420.5 Restricted Band Club Fund

Created by: Stephanie Ferguson on 02/07/2007
Category: 4 - Development & Alumni Affairs; 20 - Fund Raising
 
Originator: Vice President for Development
Current File: 420.5
Adoption Date: 10/14/1981
Reviewed for Currency: 01/22/2007
 
Replaces File: 420.5
Date of Origin: 07/21/1975
 
Classification:
 
In Archive? 0


420.5 Restricted Band Club Fund

 

A. Background

Furman University has benefited from the continuing support of a group of donors, especially former band members, with interest in the Furman band. There is a need to coordinate the acquisition and use of gifts for the band and to coordinate the fund-raising activities for the band with other fund-raising programs in the University.

 

B. Policy

Funds raised for the Furman band will be placed in the restricted Band Club Fund to be used for the following purposes with the approval of the Band Director and the Chairman of the Music Department: (1) operating expenses; (2) equipment acquisition; and (3) annually-funded band scholarships.

 

C. Guidelines

1.The Furman Business Office has established a restricted fund to be titled, “Band Club,” with the Band Director as budget unit head for operating, scholarship, or equipment acquisition purposes. Funds will be expended from this fund on approval of the Band Director and the Chairman of the Music Department. Any balances in the fund will be carried forward from year to year.

2.The University administration will not reduce the annual budget of the band because of support which may be forthcoming from the Band Club. It is recognized, however, that the financial condition of the University, and therefore, its level of support of the band will vary with economic and other conditions.

3. Should donors wish to create an endowed band scholarship (rather than an annually-funded one through the Restricted Band Club Fund), the policies regarding the required threshold and timing for all Furman endowed scholarships shall apply.

4.Gifts to Furman through the Band Club will generally be solicited only from former Furman band members. Solicitation of these and other individuals will require advance approval of the Vice President for Development to assure coordination with other fund-raising programs.

5.All fund-raising expenses of the Band Club will be charged against the restricted Band Club fund.

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