HANDY solicits and accepts gifts for purposes that will help the organization further
and fulfill its mission. HANDY urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern the acceptance of gifts made to HANDY for the benefit of any of its operations, programs, or services.
Use of Legal Counsel – When appropriate, HANDY will seek the advice of legal counsel in matters relating to the acceptance of gifts. Review by legal counsel is recommended for:
- • Gifts of securities that are subject to restrictions or buy-sell agreements;
- • Gifts requiring HANDY to assume financial or other obligations;
- • Transactions with potential conflicts of interest;
- • Gifts of property that may be subject to environmental or other regulatory restrictions; and
- • Any other gifts when deemed necessary by the President and CEO.
Restrictions on Gifts – HANDY will not accept gifts that (a) would result in HANDY violating its corporate charter, (b) would result in HANDY losing its status as an IRS 501(c)(3) exempt not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would create unacceptable risk whether financial, legal, damage to brand, or otherwise result in material unacceptable consequences for HANDY, or (e) if the terms of the gift would require HANDY to materially deviate from its mission. In consultation with the Resource Development Committee, the President and CEO shall make decisions on the restrictive nature of a gift, including its acceptance or refusal.
Gifts Generally Accepted Without Review –
Cash. Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, or American Express), card number, expiration date, billing address, and name of the cardholder as it appears on the credit card.
Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms, or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. Upon receipt, all marketable securities will be sold as soon as reasonably possible under the circumstances. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the President and CEO in consultation with the Resource Development Committee.
Bequests and Beneficiary Designations Under Revocable Trusts, Life Insurance Policies, Commercial Annuities, and Retirement Plans. Donors are encouraged to make bequests to HANDY under their wills, and to name HANDY as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans.
Charitable Remainder Trusts. HANDY may accept designation as a remainder beneficiary of charitable remainder trusts.
Charitable Lead Trusts. HANDY may accept designation as an income beneficiary of charitable lead trusts.
Gifts Accepted Subject to Prior Review – Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
Tangible Personal Property. The Resource Development Committee shall review determine whether to accept any gifts of tangible personal property in light of the following considerations:
- • Whether the property furthers the organization’s mission?
- • Is the property marketable?
- • Are there any unacceptable restrictions imposed on the property?
- • Are there any carrying costs for the property for which the organization may be responsible?
- • Is the title of the property clear?
- • Any other considerations deemed appropriate by the Resource Development Committee or the President and CEO.
Life Insurance. HANDY may accept gifts of life insurance where HANDY is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
Real Estate. All gifts of real estate are subject to review by the Resource Develop Committee. Prior to acceptance of any gift of real estate, other than a personal residence, HANDY shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit.
Considerations for acceptance of gifts of real estate include:
- • Is the property useful for the organization’s purposes?
- • Is the property readily marketable?
- • Are there covenants, conditions, restrictions, reservations, easements, encumbrances, or other limitations associated with the property?
- • Are there any carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
- • Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
- • Any other considerations deemed appropriate by the Resource Development Committee or the President and CEO.