Gifting Policies of the Canada West Foundation

The Foundation is deeply grateful for the support it receives. On Oct. 14, 2013, the Board of Directors approved the Foundation’s gifting policies. The Canada West Foundation is a registered Canadian charitable organization #11882 8698 RR0001) and is referred to in the text below as the “Foundation”.

  • General Gift Acceptance Policy

    Introduction

    The following policies and guidelines are applicable to all fundraising and sponsorship activities undertaken by the Canada West Foundation and are in accordance with the Canada Revenue Agency (CRA). View the CRA’s fundraising guidance here. ( http://www.cra-arc.gc.ca/chrts-gvng/chrts/plcy/cgd/fndrsng-eng.html )

    The purpose of this policy is to identify the various types of gifts to the Canada West Foundation, the general policies applicable to those gifts and the specific guidelines for gift acceptance.

    General Policy Statement

    The Foundation seeks outright gifts, gifts-in-kind, future gift commitments and sponsorships that are consistent with its mission and acceptable to Revenue Canada. Gifts will generally be accepted from individuals, partnerships, corporations, organizations, government agencies or other entities without limitations unless such gifts originate from a source that is inconsistent with the beliefs, values and mission of the Foundation.
    The Foundation accepts gifts in support of its mission and strategic plan. This policy applies to all fundraising activities of the Foundation including endowments, scholarships, planned gifts, campaigns, program-based initiatives, and any arms length bodies conducting fundraising on behalf of the Foundation.

    Gift Acceptance

    The Canada West Foundation encourages and solicits contributions of cash, securities, and personal and real property, either as outright gifts or through planned gift vehicles in accordance with CRA IT-110R3 -Gifts and Official Donation Receipts. Planned gifts include bequests, life insurance policies, charitable trusts and gift annuities.

    The Foundation shall at all times reserve the right to accept or decline a donation. The following conditions justify such an action, although other situations may also occur:

    If the gift constitutes a non-gift as per CRA IT-110R3;

    There are unusual features to the gift that are contrary with the objectives, values and goals of the Foundation;

    • The gift could not be fairly assessed and processed prior to a calendar year-end as per Revenue Canada gift-in-kind guidelines and the donor clearly wants the gift accounted for in that specific year;
    • The gift could financially or morally jeopardize the donor and/or the Foundation;
    • The gift or terms of the gift are illegal;
    • The Canada West Foundation is unable to honour the terms of the gift;
    • An appropriate fair market value cannot be determined, or will result in unwarranted or unmanageable expense to the Foundation;
    • There are physical or environmental hazards to the Foundation in accepting the offered gift;
    • The gift involves false promises on the part of either party;
    • The gift could jeopardize the Foundation’s CRA status;
    • The gift could improperly benefit an individual;
    • The gift could bear liens or caveats that result in unmanageable expense to the Foundation;
    • There are conditions attached to the gift or an understanding sought by the donor, which are unacceptable to the Foundation.

    In addition to the above terms, the Canada West Foundation will not accept gifts from individuals or entities whose support may be perceived as undermining the Foundation’s nonpartisan status, such as political parties and elected officials. The Foundation will not accept gifts with conditions that seek to determine the results of its research or in some way compromise the independence of its research.

    Where appropriate before acceptance, relevant information about the gift shall be ascertained, including a copy of, where appropriate/required an appraisal secured by the donor. The Foundation reserves the right to secure and rely on its own appraisal.

    Gift Acknowledgement and Donor Anonymity

    Eligible gifts will be acknowledged with a charitable tax receipt with a pre-printed card or personal letter, depending on the level of the gift.
    All donors shall be offered the opportunity to remain anonymous. Their wishes will be strictly adhered to and a confirmation of receipt of their request will be acknowledged in writing.

    Gift Designation

    All gifts, regardless of value, form or designated use, should be made payable to the Canada West Foundation. Donors may choose to have their gift fully expended in the current year, endowed into the future or directed to a program or project provided that:

    • no benefit accrues the donor;
    • the directed gift does not benefit any person not dealing at arm’s length with the donor; and,
    • decisions regarding use of the donation within a program rests with the charity, although, where possible, the Foundation will act in concert with and be respectful of the donor’s wishes.

    In certain instances, a gift may be declined as a result of the limitations proposed by the donor.

    Tax Receipting

    The Canada West Foundation issues official donation receipts in accordance with CRA IT-110R3 Gifts and Official Donation Receipts:

    (a) Receipts are only issued for funds that the Foundation will be responsible for spending.

