Crowdfunding

This policy sets forth requirements related to crowdfundingCrowdfundingSee Section III. Definitions​ activities associated with an official University of Colorado program (e.g., a research project, a theatrical production, etc.), whether through a University platform or through third-party crowdfunding. The policy applies to all employeesEmployeesAn individual who currently holds a University employment appointment, whether full-time, part-time, temporary, seasonal or hourly., affiliateAffiliateAn organization that has a contractual or other legal relationship with the University that closely aligns them operationally with the University to more effectively further both the University and the organization's missions. Affiliates are identified at https://www.cusys.edu/controller/policies/supporting%20listing.doc. Affiliates include Blended Organizations and Supporting Organizations. staff, studentsStudentAny individual who applies to, is accepted for admission, and enrolls for a course at the University of Colorado. This does not include an individual who has never attended or never enrolled at the institution., and other individuals involved in these activities. This policy does not apply to crowdfunding activities that employees, affiliate staff, or students might undertake on their own time for projects not associated with or directed by the University of Colorado, so long as such projects do not use pre-existing university-owned intellectual property and are not related to discoveries in which the university has an interest (per the APS Intellectual Property Policy on Discoveries and Patents for Their Protection and Commercialization).

1. General Compliance
   
   The use of crowdfundingCrowdfundingSee Section III. Definitions​ to raise funds associated with University activities is subject to all University of Colorado rules, policies, and compliance obligations, and to state and federal law. Any crowdfunding initiative must comply with the applicable campus policy adopted pursuant to this APS.
    
2. Campus Policy and Approval Process
    
   1. Each campus shall adopt a policy to govern crowdfundingCrowdfundingSee Section III. Definitions​1​. Such campus policy shall:
      1. designate a campus administrator(s) who is responsible for reviewing and approving crowdfunding initiatives on that campus;
      2. require organizersOrganizerSee Section III. Definitions to provide to the designated campus administrator(s) sufficient information to review the proposed crowdfunding campaign, as provided in Section II.B.2;
      3. require organizers to submit to the designated campus administrator(s) a final outcome report and to make this report available to donors;
      4. address financial controls – including provisions for the handling of shortfalls and surpluses – for funds raised through a crowdfunding campaign; and
      5. include provisions that comply with section II.C below.
          
   2. Any organizer of a proposed crowdfunding activity must submit to the designated campus administrator(s) a project plan that includes all of the following information:
      1. description of activity;
      2. identification of personnel and studentsStudentAny individual who applies to, is accepted for admission, and enrolls for a course at the University of Colorado. This does not include an individual who has never attended or never enrolled at the institution. who will be involved in the crowdfunding activity;
      3. funding level sought;
      4. description of how donations, credit card information, and donor information will be recorded, controlled, and safeguarded;
      5. budget identifying use of funds and University SpeedTypeSpeedTypeCommon reference for the ChartField combination known as a FOPPS in the Finance System (or subsystems).​ from which collected donations will be spent;
      6. manner/schedule by which the University will be reimbursed if any of its resources will be used;
      7. description of purpose to which funds will be directed in the event that the stated funding goal is not met (and, if refunds will be possible, refund policy statement); and
      8. identification of any gifts, perks, or benefits that may be offered to donors
          
   3. Each campus shall submit its campus policy to the Office of Policy and Efficiency not later than September 1, 2014. The Office of Policy and Efficiency, with advice from the Office of University Counsel, shall review each campus policy to ensure that it complies with the requirements of this APS. Thereafter, campus policies shall be reviewed for compliance with the APS in conjunction with periodic review of this APS.
3. Prohibited Promises to Donors
    
   1. OrganizersOrganizerSee Section III. Definitions may only operate crowdfundingCrowdfundingSee Section III. Definitions​ campaigns to receive contributions given without the expectation of receiving anything greater than nominal value (e.g., a coffee mug or T-shirt) in return. Therefore, organizers must comply with the following restrictions:
      1. Organizers may not provide tax advice to donors regarding deductibility of the donation.
      2. Organizers may not issue securities to donors, nor may organizers operate or market a crowdfunding campaign as an investment vehicle.
      3. Organizers may not grant rights in University intellectual property to donors.
      4. Organizers may not offer any gifts or benefits not identified in the project plan.
   2.  Any website for a University crowdfunding activity must clearly provide disclaimers substantially similar to the following:  “The University of Colorado and the University of Colorado Foundation are registered 501(c)(3) charitable organizations; donors should consult with their own tax advisors to determine whether any particular gift is tax deductible.”
      
      "The University will not issue securities to donors; will not grant any right in intellectual property to donors; and will not provide donors with anything in return for the contribution other than a token gift of nominal value.”
       
4. University Trademarks
   1. University logos and trademarks may only be used in connection with crowdfundingCrowdfundingSee Section III. Definitions​ campaigns that have received approval pursuant to Section II.B, and such use must comply with all campus and system branding and trademark policies.
   2. StudentsStudentAny individual who applies to, is accepted for admission, and enrolls for a course at the University of Colorado. This does not include an individual who has never attended or never enrolled at the institution. or employeesEmployeesAn individual who currently holds a University employment appointment, whether full-time, part-time, temporary, seasonal or hourly. operating crowdfunding campaigns in their individual capacity may not use University trademarks in a crowdfunding campaign, as such use would likely confuse donors or investors about the intended recipient of their contribution.

Initial Policy Effective:  July 1, 2014

Crowdfunding, crowdsourcing, brand, donation, intellectual property, student organization