39. Gifts, benefactions and donations

39.1. The Director of Finance is responsible for maintaining financial records in respect of gifts, benefactions and donations made to the institution and initiating claims for recovery of tax where appropriate.

39.2. All philanthropic donations received by Colleges or services must be notified to the Development and Alumni Relations Office and to Finance Services in the form prescribed and must include details of the purpose of the donation.

39.3. Conditional donations and gifts with specific terms to maintain the capital sum, and which exceed the agreed level set for investment purposes, should be set up as endowment funds. The capital sum will be invested in the University’s pooled investment portfolio. Capital gains/losses and income will be allocated on a pro-rata basis.

39.4. The Director of Finance is responsible for maintaining a record of the requirements for each endowment fund and is responsible for appointing investment fund managers.