1. The Association for
the Creation & Development of New Age Corporations (“ACDNAC”) solicits and accepts gifts that are consistent
with its mission and that support its core programs, as well as special projects.{Click Here To Know The Gift Tax Rules Or The Rules Of Gifting }
2. Donations and other
forms of support will generally be accepted from individuals, partnerships, corporations, foundations, government agencies,
or other entities, subject to the following limitations:
a. No gift can exceed $14,000.00.
b. A Property’s fair market value must be $14,000.00 or less
if given as a gift.
c. Gifts can only be given without expecting anything of value in
return.
3. Gifts of Real Property,
Personal Property or Securities may only be accepted upon approval of the Chair or Co-Chair of the Management Committee..
During
The Course Of Regular Fundraising
4. In the course of its
regular fundraising activities, ACDNAC will accept donations of money, real property, personal property, stock, and in-kind
services. Certain types of gifts must be reviewed prior to acceptance due to the special liabilities they may pose for ACDNAC.
Examples of gifts which will be subject to review include gifts of real property, gifts of personal property, and gifts of
securities.
5. ACDNAC has adopted the
following Gift Acceptance Policy: When considering whether to solicit or accept gifts, the organization will consider the
following factors:
Ø
Values—whether the
acceptance of the gift compromises any of the core values of ACDNAC.
Ø
Compatibility—Whether
there is compatibility between the intent of the donor and ACDNAC ’s use of the gift.
Ø
Public Relationships—whether
acceptance of the gift damages the reputation of ACDNAC.
Ø
Primary Benefit—whether
the primary benefit is to ACDNAC versus the donor.
Ø
Consistency—is acceptance
of the gift consistent with prior practice?
Ø
Form of Gift—Is the
gift offered in a form that ACDNAC can use without incurring substantial expense or difficulty?
Ø
Effect on Future Giving—Will
the gift encourage or discourage future gifts?
6. All decisions to solicit and/or accept potentially controversial
gifts will be made by the Management Committee in consultation with the Executive Director. The primary consideration will
be the impact of the gift on ACDNAC.
7. Use of Legal Counsel—
ACDNAC will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel
is recommended for:
A.
Gifts of securities that are subject to restrictions or buy-sell agreements.
B.
Documents naming ACDNAC as trustee or requiring ACDNAC to act in any fiduciary capacity.
C.
Gifts requiring ACDNAC to assume financial or other obligations.
D.
Transactions with potential conflicts of interest.
E.
Gifts of property which may be subject to environmental or other regulatory restrictions.
8. Restrictions on Gifts—ACDNAC
will not accept gifts that (a) would result in ACDNAC violating its corporate charter, (b) would result in ACDNAC losing its
status as a not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value,
(d) would result in any unacceptable consequences for ACDNAC, or (e) are for purposes outside ACDNAC’s mission. Decisions
on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Management Committee, in consultation
with the Executive Director.
9. Gifts Generally Accepted
Without Review—
Ø Cash. Cash
gifts are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a gift
by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name
of the card holder as it appears on the credit card.
Ø Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms
or delivered physically with the transferor's endorsement or signed stock power (with appropriate signature guarantees) attached.
All marketable securities will be sold promptly upon receipt unless otherwise directed by ACDNAC’s Management Committee.
In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed
gift; in such instances the decision whether to accept the restricted securities shall be made by the Management Committee
in consultation with the Executive Director.
Ø Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial
Annuities and Retirement Plans. Donors
are encouraged to make bequests to ACDNAC under their wills, and to name ACDNAC
as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
Ø Charitable Remainder Trusts. ACDNAC will accept designation as a remainder beneficiary of charitable remainder trusts.
Ø Charitable Lead Trusts. ACDNAC will accept designation as an income beneficiary of charitable lead trusts.
10. Gifts Accepted Subject to
Prior Review—Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples
of gifts subject to prior review include, but are not limited to:
Ø Tangible Personal Property. The Management Committee shall review and determine whether to accept any gifts of tangible personal property
in light of the following considerations: does the property further the organization’s mission? Is the property marketable?
Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the
organization may be responsible? Is the title/provenance of the property clear?
Ø Life Insurance.
ACDNAC will accept gifts of life insurance where ACDNAC is named as both beneficiary and irrevocable owner of the insurance
policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
Ø Real Estate.
All gifts of real estate are subject to review by the Management Committee. Prior to acceptance of any gift of real estate
other than a personal residence, ACDNAC shall require an initial environmental review by a qualified environmental firm. In
the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm
to conduct an environmental audit. Criteria for acceptance of gifts of real estate include: Is the property useful for the
organization’s purposes? Is the property readily marketable? Are there covenants, conditions, restrictions, reservations,
easements, encumbrances or other limitations associated with the property? Are there carrying costs (including insurance,
property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property? Does the environmental
review or audit reflect that the property is damaged or otherwise requires remediation?