    (b) Each receipt is prepared in duplicate, has its own serial number, and will be signed by the CEO or an authorized signature. In instances of donations of property other than cash, the fair market value of the property and the name and address of the appraiser is required.

    The Canada West Foundation aims to send out thank-you letters and appropriate documentation (such as charitable tax receipts) to donors within three to five working days of receipt of gifts.

    All charitable tax receipts must contain the mandatory elements as listed below, as required by the CRA checklist.

    For gifts of cash:

    • a statement that it is an official receipt for income tax purposes;
    • the name and address of the charity as on file with the CRA;
    • the charity’s registration number;
    • the serial number of the receipt;
    • the place or locality where the receipt was issued;
    • the day or year the donation was received;
    • the day on which the receipt was issued if it differs from the day of donation;
    • the full name and address of the donor;
    • the amount of the gift;
    • (under proposed legislation) the value and description of any advantage received by the donor;
    • (under proposed legislation) the eligible amount of the gift;
    • the signature of an individual authorized by the charity to acknowledge donations; and
    • the name and website address of the Canada Revenue Agency.

    For non-cash gifts (gifts in kind), these additional elements:

    • the day on which the donation was received (if not already indicated);
    • a brief description of the property transferred to the charity;
    • the name and address of the appraiser (if property was appraised); and
    • (under proposed legislation) in place of the amount of the gift mentioned above, the deemed fair market valueof the property.

    (c) The Foundation and its employees guard against the unauthorized use of official receipts by restricting access to charitable donation receipts.

    (d) The Foundation may issue a replacement for an official receipt. The replacement receipt must include a notation confirming it as a replacement for a receipt with the serial number of original receipt. The Foundation will mark the copy of the lost or spoiled receipt as “cancelled.”

    Definitions

    Gift

    “Gift” refers to philanthropic donations, corporate sponsorships, foundation and government grants and any other forms of support deemed acceptable by the Canada West Foundation. A gift “is a voluntary transfer of money or property for which the donor expects and receives nothing of value in return”. Donations to registered charities are eligible for a charitable tax receipt that may be claimed as a non-refundable tax credit on an income tax return.

    No benefit of any kind may be provided to the donor or to anyone designated by the donor except where the benefit is of nominal value. The CRA defines nominal value as a fair market value of less than $75 or 10 per cent of the amount of the gift. The Foundation provides donor recognition (unless the donor requests anonymity) based on the total donation amount on its website and in its annual report.

    If the Canada West Foundation provides something of value in return for a gift (including admission to a fundraising event) the donor’s tax receipt is reduced by the fair market value of the benefit received. Value is defined as exceeding the CCRA definition of “nominal value.”

    The following transactions do not constitute philanthropy and are NOT eligible for charitable tax receipts:
    A gift of service. However, if the Foundation pays for the services provided, the service provider may then donate that payment to the charity. In this case, this is considered to be a cash donation and the charity can issue a tax receipt to the donor;

    • The purchase of an item or service from the Foundation;
    • Sponsorship of Canada West Foundation events or programs for which the donor receives advertising or promotional value above and beyond “nominal value;”
    • A gift of debt from a person or partnership, or a share of a capital stock of a corporation that does not deal at arm’s length with the charity.

    Donor

    “Donor” refers to individuals, corporations, organizations or government agencies who, or which, provide support or make gifts to the Foundation.

  • Donor Recognition Policy

    The Canada West Foundation has a donor-centered approach to its fundraising program. Donor recognition guidelines and processes are based on donor needs and wishes, and allow the flexibility required to respect the individuality of the donor, the donation, and the receiving area or centre. The key purpose of donor recognition is to sincerely show respect for, and appropriate gratitude toward, donors who support the Foundation. Donors should be recognized and thanked in ways that are meaningful to the donor while striving to ensure each donor is involved and engaged with the Foundation.

    The Canada West Foundation recognizes and appreciates the generosity of individuals, businesses and organizations that invest in its programs and research. Gifts received by the Foundation are acknowledged in a manner acceptable to the donor and the Foundation and also comply with CRA guidelines. Donor recognition benefits are based on the level of the gift. The Foundation believes that it is important to recognize the financial investments made by all supporters as they demonstrate the importance of these partnerships in the fulfillment of the Foundation’s mission.

