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Gift Acceptance Policy
For more information call
330-454-3426
Gift Acceptance Policies Adopted 10-4-04
For further information, contact:
Stark Community Foundation
The following policy applies to Stark Community Foundation, Stark Community Foundation, Inc., SCF Charitable Giving Fund, Inc., Newmarket Project, Inc., The William and Minnete Goldsmith Foundation, The Henry and Louise Timken Foundation, and The United Way Foundation (collectively "Foundations") and to all other related organizations which the Foundations in the future may specify as covered by the policy. 1. The Foundations will accept all forms of donor philanthropy consistent with its mission and policies. 2. The officers of the Foundations can accept all gifts of cash, publicly traded securities, mutual funds and life insurance policies which name the Foundation as the owner and beneficiary. 3. The Foundations may accept other noncash gifts at the discretion of the Board of Directors. 4. When evaluating other noncash gifts for acceptance, the Foundations will consider the following: a. Are there any issues relating to the gift that could affect the donor's best interest that the donor should consider? b. Does the donor have clear title and legal authority to make the donation? c. Is the Foundation willing and able to carry out the donor's request? d. Is there any material restriction associated with the donation? e. Is it in the Foundation's best interest, as related to community goodwill and financial liability, to accept the gift? f. Is the Foundation able, within a reasonable period of time, to convert the gift into cash? g. What is the cost to convert the gift to cash? h. What is the cost to carry the gift until it is converted to cash, which may include debt service, unrelated business income tax, insurance, maintenance, repair, and other taxes? 5. The Foundations will only accept gifts which are consistent with their 501(c)(3) status. 6. The Foundations will sell all noncash gifts as soon as practical. 7. The Foundations will follow IRS guidelines for Noncash Charitable Contributions, and will complete IRS Form 8283 for donations exceeding $5,000 and IRS Form 8282 when donations are disposed of within two years of receipt. 8. In the event that a donation is not accepted, the Foundation will communicate the reason in writing to the donor. 9. In the event that a bequest or trust distribution is not accepted, the Foundation will communicate the reason in writing to the executor or trustee. 10. The Foundations will apply the following guidelines and procedures to gifts of real estate. A. The Foundations will be accepted by gifts of real estate to accomplish the following objectives: the building of endowment through marketable assets, economic development, downtown development and land conservation. Property should be conveyed by warranty deed. The Board of Directors will decide the entity appropriate to receive the donation. B. The Foundations prefer that real estate gifts accepted as marketable assets should be promptly saleable, free of liabilities and bear low carrying costs. C. Real estate gifts accepted for economic development and downtown development should have clear objectives, a plan to accomplish the objectives, and a cost analysis of the plan. Real estate gifts that are accepted for land conservation will be donated to an appropriate organization for management. D. In the case of a remainder interest in a residence, farm, or vacation property following a life interest in the property, the Foundations will prepare an agreement regarding the donor's responsibilities for taxes, utilities, maintenance, limitations of donor's rights to make changes or create liens on the property without approval of the Foundation, and the Foundation's rights to monitor the provisions of the agreement. E. Real estate must be in compliance with all applicable laws before it is accepted by the Foundation. Such compliance includes zoning, health, environmental, building codes and wetland delineation. F. The Foundation will weigh carefully its ability to manage the property. Acceptance of income producing property may subject the Foundation to unrelated business income tax. The ability to manage includes costs of personnel time, expenditures, and geographic location. G. The Foundation staff and the donor will meet to visually evaluate the property and answer appropriate questions on the Real Estate Check List. |
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