C.1.3 Naming Opportunities And Endowed Funds

Marine Biological Laboratory
Policy No. C.1.3

External Affairs

Initiated by: Director of External Affairs
Approved by: MBL Director/CEO
After review by Trustee Development Committee
Date: February, 1995
Revision: #1, July 23, 2005
Distribution: MBL Community

1.0 Policy Statement
The MBL’s Board of Trustees, in conjunction with the Director/CEO of the Laboratory, sets minimum gift level amounts and establishes approved guidelines for gift naming opportunities. Named buildings and centers and programs reflect not only the donor’s appropriate financial support, but also the donor’s commitment to the mission, vision and objectives of the laboratory. Because of the permanent public visibility of the naming of a buildings, centers or programs, by virtue of private donations, such naming agreements must comply with specific procedures:

• 1.1 approval of the MBL Director and CEO;
• 1.2 approval of the members of the Executive Committee of the MBL Trustees.

2.0 The Development office shall maintain a current list of naming and endowment opportunities. The list will include minimum amounts needed to name the respective opportunity.

3.0 Miscellaneous Endowment information:
The MBL shall have the latitude to approve the establishment of an endowed fund in an amount less than on the list, provided that it is understood that, within a reasonable period of time (generally, five years) from the establishment of the fund, gifts to the fund shall equal the stated minimum. If the stated minimum is not achieved, then the endowed fund may be closed and the funds, expended for the purpose originally designated by the donor.

4.0 Policy Clarification and Updates:
Policy clarification and updates are available from the Development office.