    Donor recognition shall equitably acknowledge the support of governments, foundations, associations, corporations and private individuals.
    Individual donors are required to give consent prior to the Foundation publicly recognizing their gifts, as required byAlberta’s Freedom of Information and Protection of Privacy Act (FOIP).

    At a certain level, acknowledgement will consider each individual donor’s specific needs and wishes and may include:

    • the chance to meet the director of the policy centre and their research team;
    • a formal financial reporting on the status of the program, event and/or policy centre; and,
    • a research update or formal report on the Foundation’s impact.

    Donor recognition will be considered at the conceptual and detailed planning stages of new projects and the re-development of existing ones.

  • Gift of Securities Acceptance Policy

    Securities

    Gift of securities proceeds are governed by CRA’s Interpretation Bulletin IT-110R3, Section 110.1 and 118.1. For a full description of the tax consequences and credits applicable to a gift of securities by an individual or corporation, see Interpretation Bulletin IT-110R3 and Bill C-92. Additionally, donors are strongly encouraged to seek the advice from their tax advisors.

    Publicly traded securities are defined by CRA and include a share, debt obligation, or right listed on a prescribed list of Canadian and North American stock exchanges, share in a mutual fund corporation, a unit of a mutual fund trust, or interest in a segregated fund.

    To ensure the Foundation’s right to accept or decline a gift is protected, the following criteria will be adhered to:

    • The Canada West Foundation reserves the right at all times to decline a donation of shares. Such right may be exercised by the Foundation within a reasonable period after physical or electronic donation of shares takes place;
    • All risk attached to the security and value of shares shall remain with the donor until such time as acceptance of the shares has been communicated to the donor in writing;
    • No shares, other than those traded on a prescribed stock exchange shall be accepted in terms of this policy, in the absence of formal agreement between the donor and the the Foundation. A prescribed stock exchange shall be one of the TSX Group of Exchanges, including the Venture Exchange and the Toronto Stock Exchange, the American Stock Exchange, the New York Stock Exchange and the NASDAQ Stock Exchange;
    • All shares offered to the Foundation as a donation shall be scrutinized for thinly traded volumes or other restriction on immediate sale. The donation of any such restricted shares would be the subject of a written agreement entered into by the Foundation and the donor, prior to their acceptance;
    • Gifts of shares shall have a value greater than $1,000. Acceptance of shares requires both the appropriate documentation to be received from the donor, and delivery of the shares.

    Two types of gifts of securities may be accepted by the Canada West Foundation:

    1. A donation of public securities traded on a recognized stock exchange and including stocks, bonds, bills, and mutual funds. The value of such a gift is determined by the closing value of trading on the date donated.
    2. Donors may also contribute private securities. The value of the gift and resulting charitable tax receipt is determined by a professional, independent valuation.

    There are two ways that gifts of securities may be received by the Foundation:

    • Gift of Securities by Provision of Bequest
      The Foundation will issue donation receipts for securities at the value immediately prior to death, in accordance with CRA regulations.
    • Gift of Securities During Lifetime
      The Foundation will value the gift of securities based on the closing price of the securities on the date of acceptance. Acceptance requires both delivery of the shares and the receipt of the transfer form. Donations of public securities may be handled in one of two ways: i. Transfer of securities, or ii. Presentation of certificate.

    Fair Market Value

    Factors that may be taken into consideration in providing the best indicator of fair market value include:

    • the size of the block of shares in relation to the whole;
    • any restrictions on the transferability of the shares;
    • the shares are thinly traded; and
    • using the mid-point between the high and the low trading prices for the day on normal and active market trading.

    The Canada West Foundation retains the right to decline a gift of securities made without prior advisement from the donor. Some circumstances in which a gift of securities may be declined are:

    • the stock is extremely illiquid;
    • the stock is under scrutiny for suspicious trading activity; and/or,
    • the acceptance of stock may put the Foundation at risk, financially and/or from a public perceptions standpoint.

    Non-Publicly Traded Securities or Securities Subject to Trading Restrictions

    Non-publicly traded securities, such as shares or debt obligation in a private corporation, may be accepted as a gift by the Foundation after approval by the Director of Finance, with advisement of the audit or investment committee of the Foundation’s Board of Directors as needed.

    Prior to acceptance, the Canada West Foundation will explore methods of liquidation for the securities through redemption or sale. A Foundation representative as well as the donor will contact the corporation and a third-party valuator to obtain a written confirmation of:

    • the fair market value, exclusive of any illiquid discount; and,
    • restrictions on the transfer of the securities, or the securities themselves.

