Gift Acceptance

1. Gifts must be consistent with the overall mission and strategic intent of the Foundation, all applicable statutory provisions, and must not compromise the Foundation’s integrity. The Foundation may, in its discretion, refuse a gift if it fails to meet these tests.
The Foundation encourages donors to work with professional advisors in making gifts. It shall not solicit or accept a gift from a donor unless it is satisfied that the donor has a bona fide charitable intention and has an accurate understanding of the consequences of the donation, the work of the Foundation, and the uses to which the gift will be put.

Persons acting on behalf of the Foundation shall encourage potential donors to consult independent legal and tax professionals to ensure that donors receive a full and accurate explanation of the nature and consequences of their gifts.

Persons acting on behalf of the Foundation shall inform, serve, guide or otherwise assist donors who wish to support the Foundation’s activities, but never under any circumstances are they to pressure or unduly persuade.

The Executive Director is authorized to negotiate gift agreements with prospective donors and their professional advisors in accordance with the guidelines set forth in this policy.

Outright gifts of cash, publicly traded securities, and life insurance do not require approval by the Board of Directors unless there are unusual restrictions or circumstances involved.

The Foundation, its Directors, or staff will not serve as a trustee of charitable remainder trusts or as executor of a donor’s will where the Foundation is a beneficiary, but may refer the donor to a trust institution that provides this service.

2. Gifts Accepted: The Foundation routinely accepts only property that is readily marketable at reasonable cost. This refers to cash, cash equivalents (including deposit instruments of a government or financial institution in Canada), publicly traded securities, life insurance policies, bequests or any other property that the Foundation has identified within its Investment Policies.

3. Acceptance of Other Forms of Property: The Foundation recognizes that donors will occasionally wish to give property that is not readily marketable, such as real estate, art, jewellery, private corporation shares or residuary interests in trusts. While the Foundation is generally pleased to accept gifts, it has to be careful to evaluate whether there may be "hidden costs" in accepting such property. The Board will be consulted on all gifts of property prior to responding to a donor.

4. Related Costs: Gift-related costs such as legal fees, appraisals, real estate commissions and taxes relating to acceptance, maintenance, management or re-sale of a gift of property will normally be the responsibility of the donor unless the Foundation, upon prior agreement, agrees to assume responsibility for any portions of these items.

5. Gifts Requiring Board Approval: The following gifts must be reviewed and approved by the Board of Directors: gifts of real or tangible property, gift of a residual interest, including charitable remainder trusts. Before acceptance and approval, relevant information about the gift shall be ascertained, including a copy of any appraisal secured by the donor. The Foundation reserves the right to obtain its own appraisal for gifts of real or tangible property or other property, the value of which is not readily ascertainable.

6. Gifts Not Accepted: The Foundation cannot accept charitable annuities or any other gift creating a liability. It reserves the right to decline a gift based on:

(a) Lack of congruency with the Foundation’s mission;
(b) Desire of the donor to exert unacceptable conditions or controls over disbursement of the net income from the gift;
(c) Cost of ownership implications related to administration time, management, and marketability of the gift;
(d) Unacceptable risks;
(e) Gifts that are illegal; and,
(f) Other factors agreed to by the Board of Directors.

7. Disposition of Gift: The Foundation does not make any representation that by accepting a gift it will retain the property or employ the donated property for the same purposes as the donor used it. For example, absent an agreement, if the Foundation acquires a residence as a gift, it may or may not retain it as an office or retreat, or may sell it and invest the proceeds in accordance with its Investment Policy.

8. Fund Agreements: The Foundation prefers to work with donors to develop agreements with respect to the name, nature and use of their gifts at the time a gift is made. Fund agreements will clearly identify that it is the responsibility of the Board of Directors to approve all disbursements of net income from endowed funds. These agreements will be developed where the donor is giving specific recommendations to the Foundation as to the distribution of the earnings generated by their gift. All fund agreements requiring execution by the Foundation shall first be reviewed and approved as to form and content by the Foundation’s Board of Directors. Where substantially the same agreement is used repeatedly, only the template needs to be approved.

