July 1, 2003
Gifts are a substantial part of the donations received by the Central Washington Catholic Foundation to support its charitable programs. These gifts usually involve tax and other forms of financial and estate planning activities. Often a donor creates and funds the gifts using significant assets.
Because of (i) the size of most gifts; (ii) the responsibilities the Foundation often incurs for asset management and, in some cases, serving as trustee; and (iii) the liabilities incurred for beneficiary payments, the Foundation establishes these policies and guidelines to assure that our planned gifts are a productive and positive aspect of our fund raising efforts.
General Policies
Protection of Donors' Interests
The Foundation, its volunteer and staff representatives shall always consider the interests of our donors as the first priority in gifts. This shall include, but not be limited to the donor's financial situation and philanthropic interests, as well as any tax or other legal matters discovered by our representatives while planning for a gift. A donor shall not be encouraged to make a gift that is inappropriate, in light of the donor's personal or financial situation. A donor may expect any representative of the Foundation to reflect the dignity and respect the charitable purposes of the Foundation.
Confidentiality of Information
Information learned by any representative of the Foundation about a donor or the donor's assets or philanthropic intentions shall be held in strict confidence. Donors will be encouraged to notify the Foundation of their gifts, including bequests, and all such information will be kept confidential unless written permission to release it is obtained from the donor or his or her counsel.
Legal Counsel
The Foundation shall seek the advice of legal counsel in all matters regarding giving which involve any agreement, which is binding on the Foundation. All gift agreements provided to a donor by the Foundation will be created by or reviewed by legal counsel. Each prospective donor shall be urged to seek the advice of independent legal counsel prior to the Foundation acting in any way as a party to a planned gift. A donor who chooses not to engage counsel must acknowledge this decision in a written statement addressed to the Foundation before it may accept a gift.
Neither the Foundation nor its volunteer or staff representatives may give legal, accounting, tax, or other advice (which is usually reserved to the donor's counsel) while acting on the Foundation's behalf. This policy does not preclude any duly licensed person representing the Foundation from advising a donor or such donor's counsel regarding a gift with appropriate disclosure to the donor and to the Foundation.
Authority for Negotiation
The Executive Director for the Foundation is authorized to negotiate gift agreements with prospective donors. The Director may delegate such authority to another officer of the Foundation.
Authority for Approval
Giving agreements must be approved in writing. The Executive Director and the present Chairperson of the Board of Trustees are authorized to sign giving agreements that have been approved as provided. Any responsibility assumed by the Foundation in relation to a gift must be consistent with the policies of the Foundation. The Foundation may act as trustee, co-trustee, successor trustee, charitable remainderman, and charitable income recipient. The Foundation may enter into charitable gift arrangements, authorized under law, by contract and bargain sale.
Recognition
To express the Foundation's gratitude for this generous support, the Board of Trustees may authorize permanent recognition of this philanthropy.
Foundation Services, Costs and Compensation
The complex process of solicitation, planning and administration of gifts involves the donor's philanthropic, personal, tax, and financial considerations. For this reason, donors often seek the counsel of legal, tax, and other experts (gift planners) who represent clients in the planning process and in implementing gift decisions.
The Foundation will provide documents and other materials that will expedite the formation of planned charitable gifts. Those costs will be borne by the Foundation. The Foundation shall not pay any fee, directly or indirectly, for the right to receive a gift (because those they represent and to whom they are responsible and for whom services are provided should compensate gift planners).
No person in the employ of the Foundation may accept any compensation or material benefit from a donor as a result of the gift planning process.
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