BEAT Gift Acceptance Policy
BEAT solicits and accepts
gifts that are consistent with its mission and that support its core programs,
as well as special projects. Acceptance
of any contribution, gift or grant, is at the discretion of BEAT. No gift will be accepted unless it can be
used or expended consistently with the purpose and mission of BEAT.
All prospective donors
are encouraged to seek the assistance of personal legal and financial advisors
in matters relating to their gifts, including the resulting tax and estate
planning consequences. BEAT will not
provide any legal or financial advice or counsel regarding any gift made to
The following policies
and guidelines govern acceptance of gifts made to BEAT for the benefit of any
of its operations, programs or services.
Committee – A Gift Acceptance Committee for BEAT will review acceptance of
certain proposed gifts when necessary.
The committee will be comprised of a Board member, the Executive
Director and the Director of Development.
The committee will refer decisions about gift acceptance to the Board of
Directors at its discretion.
BEAT will not accept
gifts that -
(a) under any reasonable set of circumstances would
jeopardize the donor's financial security
(b) would result in BEAT losing its status as an IRS
501(c)(3) not-for-profit organization
(c) are too difficult or too expensive for BEAT to
(d) would result in any unacceptable consequences for
(e) are for purposes outside BEAT's mission
Accepted Without Review (including, but not limited to the following) -
Cash – Cash gifts are acceptable in any form,
including by check, money order, credit card, gift cards or on-line.
Bequests – Donors are encouraged to make
bequests to BEAT under their wills.
Acceptance of bequests may be reviewed by the Gift Acceptance Committee
if they are other than cash.
Gifts Accepted Subject
to Prior Review (including, but not limited to the following)-
Tangible Personal Property – Gifts of tangible
personal property whether or not directly related to BEAT’s mission will be
reviewed by the Gift Acceptance Committee prior to acceptance.
Life Insurance – All gifts of completed Life
Insurance where BEAT is named as both beneficiary and irrevocable owner of the
insurance policy will need to be discussed with and reviewed by the Gift
Acceptance Committee prior to acceptance.
Real Estate – All gifts of real estate are
subject to review by the Gift Acceptance Committee prior to acceptance. Review will include, but is not limited to,
assessment of potential use for BEAT in pursuit of its mission, engagement of
professional appraisal and site review, full title report and full environmental
In-Kind Gifts – Gifts of in-kind materials or
services will be accepted at the discretion of BEAT subject to the review by
the Gift Acceptance Committee when necessary.
Marketable Securities – All gifts of marketable
securities (restricted or otherwise)
must be reviewed by the Gift Acceptance Committee prior to acceptance by
BEAT. Please note, it is our standard
policy to promptly sell upon receipt all gifts of securities, unless otherwise
determined by the Gift Acceptance Committee.
Gifts Currently NOT
Accepted by BEAT (including, but not limited to the following) -
Split Interest Gifts -
(a) Charitable Gift
(b) Gifts of remainder
interest in a personal residence or farm
(c) Charitable Remainder
(d) Charitable Lead
(e) Pooled Income Funds
Intent – BEAT will
only accept gifts when we can honor compatibility between the intent of the
donor and the organization's use of the gift.
Legal Counsel –
BEAT will seek the advice of legal counsel in matters relating to acceptance of
gifts when appropriate, when recommended by the Gift Acceptance Committee or
when desired by the Board of Directors.
IRS Reporting –
BEAT will provide acknowledgements to donors meeting IRS substantiation
requirements for property received by the charity as a gift. However, except for gifts of cash, no value
shall be ascribed to any receipt or other form of substantiation of a gift
received by BEAT.
Anonymity – BEAT
will respect the desire of any donor to remain anonymous. With respect to anonymous gifts, BEAT will
restrict information about the donor to only those staff members with a need to
Third Parties –
BEAT will not compensate, whether through commissions, finder's fees, or other
means, any third party for directing a gift or a donor to BEAT.
Annual Review –
BEAT's Gift Acceptance Policy will be reviewed annually by the Gift Acceptance
Committee and approved by the Board of Directors.
Approved by the Board of Director 06/02/2014