Executive Summary Planned Giving and Endowment Policies (For Donors and Donors Advisors)

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1 Appendix B Authority for Gift Acceptance Policies Executive Summary Planned Giving and Endowment Policies (For Donors and Donors Advisors) Independence Institute encourages and solicits outright and deferred gifts from individuals, corporations, and foundations to secure and sustain the mission and vision of the organization. Outright gifts of cash and other property will be the main priority of the organization and its fund raising efforts. Deferred gifts will be accepted as outlined in the policies. Scope Of Policies If an outright gift is not readily marketable, such gift shall be subject to the approval of the Board of Directors. All deferred gifts, including bequests, charitable remainder trusts and charitable lead trusts, life estate gifts, gifts of life insurance, and other planned gifts shall be subject to the approval of the Board. Oversight Authority to Accept Gift The Board has final oversight authority for any committee charged with acceptance of gifts. The board may delegate the responsibility of reviewing, accepting and declining gifts to an appropriate board committee. General Overview It is the policy of the Institute to inform, serve, guide and assist donors who wish to support the organization s mission and vision. All persons acting on behalf of the Institute shall encourage the donor to discuss the proposed gift and the form of the gift with the donor s independent legal, tax and financial advisors. The Institute or its representatives shall not engage in offering legal, tax or financial advice to donors or prospective donors. Information on planned gift arrangements may be shared with donors and prospective donors by appropriate staff and Board members for educational purposes and for purposes of illustration. The policies are designed to ensure that the donor or prospective donor receives a full and accurate explanation of all aspects of the proposed gift and a determination that the gift is appropriate for the donor s circumstances. The Institute seeks to serve the donor s needs and objectives. The Institute will be available to consult with the donor and the donors advisors. They will provide donors and donors advisors with full disclosure of its activities and will provide information on 1

2 the organization s proposed use of funds. Donors and donors advisors shall have access at all times to the Institute s general financial statements, policies, procedures and guidelines. The Institute will avoid both real and/or apparent conflicts of interest. Outright Gifts Outright gifts of cash and publicly traded stock do not require prior approval of the Board before accepting. Gifts Requiring Special Approval The following gifts must be reviewed and approved by the Board prior to acceptance: All gifts of real estate, closely held stock, tangible personal property, partnership interests, life insurance and retirement asset gifts, and other property interests not readily marketable Life estate gifts and bargain sale gifts All gift agreements requiring execution by the Institute shall be reviewed and approved first by the Institute and its counsel. The Institute will not serve as trustee of any trusts nor be held responsible for any trust administration costs. Conflict of Interest and Ethical Standards The Institute will comply with the organization s Conflict of Interest Policy at all times. The Institute will follow the ethical standards and guidelines established in the Model Standards of Practice for the Charitable Gift Planner promulgated by the Partnership for Philanthropic Planning and the Donor Bill of Rights promulgated by The Association of Fund Raising Professionals. The organization will follow its operating reserve policy and investment policy. Initiating and Negotiating Gifts The following individuals are authorized to initiate and negotiate gift arrangements with donors: President of the Institute Vice President of Advancement Director of Major Gifts Chair of Board Treasurer of Board Confidentiality of Donors The Board and/or staff and volunteers will hold all information concerning prospective and current donors in confidence. A donor, by express written permission, may permit the Institute to include his/her name for donor recognition purposes or request to remain 2

3 anonymous. A donor, by express written permission, may permit the Institute to utilize information concerning the gift for purposes of testimonial example. Gift-Related Costs and Payments of Fees The Institute will not pay nor reimburse gift-related costs or fees to donors or donors advisors or agents in connection with any gift made to the organization unless otherwise approved by the Board and in writing. Procedures and Guidelines for Gift Acceptance Outright Gifts of Cash or Property An outright gift refers to a gift of cash or property where the donor does not retain any interest in the gift or gift property and does not restrict the gift in any way. Outright unrestricted gifts of any amount can be used currently by the Institute. Outright gifts of real estate, closely held stock, tangible personal property, partnership interests, life insurance, retirement asset gifts, and other property interests which are not readily marketable must be reviewed and approved by the Board. Gifts subject to any conditions or prearrangements may only be accepted after full disclosure and approval by the Board. Outright Gifts with a Stated Preference or Restriction The Institute may choose to accept outright gifts with a stated preference. A donor may state a preference for the use of a gift for a specific program or activity, provided that such preference is consistent with the purpose, policies and priorities of the organization. When a donor states a preference for the use of a gift, the Institute will make every effort to direct gifts in fulfillment of the preference. If a donor wishes to restrict the use of a gift for a specific program or activity, the Institute will review the requested restriction and obtain the approval of the Board for the restricted use. Once approved, the donor will receive written notice of the Board s decision to accept or decline the restricted gift. Pledges A donor may complete a gift in a single transaction or make a pledge to be paid over a period of time, not to exceed five years. Oral pledges will not be recognized or recorded until either a signed pledge card or a signed letter of intent is received by the Institute. 3

4 Tangible Personal Property and Collectibles The Institute may accept gifts of tangible personal property or collectibles. Criteria for acceptance of the gift shall include: If the property will be used by the organization, the cost of insurance, transportation, maintenance, and other expenses shall be identified If the property will be sold, the market for sale shall be determined, together with the costs of holding and delivering the property for sale If restrictions are placed on the use, display, or sale of the property, the Board will determine if the restrictions are reasonable. The Board will make the final determination for acceptance of tangible personal property gifts and collectibles where necessary. Memorial/ Honorarium Gifts Named memorial funds and honorarium funds may be established in any amount with the Institute. Funds may be named in memory or tribute to an individual, family or business. The Institute may establish minimum amounts and establish recognition guidelines for named memorial funds and honorarium funds. Asset Gifts and Planned Gifts The following asset gifts and planned gifts may be accepted by the Institute. Please consult with the Institute if one of the following gifts is considered: Marketable Securities Closely Held Securities Real Estate Remainder Interests/ Partial Interests in Property Oil, Gas, Mineral and Water Interests Bargain Sales Life Insurance Intellectual Property Charitable Gift Annuities Charitable Remainder Trusts Charitable Lead Trusts Retirement Plan Beneficiary Designations Bequests under a Will or Trust Life Insurance Beneficiary Designations 4

5 Stewardship of the Donor and Donor Recognition The Institute will acknowledge gifts in accordance with its current acknowledgment and recognition policies. Appropriate receipts shall be issued to the donor. Where applicable, required agreements shall be drawn and signed by the Institute and/or the donor or donor s advisors. A donor or donor s advisor may notify the Institute that a planned gift, endowment gift or planned gift provision has been made in the donor s estate plan or other plans. The Institute may establish a means of recognizing donors to acknowledge and honor those who have made planned gifts commitments and completed planned gifts and endowment gifts to the organization. A donor, by express written permission, may permit the Institute to include his/her name for donor recognition purposes or request to remain anonymous. A donor, by express written permission, may permit the Institute to utilize information concerning the gift for purposes of testimonial example. Please contact the Institute for additional information and assistance. 5

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