    Copies of any governing instruments and agreements restricting transferability will be required.

    Any such valuation costs, or any costs that would otherwise be incurred through the seeking of a secondary-market for the securities, will be borne by the donor. No commitment for re-purchase of such closely held securities shall be made prior to completion of the gift of the securities.

    As per common practice in the industry, a discounted receipt value will be applied to the gift, to reflect any illiquidity of the securities.
    There are three distinct categories of illiquid securities, or nature of the security itself, which implies trading restrictions:

    1. Security’s originator files a prospectus annually with the Alberta Securities Commission (or other regulatory body, if the security is not legislated in Alberta); must disclose and provide an Annual Income Form (AIF) proving sound financial health of the corporation – embodying a hold of 4 months;
    2. Security’s originator does not file an Annual Income Form (AIF) – embodying a hold of 12 months;
    3. A publicly-traded security; which may have a very thinly-traded market, or only be sold through private placements.

    The Director of Finance, with advice as needed from the audit or investment committee or investment counsel, will consider the acceptance of a gift falling within these parameters on a case-by-case basis, in the interests of the organization. Securities pledged by way of seed funding (escrowed) will also be considered in some situations.

    The administration of a gift of securities will involve the Director of Finance in consultation with the Foundation’s investment or audit committee and brokerage firm.

    In the instance of an electronic transfer of public securities, this representative will:

    • assess, in consultation with the Foundation’s investment group, if the gift is marketable and acceptable;
    • consult directly with the donor’s broker;
    • identify immediately to the Foundation’s broker the name of the donor; the name of the delivering broker, the name and number of delivered shares, the CUSIP number of shares; and,
    • request written confirmation of the date of transfer from the donor’s broker.

    In the instance of a gift of private securities, the representative will:

    • assess, in consultation with appropriate parties, if the gift is acceptable, in that it can likely be sold in the future to the corporation, other stockholders, or others interested in acquiring the corporation; and,
    • retain independent counsel for the purpose of valuing the proposed gift.

    It is the Foundation’s policy to transfer immediately the funds equal to the value at donation.

    Decision regarding sale of shares rests with the Canada West Foundation’s investment or audit committee and investment advisors based on the fit of the shares. As a general principle, all gifted securities, once accepted, may be immediately sold at market value with the proceeds flowing to the Foundation, subject to the general investment policy. In the event the security is retained, the Director of Finance, with advice as needed from the audit or investment committee will regularly review it, and ensure that it is sold at the most opportune time. For instance, if the number of shares is sufficient to have a depressing impact on the price of the stock in the opinion of the donor or on the advice of investment counsel, the sale may be extended over a period of time necessary to avoid such impact. Any interest that may be generated by the security or the brokerage account will be retained by the Foundation.

    If a donor wishes to make a specific gift amount to the Canada West Foundation, then s/he may choose to compensate for any shortfall arising from a loss on the disposal of the securities and/or to pay the transaction fees on behalf of the Foundation. Any gains will be invested by the Foundation.

    Upon confirmation of the receipt of a gift of public securities, the Canada West Foundation will issue a tax receipt for the value of the gift on the date the Foundation takes ownership of the shares. Fair market value is assessed at the time of close on the date of transfer or the value at close on the date the certificate is delivered.

    A gift of this type is not considered complete until both the appropriate documentation and securities are received in the account designated for this purpose.

    Responsibility for decisions relating to the process, timing and pricing for disposition of the securities are assigned to the Director of Finance, who shall proceed on a timely basis with all sales in consultation with the CEO. If the Director of Finance is not available, then primary responsibility is assigned to the CEO.

    Gifts of Securities will not be accepted until they are tradeable. When there is no significant stock exchange trading value, a decision about acceptance of the stock will be made by the Foundation, in consultation with its advisors and the donor.

    Flow-Through Shares

    Where publicly traded security donations are received, care will be given to determine whether they are flow-through shares. Where flow-through shares are received, these gifts will be carefully evaluated, handled and monitored.

