UAB does not accept gifts limited to social activities for faculties and employees of UAB, as UAB`s expenses for staff social activities are generally considered ineligible by the Alabama Department of Public Accounts. UAB should not accept gifts for the cost of student social activity that the State Alabama Department of Examiners of Public Accounts considers an unauthorized cost. The UAB does not accept a gift of money for the purchase of alcoholic beverages. b. Assessments: Contributions from real estate or other assets worth $5,000 or more must be accompanied by a qualified valuation. The UAB will not provide assessment services or pay an assessment fee for real estate gifts on behalf of the donor. In addition, this directive does not apply to sponsored contracts, scholarships and cooperation agreements for research purposes. 6. Retained Life Estate. The university accepts a gift with a life property received in a personal residence, farm or holiday home, subject to the real estate policies of the „Real Estate“ section of this Policy. The donor or other specific tenants may continue to occupy or use the property for the duration of the declared lease or life. After the death of the donor or other designated persons or after the specified time frame for a lease agreement with persons other than the donor, the university may use or sell the property to receive the proceeds in cash. In cases where the university receives a gift of a preserved life property, the costs of maintenance, property taxes, risk insurance and accidents as well as any estate debt must be paid by the donor or principal tenant. Endowed Research Fund – $100,000 Income from a foundation-funded research fund is used to support research in a discipline, disease or area of interest, as required by an agreement with the donor.
The research fund can be named according to the donor`s wishes. 10. Non-profit gift annuities. Non-profit gift pensions are offered by UABEF, so the donor (s) can designate the rest of a gift pension for a privileged area of the UAB. Non-profit gift pensions are available to residents of Alabama and some other states. Pension distribution rates vary depending on the age of the recipient, who may or may not be the actual donor. UABEF follows the payment plan as recommended by the American Council on Gift Annuities, which is subject to regular changes. The minimum amount required to set up a charitable pension is $25,000 as of October 1, 2013. Donors interested in setting up a gift-friendly gift pension should contact the Office of Planned Giving for more information. 7.
Life insurance. All life insurance donations to the university are made by the UAB Educational Foundation (UABEF) according to its policies and procedures. Only guidelines that mention the university or UABEF as the owner and beneficiary of the directive are accepted. The gift is valued at the time of validation of a change of owner with the reserve value of the interpolated terminal or the cash return value. New or existing policies must meet certain criteria, as outlined in the UABEF guidelines on the acceptance of life insurance. The UAB accepts and recognizes as a gift obligation only the current value or permanent policies; Current and group life insurance is not accepted.