9. Charitable Tax Receipt: The Foundation shall issue a charitable tax receipt within 30 days of receipt of the gift. For gifts of shares, a tax receipt shall be issued for the earlier of either the trading price or the closing price on the day the Foundation’s broker receives the shares, assuming liquidity.

10. Benefit to Donor: The legal nature of a charitable gift is that a donor cannot expect or receive financial benefits or opportunities to flow from the gift.

11. Preservation of Donor’s Intention: Where, by prior agreement, the Board agrees to receive the advice of donors on the distribution of grants, the Foundation shall not seek to pass judgment on the value or merit of the donor’s proposed application so long as the income is applied according to legal provisions to a charitable purpose.

Should the Foundation cease to exist or become incapable of administering a fund to fulfill a donor’s purpose, the Foundation shall employ its best possible efforts to ensure continued application of the fund to the purpose originally contemplated by the donor.

12. Administration Policies: The Foundation adopts policies that regulate administrative charges on its endowment funds, manage the investment of the funds, determine the appropriate portion of funds to distribute for charitable granting purposes or retain as capital to protect against erosion by inflation. Except where a more precise agreement with the donor overriding these general policies, the Foundation shall apply its policies equitably to all funds under its control and may amend such policies from time to time.

13. Geographic Area of Focus: The primary, but not exclusive, focus of the Foundation’s activities is within the geographic area encompassed by the boundaries of the Greater Fredericton Area. It may refer a donor to another community foundation or charitable organization if it perceives that the donor will be better served by such organizations.

