Effective Date: February 2, 2010
Last Reviewed: June 20, 2023
Policy:
All joint ventures of Stonehill College shall be approved in writing by the President.
Additionally, any joint venture of Stonehill College shall be:
Governed by a written agreement and reviewed by:
1. The Vice President for Finance and and Treasurer;
2. General Counsel or other appropriate legal counsel; and
3. The Divisional Vice President who will oversee the joint venture (if applicable);
All joint ventures of Stonehill College shall:
1. Be designed to protect the College's tax-exempt status.
2. Provide sufficient control to the College over the arrangement so it can ensure the joint venture furthers the College's exempt purpose;
3. Give priority to the College's exempt purpose over maximizing profits for others involved in the joint venture;
4. Not engage in any activity (including, but not limited to, political intervention or substantial lobby activities) that would jeopardize the College’s exempt status; and
5. Involve arm's length dealings in all contracts between the College and the joint venture.
For purposes of this policy, unless otherwise provided under appellate federal or state law or by the terms of the agreement under which the Joint Venture is created, a Joint Venture shall be defined as a partnership, limited liability company, or other entity treated as a partnership for Federal ax purposes, as described in Regulations Sections 301.7701-1 through 301.7701-3.