    Special considerations regarding flow-through shares include:

    • The need to ensure that the receipts issued are accurate. As per other security donations, this will be determined through closing bid price on the day received. Where a hold period exists, the Foundation will take extra care to ensure that an accurate receipt is provided. CRA and legal guidance may need to be sought in this instance, to ensure accuracy.
    • Some flow-through shares have a hold period, meaning that the charity cannot dispose of the security until the hold has expired. In this instance, special consideration will be given to whether this donation should be accepted considering issues such as: whether the hold period is reasonable, whether the flow-through shares would retain their value at the end of the hold period, whether it is an appropriate investment that complies with the prudent investment test set out in the Trustee Act, and whether it would be marketable at the end of the hold period.
    • When flow-through shares are promoted together with making a gift to charity, they would generally qualify as a “gifting arrangement” as described by CRA and therefore a tax shelter identification number may be required.
    • Extra care will be taken to ensure that the Foundation is not deemed to be a promoter of a tax shelter, by avoiding or inadvertently becoming involved with any tax shelter promoters. This will be ensured by carefully evaluating any offer of a flow-through share security.

    Where it is determined that it is appropriate to receive this donation, flow-through shares, like other publicly traded securities will be liquidated as soon as possible, in order to avoid holding the flow-through shares as if they were regular publicly traded securities.

    Gifts of Shares in Privately Owned Companies and Other Business Interests

    Donors may make gifts of privately owned shares and partnership interests. These can be accepted by the Canada West Foundation, which will not assume liability in receiving them and is not subject to penalties. In some instances, the corporation may be willing to redeem privately-owned shares, or other stockholders may be willing to purchase them.

    • Privately owned shares may be accepted if they will not subject the Foundation to penalties and can likely be sold in the future to the corporation, to other stockholders, or to others interested in acquiring the corporation.
    • The Foundation will follow the same appraisal procedure as for real estate, and will issue a donation receipt based on the appraisal it considers reflective of the value of the shares.

    Whenever possible, the electronic transfer of securities is encouraged

  • Bequest Gift Acceptance Policy

    Bequests

    A bequest is a provision in a will, directing assets from an estate to the Canada West Foundation. There are several types of bequests that will be accepted by the Foundation:

    1. A specific bequest provides the Foundation a specific sum of money, stated percentage of an estate, or a specific property such as real estate or securities.
    2. A residual bequest leaves all or a portion of their estate after providing for other beneficiaries.
    3. A contingency bequest ensures that the Foundation receives all or a share of the estate in the event of the prior death of certain other beneficiaries.
    4. A residual bequest subject to life interest applies when the donor chooses to have the Foundation receive the bequest following the death of certain other beneficiaries who have use of the assets in the estate for their lifetime.

    Bequests to the Foundation are eligible for a charitable tax receipt. The Canada West Foundation recommends that donors consult a lawyer or estate planner before completing a will. The Foundation retains the right to decline a gift if the donor did not retain independent counsel.

    The Canada West Foundation will issue a donation receipt for securities donated via a bequest at the value immediately prior to death, in accordance with CRA regulations.

    Donors are invited and encouraged to provide information to the Foundation about their bequest and, if they so choose, to send the Foundation a copy of the relevant section of their will. This will allow for appropriate recognition during the donor’s lifetime.

    Foundation staff will not provide professional consultation to donors in the preparation of their will, or become involved in the execution or witnessing of a will in which the Foundation is named as a beneficiary. Foundation staff or the Canada West foundation as an entity may not be named as executor in such a donor’s estate.

    During the administration of an estate involving the Foundation, the CEO or their designate, in consultation with the Foundation’s legal counsel, shall represent the Foundation in dealings with the lawyer and/or estate trustee. Any legal, accounting, or other professional fees associated with administration of the estate will be deducted from the gift received. The net value of the bequest will be directed to the purpose specified by the donor.

    Following receipt of the designated gift, the Foundation will issue a charitable tax receipt to the estate in the value of the gift.

    Upon request, sample bequest language will be made available to donors and their lawyers to ensure that the bequest is appropriately designated, is deemed feasible at the time of designation, and that the proper legal title for the Canada West Foundation is used.

  • Naming Policy

    Scope

    This policy governs the naming of significant Canada West Foundation assets, including:

    • honorary naming; or
    • naming associated with gifts or sponsorships.

    Guiding Principles

    Naming for an individual or organization is an honour that forges a close link between the individual or organization and the Canada West Foundation. As such, it is critically important that the integrity, history, behaviour, and reputation of the named individual or organization be consistent with the mission and values of the Canada West Foundation.

    Naming as part of sponsorship agreements shall be consistent with the Foundation’s core values, the Imagine Canada Ethical Code of Conduct and Accountability and any applicable guidelines set forth by the Canada Revenue Agency.

