
Fund Raising -- The Foundation is certified by the college
Board of Trustees to raise and manage private funds in the name
of the college. It operates a comprehensive fund-raising program
and seeks gifts for operating and capital funding and to provide
"margin of excellence" support for deserving programs,
with special attention to scholarships, visiting artists and lecturers,
equipment and teaching grants and faculty research.
Fund-raising Programs -- The fund-raising programs of the Foundation
are directed by the college Development staff and include:
Annual Fund programs: direct
annual appeals by mail, telephone or in person to alumni, friends,
parents, students, staff and special constituent groups. The Annual
Fund includes the following gift clubs:
- Thompson Hall Society (gifts of $10,000 and higher)
- President's Circle (gifts of $5,000-$9,999)
- The 1894 Society (gifts
of $1,000-$4,999)
- The Maude A. Goodfellow Society
(gifts of $500-$999)
- The Sundial Society (gifts
of $250-$499)
- The Century Club (gifts
of $100-$249)
- Young Alumni Club for graduates of the last 10 years (gifts of $50-$99)
Planned Giving (sometimes called Deferred Giving) programs,
which emphasize long-term gifts made through wills, trusts and insurance
and which usually involve one-on-one discussions between the donor
and the Development staff to set terms and conditions that assist
the donor with estate and tax planning,
Major Gifts programs seek special one-time gifts of significant
amounts, usually for restricted endowment purposes that relate to
a specific philanthropic interest of the donor,
Corporate and Foundation solicitation programs, including corporate
matching-gift programs, which seek to maximize support for the college
from the businesses and private foundations,
Capital Campaigns are intensive, limited duration efforts to raise
major gifts for endowment or capital purposes periodically conducted.
Policies
Scholarship Funds:
Scholarships and similar restricted accounts will, until further
notice, provide an annual percentage yield equal to five percent
(or the amount previously set) of the average account balance during
the Foundation's preceding fiscal year. The minimum amount to establish
a restricted award will be $10,000 in 1998. Donations made to an
established fund will be accepted and the preceding percentage payable
in future years will be determined per the forgoing without requiring
further action by the Foundation. (Adopted: Feb 26,1998)
Delegation of Gift Acceptance Authority:
From time to time, donors make gifts for a specific purpose during
a fiscal year. Such gifts may be accepted and the terms of the gift
honored without formal budgeting approval by the Foundation or by
the college Development Office, subject to the approval of the President.
(Adopted: Feb 28,1995)
Banking and Checking:
Fleet Bank, Boston, Massachusetts, is the depository of this Corporation
with authority to accept at any time for credit of this Corporation
deposits by whomsoever made of funds in whatever form and in whatever
manner endorsed.
The President of the Fitchburg State College Foundation is fully
authorized and empowered to transfer, convert, endorse, sell, assign,
set over and deliver any and all shares of stock, bonds, debentures,
notes, subscription warrants, stock purchase warrants, evidences
of indebtedness, or other securities now or hereafter standing in
the name of or owned by this Corporation, and to make, execute and
deliver, under the corporate seal of this Corporation or otherwise,
any and all written instruments of assignment and transfer necessary
or proper to effectuate the authority hereby conferred. (See resolutions
adopted 11/21/94)
Investment Philosophy:
The main investment goals of the Fitchburg State College Foundation
are the preservation of capital and the generation of income. To
meet these goals, the bank may invest the capital entrusted to it
by the FSC Foundation in the following manner: up to 50% in equity
instruments, and no limit on cash or debit instruments. The Foundation
further determines that preferred stock is not considered to be
equity in this portfolio." (Re-affirmed 7/1/2000)
Meeting Schedule
The annual meeting and one regular meeting are scheduled
for the last Thursday in the months of October and February, respectively.
The Directors may schedule other meetings at their discretion
Board of Directors 2008-2009
Executive Cabinet
Robert V. Antonucci ’67, ’70, President
Anthony Mercadante, Treasurer
Nadine Martel, Clerk
Robert Alario, Chair – Audit Committee
David Celuzza ’71, Chair – Development Committee
Charles Gelinas, Chair – Finance Committee
Sheila Sykes, Ex Officio
Gail Allen
William Aubuchon III
Ronald Colbert ’76, ’80, Alumni President-Elect
Martin Connors
Anna Colangelo
Steven Duvarney
Scott Foster
George Gantz
James Hayden ’82, Alumni President
Richard Healey
Sharyn Lee ’76, ’84
Gregg Lisciotti, Trustee
Michael Lorden ’82
Paul Maguire ’81
John Malloy ’69
Edward Manzi
Hon. Luis Perez
C. Deborah Philips
Timothy Richards
David Rodgers
Joseph Sova
Board Subcommittees
Development Committee
David Celuzza, Chairman
William Aubuchon III
Anna Colangelo
Sharyn Lee
Joseph Sova
Audit Committee
Robert Alario, Chairman
Gail Allen
Martin Connors
Edward Manzi
C. Deborah Philips
Finance Committee
Charles Gelinas, Chairman
John Malloy
Anthony Mercadante
C. Deborah Philips
Sheila Sykes
FSC Supporting Organization, Inc.
Nadine Martel, President
Richard Healey, Clerk
Barbara Fiske ’47(non-Foundation Board member)
Jay Bry, Ex Officio
Additional College Staff
Cathleen M. Daggett '94, Director
Accounting and Financial Reporting
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