TAF General Policies
Gift and Pledge Agreement Terms and Conditions
The following terms are incorporated by reference into Gift and Pledge Agreements entered into by Tiger Athletic Foundation (“TAF”).
Jump to the following section: Pledge Terms | TAF and LSU | Naming Opportunities for LSU | Donor Imposed Restrictions and Limitations | Alternative Use of Funds | Priority Point Credit for Donations | Capital Projects | General Endowment Terms
TAF and LSU
Donor acknowledges that TAF is a private non-profit corporation that is separate and distinct in law and in fact from Louisiana State University and its governing Board (“LSU”). TAF has no authority to bind or obligate LSU, and no restriction, term or limitation associated with Donor’s gift or pledge shall be deemed binding on LSU unless approved by LSU in strict accordance with applicable LSU policies and procedures.
Naming Opportunities for LSU
Any and all namings involving buildings or portions thereof, sites, streets, open spaces, colleges, schools, departments, institutes, programs, or centers under the control of LSU require the approval of the Dean or comparable administrative officer, and/or Vice Chancellor under whose immediate authority the facility or program falls, the Office of Academic Affairs (for Academic Units), the President and Chancellor, and the LSU Board of Supervisors must be in compliance with State law, Permanent Memoranda issued by the President and Chancellor and PS-70. No naming or agreed alternative naming may be delivered to any person, organization or corporation without proper approvals, nor will any alleged promise be honored that does not comply with these stipulations. Donors are advised that approval is not automatic or guaranteed.
Donor Imposed Restrictions and Limitations
Donor acknowledges that all proposed restrictions, terms and limitations associated with the donation are expressly stated on the Gift and Pledge Agreement, and that restrictions, terms and limitations not set forth or incorporated by reference in the Gift and Pledge Agreement shall not be deemed binding.
Alternative Use of Funds
Except in the case of donations made to support Capital Projects, in the event that donated funds cannot be used or expended in accordance with the terms of Donors’ Gift and Pledge Agreement, Donors, or in the event only one Donor survives or may be located after a reasonably diligent search, a Donor may designate another appropriate use for donated funds. If Donors have died or cannot be located after a reasonably diligent search, then TAF shall determine an appropriate use for the donated funds after consideration of the Donors’ original intent as expressed in the Gift and Pledge Agreement and consulting with the Athletic Director.
Priority Point Credit for Donations
Unless otherwise directed by Donors, it is assumed that donations are intended to qualify for priority point credit to the extent available to Donors at the time a Donation is made. The calculation, use and award of priority points are governed by policies and procedures generally available on the TAF website and are subject to change without notice. Donors acknowledge that the receipt of priority point credit or possible benefits from any other recognition programs administered by TAF, LSU or its affiliates are not the cause or consideration for the Donation and neither the termination of such recognition programs nor Donors’ failure to receive any benefits to which Donors may be entitled shall constitute grounds for revocation of the Donation.
Should there be excess funding for a specific capital project upon project completion, such funds may be used to support upgrades or ongoing maintenance of the facility or other capital projects benefitting LSU Athletics.
General Endowment Terms
Terms and Conditions
Donations to the TAF General Endowment Fund (“Endowment”) are subject to the following terms and conditions: Payments made from the Endowment may include amounts for tuition, fees, room, board, books, materials and any other reasonable and appropriate payments made by LSU Athletics to or for the benefit of student athletes in accordance with LSU, NCAA and SEC guidelines. Reasonable service fees comparable to fees charged or paid by other institutions that manage like funds in accordance with TAF policies may be assessed annually to cover administrative costs of TAF and/or its consultants. In the event that the expenditure of Endowment funds in accordance with the original purpose of this Endowment becomes either impossible or, in the opinion of TAF’s President and Chief Executive Officer with written concurrence of the Vice Chancellor and Director of Athletics, impractical, and regardless of whether the reason for such circumstance involves academic realignment, discontinuance of a particular program or other causes, after consulting with the Vice Chancellor and Director of Athletics TAF may determine an appropriate alternative use for the Endowment. In the event that TAF is dissolved in accordance with applicable provisions of its Articles of Incorporation, trust authority for the Endowment may be transferred to a successor foundation. If there is no successor foundation, trust authority for the Endowment will be transferred to the Board of Supervisors of LSU or another tax-exempt organization affiliated with the LSU Board to be used, as nearly practicable, by LSU Athletics and Louisiana State University, in accordance with the original purpose of this Endowment; provided, however, that at the time of the transfer the LSU Board is qualified as a tax exempt charitable organization under the Internal Revenue Code of 1986, as amended.