    Definitions

    Assets

    “Assets” refer to tangible or intangible resources of the Foundation. Assets include, but are not limited to, the following: lecture series, chairs, and rooms and furniture within the organization’s office.

    Significant Assets

    “Significant assets” refer to tangible or intangible resources of the Foundation that are worth more than $10,000. Significant assets include, but are not limited to, the following: policy centres, research projects and lecture series.

    Donor

    “Donor” refers to a person or entity transferring money or other property to the Foundation in connection with a naming, whether or not the donor is the subject of the naming.

    Gift

    “Gift” refers to the transfer of, or pledge of, money or other property to the Foundation without reciprocal benefit to the donor.

    Sponsor

    “Sponsor” refers to a person or entity entering into a sponsorship.

    Sponsorship

    “Sponsorship” refers to a contract involving the provision of funds or other support with the expectation of public acknowledgement or marketing and networking opportunities.

    Honorary Naming

    Naming of Significant Assets

    Significant Foundation assets will not be named in honor of an individual or non-Canada West Foundation entity unless the CEO and Board Chair, Executive Committee of the Board, or the Board as a whole approves otherwise.

    Consultation

    Prior to entering into detailed discussions or making a written commitment regarding a naming to a donor or sponsor, the CEO or Director of Finance shall inform the donor or sponsor of this policy and consult with the Board as appropriate to determine whether the proposed naming meets the Foundation’s guidelines.

    Approval

    The naming of non-significant assets will be approved by the CEO or their designate.

    Significant assets that are less than or equal to $100,000 will be approved by the CEO and Board Chair.

    Significant assets that are greater than $100,000 will be approved by the Executive Committee of the Board or the Board as a whole.

    Management

    The Canada West Foundation will work to ensure consistency in the size of the gift relative to the asset.

    Naming Associated with Gifts or Sponsorships

    The Canada West Foundation seeks and welcomes private financial support for lecture series, programs, special projects and policy centre chairs, which provide reliable revenue to support these endeavours.

    Significant Foundation assets may be named for individuals to recognize significant gifts or as part of a sponsorship. Named policy centres, awards, programs, events or rooms may be created for a minimum period of time or endowed in perpetuity. Donors may choose to name an item after themselves, celebrate the achievements of a friend or colleague, or remember a loved one by naming the gift in his/her honour.

    Approval is required to name policy centres, programs or lecture series for commercial entities.

    The CEO and Board Chair, Executive Committee of the Board or the Board as a whole will approve this naming.

    The guidelines for naming a policy centre are outlined below:

    • Naming a centre does not grant the donor the right to dictate the centre’s projects or outcomes. The Foundation will remain non-partisan at all times, regardless of funding sources.
    • Named gifts to policy centres are intended as flow-through funds for operational use; these are not typically endowed funds.
    • Currently, a minimum of $400,000 per year is required to operate a policy centre; therefore, a minimum of $250,000 per year for four years ($1M commitment) is required to name a policy centre for five years. An annual commitment equivalent to at least 50 per cent of the operating cost of the program, for a period of five years, will also be considered.
    • Endowed gifts named for a period of up to 10 years will be considered; however, they will be negotiated on a case by case basis with the CEO and have the full consent of the Board.

    Consultation

    Prior to entering into detailed discussions or making a written commitment regarding a naming to a donor or sponsor, the CEO or Director of Finance shall inform the donor or sponsor of this policy and consult with the Board as appropriate to determine whether the proposed naming meets the Foundation’s guidelines.

    The naming of non-significant assets will be approved by the CEO or their designate.

    Significant assets that are less than or equal to $100,000 will be approved by the CEO and Board Chair.

    Significant assets that are greater than $100,000 will be approved by the Executive Committee of the Board or the Board as a whole.

    Management

    The Canada West Foundation will work to ensure consistency in the size of the gift relative to the asset.

    Renaming and Revocation

    Renaming

    The Foundation reserves the right to rename any named asset of the Foundation after the gift contract period has expired.
    Renaming shall be consistent with the review and approval process for naming.

    First right of refusal will be offered to a current named donor prior to renaming an opportunity with another donor.

    Revocation

    The Foundation reserves the right to revoke a naming if for any reason it presents risk to its reputation, if it contravenes the organizational values, or if the intent of a gift or the terms of a sponsorship associated with the naming cannot be fulfilled.

    Any naming that, in the opinion of the CEO, should be revoked can be revoked by the Executive Committee of the Board or the Board as a whole.

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