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Board clarifies valuation for naming gifts, amends Board Rule 4.11
Summary
The University of Alabama System Board of Trustees voted to amend Board Rule 4.11 to require that the present value, not the nominal amount, of gifts meet minimum thresholds for naming facilities, programs or units.
The University of Alabama System Board of Trustees on Sept. 12 approved an amendment to Board Rule 4.11 that requires the present value of a naming gift — not the nominal (face) amount — to meet minimum thresholds before a facility, part of a facility, program or unit may be named.
The change was presented by Mark Foley, board secretary, who told trustees: “The resolution before you amends board rule 4 11 to emphasize that the present value, not the nominal value of gifts to name a facility, part of a facility, or a program, or unit must meet the minimum thresholds outlined in the board rule.”
The amendment is intended to clarify valuation for naming commitments when gifts are pledged over time or subject to inflation and other factors. Trustees said they had vetted the language in advance. The committee moved and seconded the item and, after no further discussion, voted to approve the amendment.
The amendment will be applied when campuses seek board approval for naming opportunities. The board did not attach additional implementation steps during the meeting; campus advancement offices will follow the revised rule when presenting future naming proposals to the system office for board consideration.
Trustees did not request further changes and the resolution carried by unanimous voice vote.
The action was presented during the annual meeting’s consent and governance sections and required no subsequent external approval.
