Checks and Balances
Numerous checks and balances exist to ensure the financial integrity of the Foundation.
Board of Directors
Our board of directors consists of 25 volunteers, each with extensive business experience. These individuals determine our investment and fund-raising policies and approve our annual budget.
The Foundation is audited annually by an external auditor. We print our financial statements in our annual report and provide complete copies to the public on request.
We regulate the use of gifts through numerous internal and external controls. Several Foundation and University administrators must approve of every disbursement. In addition, each account administrator can access monthly statements documenting activity for gift accounts.
Partnership with the University
Several factors ensure the Foundation focuses on the University's funding priorities. We maintain a direct line of communication with the WTAMU President, Dr. J. Patrick O'Brien, and Vice President of Business and Finance, Gary Barnes. Both of these men serve as ad hoc members of the Foundation's board of directors. The University serves as fiscal agent for the Foundation.
In addition to fund raising, the Foundation manages gifts made to benefit West Texas A&M University. We manage gifts of all types and sizes, but our financial focus is on managing major gift endowments. Endowments are permanent gifts. The Foundation invests them and disburses the investment income for the purposes donors designate. In this way, endowments remain forever, benefiting generation after generation of faculty and students.
Donor Bill of Rights
Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life. To assure philanthropy merits the respect and trust of the general public and that donors and prospective donors can have full confidence in the not-for-profit organizations and causes they are asked to support, we declare that all donors have these rights:
The West Texas A&M University Foundation endorses the text of this statement in its entirety as developed by the American Association of Fund-Raising Counsel (AAFRC), Association for Healthcare Philanthropy (AHP), Council for Advancement and Support of Education (CASE), and Association of Fundraising Professionals (AFP).