This program was recorded on September 16, 2020
Clear gift acceptance policies and agreements take on new meanings in the age of COVID. They can fulfill the traditional role of protecting a charity from accepting a gift that will cost the charity far more than it is worth, and from personally insulting a potential donor whose collection of beer bottle caps you don't really want. They can also protect the charity when the purpose is no longer legal or practical. In the age of COVID, they may also give the donor some comfort that the pledge is not enforceable if the organization goes out of business before the gift is finalized. This webinar will explore the outlines of good gift acceptance policies and agreements and the considerations that should go into creating them for your organization.
If a donor wants to give you something other than cash or publicly traded securities, how should your charity react? Good gift acceptance policies will provide guidelines for handling the unusual gift, such as real estate, S corporation stock, and personal property, including collections. They can provide guidelines on the donor-restrictions that you will not accept. They can also give guidelines on whose gift you want to accept, especially when the donor wants naming rights for a new building or program. Do you really want a gift from a reputed mob boss?
We will also deal with gifts from a donor's family foundation, donor advised fund or IRA. What should you be considering in connection with those gifts?
This webinar will discuss the important issues you should consider in allocating responsibility for performing "due diligence" on unusual gifts you are willing to accept, and providing a review board to make final decisions in circumstances that may justify a variance.
Once you have decided to accept a gift, do you need a specific gift agreement if the gift is restricted in any way? What clauses should be included to provide the right to change the purpose if it becomes illegal or impractical? How do you deal with naming issues? Who has the right to enforce restrictions?
Participants will receive a package of materials from Nonprofit Issues® .
Tish Mogan, Standards for Excellence Director of the Pennsylvania Association of Nonprofit Organizations, will facilitate the program.
Nonprofit Issues® is an Accredited Provider for Pennsylvania Continuing Legal Education. CLE credit is available for PA lawyers participating in this webinar. If you are a lawyer in a state that accepts CLE credits from other jurisdictions we can provide certificates of attendance and proof of our PA approval. CPE credits also availbe for accountants.
Lawyers and accountants requesting credit must register and dial in separately - group registrations are not permitted.
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