Make An Escape Plan
Every entrepreneur knows that even the best-thought-out arrangements may eventually sour. Donors should, likewise, establish an exit strategy at the outset in the event that an institution substantially deviates from an agreement or change in circumstances make the intended use of the gift impractical. A well-defined escape route may help avoid expensive and protracted judicial proceedings when seeking to change the use of the gift.
If the gift is being used to fund a faculty position, do you have the ability to redirect funding if necessary? Faculty interests and priorities can change, but your gift does not have to change to accommodate that. At the same time, college donors should take heed of the complicated issues that surround academic freedom that might affect their exit strategy.
Enjoy Your Gift
Look forward to receiving updates and reports. Check out the school’s calendar of events and plan a visit to see the results of your philanthropy first hand. Attend a lecture you’ve funded.
You’ve put a lot of money and effort into your gift. Don’t forget to enjoy it, too.
Jacqueline Pfeffer Merrill is the executive director of the Fund for Academic Renewal, which provides free programmatic and legal advisory services about higher education giving. Andras Kosaras is counsel at Arnold & Porter Kaye Scholer LLP, and serves as the lead attorney to the Fund for Academic Renewal.