The Executive Director is authorized to approve and accept, on behalf of the Foundation, any gift made by will or other estate planning instrument which is unrestricted in nature and funded with cash, publicly traded securities, or other financial instruments with a ready market, gifts of real property, interests in an operating business or gifts that are restricted to designated purposes.
The Executive Director is authorized by the Board of Trustees of the Foundation to approve the following agreements without regard to gift amount:
Any gift in which the Foundation will receive the charitable interest, or a portion thereof, and in which the Foundation neither is named as trustee nor has other fiduciary responsibilities or liability.
Charitable remainder unitrusts in which the Foundation is named as trustee (see Trusteeship, below) and funded with cash, publicly traded securities, or other financial instruments with a ready market, where the unitrust percentage does not exceed the then current Applicable Federal Rate as defined in the Internal Revenue Code and regulations.
Trusts in which The Foundation is named as trustee and funded with cash, publicly traded securities, or other financial instruments with a ready market, where the annuity trust percentage does not exceed eight percent (8%) and otherwise qualifies under the federal government's "five percent probability test."
Charitable lead trusts in which the Foundation is named as trustee and funded with cash, publicly traded securities, or other financial instruments with a ready market, which are qualified trusts under law.
Gifts by contract, particularly life insurance, through which the Foundation will receive a future benefit, so long as the Foundation is not required to expend funds from sources other than the donor to maintain the contract.
The Executive Director is authorized by the Board of Trustees of the Foundation to approve agreements, as listed above, which are funded with real property or an interest therein so long as the donor provides:
An appraisal or market evaluation of the value of the property (fair market value) furnished by a licensed real estate broker or agent for values up to $1,000,000 in the case of a remainder unitrust.
A statement from an independent licensed real estate broker or agent that the property is readily marketable, for cash, at the proposed fair market value.
An assessment of the property regarding environmental regulations and liabilities showing The Foundation will not incur more than a generally accepted normal business risk by taking the property as owner or trustee.
Sufficient information to accurately determine the ownership of the property and any mortgages or liens that may be filed against the property.
The Foundation shall not accept encumbered property that would cause the Foundation or any charitable trust to be disqualified as a charitable entity.
Assurances from the donor that he or she will act as required by applicable laws and regulations to ensure the resulting trust or other planned gift will qualify as a charitable entity.
The gift is the entirety (100%) of the property or there is a commitment from the donor or other owners to immediately sell the nongifted interests in such property.
The Executive Director is authorized to approve outright gifts, charitable gift annuities, and bargain sales that are funded with encumbered property or an interest therein so long as there is a reasonable expectation that the property can be readily sold and the Foundation will not have more than $50,000 at risk to remove the debt entirely. The Executive Director may recommend to the Board of Trustees that a debt against donated property not be removed to conserve capital.
The Executive Director is authorized to approve agreements funded by the gift of business interests or portions thereof so long as the gift is consistent with state and federal law, the business is not engaged in activities or practices that would cause harm to the image or purposes of The Foundation, the donor offers adequate assurances or there is independent information that establishes that there are no environmental hazards present, and there is a reasonable expectation that the business or portion donated to The Foundation can be readily sold at fair market value. It is not the intention of the Foundation to hold or own an interest in any operating business not directly associated with charitable development purposes for any period of time other than that required for an expeditious sale.
The Executive Director may request the consideration of any gift that is not provided for in these policies by the Foundation for the purpose of consideration of the request (as long as it is permitted under applicable law and regulation). Should the Executive Director determine that the Foundation cannot act in the time necessary to satisfy the prospective donor, he may convene a meeting of the Foundation's legal counsel and the Executive Board Officers. This may deem necessary, to hear and consider a proposal by the Executive Director. Approval of a giving agreement shall be sufficient to authorize the Foundation's acceptance of such agreements.