			• Home • Contact Us
			FREDERICTON COMMUNITY FOUNDATION 2012 IMPACT GRANT CALL FOR EXPRESSIONS OF INTEREST - February 15, 2012 The Fredericton Community Foundation (FCF) is seeking Expression of Interest letters from interested charities for the 2012 Impact Grant. The purpose of this $20,000 grant is to provide funds for a project that will have a positive impact on the community that would not occur without the Foundation’s grant. ...more More News
	Gift Acceptance 1. Gifts must be consistent with the overall mission and strategic intent of the Foundation, all applicable statutory provisions, and must not compromise the Foundation’s integrity. The Foundation may, in its discretion, refuse a gift if it fails to meet these tests. The Foundation encourages donors to work with professional advisors in making gifts. It shall not solicit or accept a gift from a donor unless it is satisfied that the donor has a bona fide charitable intention and has an accurate understanding of the consequences of the donation, the work of the Foundation, and the uses to which the gift will be put. Persons acting on behalf of the Foundation shall encourage potential donors to consult independent legal and tax professionals to ensure that donors receive a full and accurate explanation of the nature and consequences of their gifts. Persons acting on behalf of the Foundation shall inform, serve, guide or otherwise assist donors who wish to support the Foundation’s activities, but never under any circumstances are they to pressure or unduly persuade. The Executive Director is authorized to negotiate gift agreements with prospective donors and their professional advisors in accordance with the guidelines set forth in this policy. Outright gifts of cash, publicly traded securities, and life insurance do not require approval by the Board of Directors unless there are unusual restrictions or circumstances involved. The Foundation, its Directors, or staff will not serve as a trustee of charitable remainder trusts or as executor of a donor’s will where the Foundation is a beneficiary, but may refer the donor to a trust institution that provides this service. 2. Gifts Accepted: The Foundation routinely accepts only property that is readily marketable at reasonable cost. This refers to cash, cash equivalents (including deposit instruments of a government or financial institution in Canada), publicly traded securities, life insurance policies, bequests or any other property that the Foundation has identified within its Investment Policies. 3. Acceptance of Other Forms of Property: The Foundation recognizes that donors will occasionally wish to give property that is not readily marketable, such as real estate, art, jewellery, private corporation shares or residuary interests in trusts. While the Foundation is generally pleased to accept gifts, it has to be careful to evaluate whether there may be "hidden costs" in accepting such property. The Board will be consulted on all gifts of property prior to responding to a donor. 4. Related Costs: Gift-related costs such as legal fees, appraisals, real estate commissions and taxes relating to acceptance, maintenance, management or re-sale of a gift of property will normally be the responsibility of the donor unless the Foundation, upon prior agreement, agrees to assume responsibility for any portions of these items. 5. Gifts Requiring Board Approval: The following gifts must be reviewed and approved by the Board of Directors: gifts of real or tangible property, gift of a residual interest, including charitable remainder trusts. Before acceptance and approval, relevant information about the gift shall be ascertained, including a copy of any appraisal secured by the donor. The Foundation reserves the right to obtain its own appraisal for gifts of real or tangible property or other property, the value of which is not readily ascertainable. 6. Gifts Not Accepted: The Foundation cannot accept charitable annuities or any other gift creating a liability. It reserves the right to decline a gift based on: (a) Lack of congruency with the Foundation’s mission; (b) Desire of the donor to exert unacceptable conditions or controls over disbursement of the net income from the gift; (c) Cost of ownership implications related to administration time, management, and marketability of the gift; (d) Unacceptable risks; (e) Gifts that are illegal; and, (f) Other factors agreed to by the Board of Directors. 7. Disposition of Gift: The Foundation does not make any representation that by accepting a gift it will retain the property or employ the donated property for the same purposes as the donor used it. For example, absent an agreement, if the Foundation acquires a residence as a gift, it may or may not retain it as an office or retreat, or may sell it and invest the proceeds in accordance with its Investment Policy. 8. Fund Agreements: The Foundation prefers to work with donors to develop agreements with respect to the name, nature and use of their gifts at the time a gift is made. Fund agreements will clearly identify that it is the responsibility of the Board of Directors to approve all disbursements of net income from endowed funds. These agreements will be developed where the donor is giving specific recommendations to the Foundation as to the distribution of the earnings generated by their gift. All fund agreements requiring execution by the Foundation shall first be reviewed and approved as to form and content by the Foundation’s Board of Directors. Where substantially the same agreement is used repeatedly, only the template needs to be approved. 9. Charitable Tax Receipt: The Foundation shall issue a charitable tax receipt within 30 days of receipt of the gift. For gifts of shares, a tax receipt shall be issued for the earlier of either the trading price or the closing price on the day the Foundation’s broker receives the shares, assuming liquidity. 10. Benefit to Donor: The legal nature of a charitable gift is that a donor cannot expect or receive financial benefits or opportunities to flow from the gift. 11. Preservation of Donor’s Intention: Where, by prior agreement, the Board agrees to receive the advice of donors on the distribution of grants, the Foundation shall not seek to pass judgment on the value or merit of the donor’s proposed application so long as the income is applied according to legal provisions to a charitable purpose. Should the Foundation cease to exist or become incapable of administering a fund to fulfill a donor’s purpose, the Foundation shall employ its best possible efforts to ensure continued application of the fund to the purpose originally contemplated by the donor. 12. Administration Policies: The Foundation adopts policies that regulate administrative charges on its endowment funds, manage the investment of the funds, determine the appropriate portion of funds to distribute for charitable granting purposes or retain as capital to protect against erosion by inflation. Except where a more precise agreement with the donor overriding these general policies, the Foundation shall apply its policies equitably to all funds under its control and may amend such policies from time to time. 13. Geographic Area of Focus: The primary, but not exclusive, focus of the Foundation’s activities is within the geographic area encompassed by the boundaries of the Greater Fredericton Area. It may refer a donor to another community foundation or charitable organization if it perceives that the donor will be better served by such organizations.
	Home \| About Us \| Grants \| Donors \| Types of Funds \| Publications \| Fund Development Policy \| Picture Gallery \| Youth \| FGF \| News \| Contact Us All content © 2005 The Fredericton Community Foundation. Powered by myBusinessAdmin and Red Cow Technologies, Inc.