Checks should be made payable to the Central Washington Catholic Foundation rather than to an individual who represents the Foundation.
Publicly Traded Securities
The Foundation can accept readily marketable securities, such as those traded on a stock exchange.
Gift securities are to be sold immediately. For gift crediting and accounting purposes, the value of the securities is the average of the high and low on the date of the gift. Closely Held Securities
Non-publicly traded securities may be accepted after consultation with the Board of Trustees. The fair market value of the securities must be determined by a "qualified" appraiser.
Prior to acceptance, the Central Washington Catholic Foundation should explore methods of immediate liquidation of the securities through redemption or sale.
No commitment for repurchase or sale of closely held securities should be made prior to completion of the gift of the securities, as the transaction might be viewed by the IRS as a sale rather than a gift, with adverse tax consequences for our donor.
Real Estate
Gifts of real estate should be reviewed by the full Board of Trustees before acceptance.
The Donor should be responsible for obtaining and paying for an appraisal of the fair market value and an environmental audit of the property.
Prior to presentation to the full Board of Trustees, a member of the staff must conduct a visual inspection of the property. If the property is located in a geographically isolated area, a local real estate broker can substitute for a member of the staff in conducting the visual inspection.
Property that is encumbered by a mortgage should not be accepted.
Life Insurance
The Central Washington Catholic Foundation should accept a life insurance policy as a gift only when it is named as the owner and beneficiary of the policy.
Tangible Personal Property
Gifts of tangible personal property to the Central Washington Catholic Foundation should have a use related to the Foundation's tax-exempt purpose.
Gifts of jewelry, artwork, collections, equipment, and software may be accepted after approval by the Gift Acceptance Committee.
Such gifts of tangible personal property defined above shall be used by or sold for the benefit of the Foundation.
The Central Washington Catholic Foundation must follow all IRS requirements in connection with disposing of gifts of tangible personal property and filing of appropriate tax reporting forms.
Charitable Trusts
The Central Washington Catholic Foundation can act as trustee.
The administration of these trusts should be performed by a bank trust department or other trustee selected by the donor.
Bequests
The Central Washington Catholic Foundation should refuse to accept (disclaim) any bequest that might prove to be more of a cost than a benefit.
The Foundation should refuse to accept (disclaim) any bequest that might prove to be contra (against) the Foundation's best interest
