Commitment to Openness and Privacy
The Grambling Black and Gold Foundation is committed to upholding and preserving public and private trust, while at the same time protecting the privacy of donors [and employees], and the confidentiality of its operational strategies.
Established in 2005, the Grambling Black and Gold Foundation (GBGF) is an independent, nonprofit corporation, with its own tax-exempt status under Internal Revenue Code section 501(c)(3), which is separate and apart from Grambling State University. Despite its private status, the GBGF openly shares as much information as it can in order to further the public’s understanding of its mission and operations. The Foundation’s Board of Directors adopted a Public Information Disclosure Policy that outlines the wide-ranging materials available for public review. The Foundation’s Board of Directors also adopted a Public Records Policy and Procedure, which describes how the Foundation complies with the Public Records Act, R.S. 44:1 et seq.
Accountability
The Grambling Black and Gold Foundation (GBGF) exceeds state and federal disclosure requirements by providing audited financials summaries of investment activities, annual reports and a roster of board members through its Web site, www.gbgfoundation.org, in addition to providing IRS Form 990 to all who request it. Records of transactions and correspondence between the GBG Foundation and Grambling State University are generally available directly from the University.
Private Trust
The GBG Foundation respects the privacy concerns of individuals. The Foundation does not disclose private information entrusted to it by donors, volunteers and staff. This information includes, but is not limited to, trust documents, wills, and personnel records. Donor and prospective donor information are not “public records” under the Louisiana Open Records Law. Information not available for public inspection or release includes: the alumni donor database, donor and prospective donor information, and planning documents on fund-raising strategies and other competitively sensitive information. In addition to these items, throughout the course of business, the Foundation protects the privacy of its meeting agendas and minutes, internal communications, legal documents, personnel information (beyond that disclosed on IRS Form 990), internal management documents and other items deemed to be private by the Foundation's Board of Directors, unless otherwise allowed under the Louisiana Open Records Law.
Relationship with Grambling State University
While the GBG Foundation's activities and operations are supportive of Grambling State University, they are also separate from the University. The Foundation maintains accounting records separate from the University, has a separate annual audit by an independent auditor, establishes and maintains separate employee payroll and benefit programs (if applicable), and with the exception of the University president and one faculty member, no University employees serve as voting members of the Foundation board. Moreover, no University employee receives compensation from the Foundation. About 80% of public colleges and universities have foundations that are separate from their universities or colleges. The GBG Foundation's status as a distinct operation, separate and apart from Grambling State University, achieves the following:
- Confidentiality -- Provides donors assurance of confidentiality as to records of their personal contributions, financial matters, trust agreements, wills and estate plans.
- Control -- Ensures donor gifts will not be redirected by the state legislature for uses other than what the donor intended.
- Investment benefits -- Allows the Foundation to manage non-public assets to maximize returns.
Additional Information:
Public Information Disclosure
