Gift Acceptance Policy

Purpose

This gift acceptance policy will provide guidelines to representatives of St. Boniface of Guilderland, NY who may be involved in the acceptance of gifts, to outside advisors who may assist in the gift planning process, and to prospective donors who may wish to make gifts to the St. Boniface of Guilderland, NY.  This policy is intended only as a guide and allows for some flexibility on a case-by-case basis.  The gift review process outlined here, however, is intended to be followed closely.  Note that St. Boniface Episcopal Church of Guilderland, NY does not offer tax or financial advice.

Gift Review Committee

Any questions which may arise in the review and acceptance of gifts to St. Boniface of Guilderland, NY will be referred to The Development Committee. 

Cash

1)      All gifts by check shall be accepted by St. Boniface of Guilderland, NY regardless of amount.

2)      Checks shall be made payable to St. Boniface of Guilderland, NY.  In no event shall a check be made payable to an individual who represents St. Boniface of Guilderland, NY or the church in any capacity.

Publicly Traded Securities

1)      Readily marketable securities, such as those traded on NASDAC, New York or the American stock exchange, can be accepted by St. Boniface of Guilderland, NY. 

2)      The value of the gift of securities is the average of the high and low prices on the date of the gift.

3)      A gift of securities to St. Boniface of Guilderland, NY is usually liquidated immediately. 

Real Estate

1)      Any gift of real estate must be reviewed by the Development Committee.

2)      Normally, the donor is responsible for obtaining and paying for an appraisal of the property.  The appraisal will be performed by an independent and professional agent.

3)      The appraisal must be based upon a personal visitation and internal inspection of the property by the appraiser.  Also, whenever possible, it must show documented valuation of comparable properties located in the same area. 

4)      The formal appraisal should contain photographs of the property, the tax map number, the assessed value, the current asking price, a legal description of the property, the zoning status, and complete information regarding all mortgages, liens, litigation or title disputes.

5)      St. Boniface of Guilderland, NY reserves the right to require an environmental assessment of any potential real estate gift. 

6)      The property must be transferred to St. Boniface of Guilderland, NY prior to any formal offer or contract for purchase is made.

7)      The donor may be asked to pay for all or a portion of the following:

a)      Maintenance costs

b)      Real estate taxes

c)       Insurance

d)      Real estate broker’s commission and other costs of sale

e)      Appraisal costs

8)      For gift crediting and accounting purposes, the value of the gift is the appraised value of the real estate.  This value may be reduced, however, by the costs of maintenance, insurance, real estate taxes, broker’s commission and other expenses of sale.

Life Insurance

1) A gift of a life insurance policy must be referred to the Development Committee.

2) St. Boniface of Guilderland, NY can be named a contingent beneficiary or the beneficiary of a percentage of a life insurance policy

3) The vestry will accept ownership of a life insurance policy as a gift only if St. Boniface of Guilderland, NY is named as the owner and beneficiary of 100% of the policy.

4) If the gift is a paid-up policy, the value for gift crediting and accounting purposes is the policy’s replacement cost.

5) If the policy is partially paid-up, the value for gift crediting and accounting purposes is the policy’s cash surrender value.  (For IRS purposes, the donor’s charitable income tax deduction is equal to the interpolated terminal reserve, which is an amount slightly in excess of the cash surrender value.)

Tangible Personal Property

1)      Any gift of tangible personal property shall be referred to the Development Committee prior to acceptance.

2)      Gifts of jewelry, artwork, collections, equipment and software shall be assessed for their value to St. Boniface of Guilderland, NY.  Their value may be realized either by being sold or used in connection with the parish’s exempt purpose.

3)      Depending upon the anticipated value of the gift, a qualified outside appraiser may be asked to determine its value. 

4)      St. Boniface of Guilderland, NY shall adhere to all IRS requirements relating to valuation and disposition of gifts of tangible personal property and will provide appropriate forms to the donor and IRS.

Deferred Gifts

1)      St. Boniface of Guilderland, NY encourages deferred gifts in its favor through any of a variety of vehicles:

a)      Charitable gift annuity (or deferred gift annuity)

b)      Pooled income fund

c)       Charitable remainder trust

d)      Charitable lead trust

e)      Bequest

f)       Retained life estate

2)      St. Boniface of Guilderland, NY (or its agent) shall not act as an executor (personal representative) for a donor’s estate.  A member of the parish staff serving as personal representative for a member of the parish does so in a personal capacity and not as an agent of the parish.

3)      St. Boniface of Guilderland, NY (or its agent) shall not act as trustee of any charitable remainder trust.

4)      St. Boniface of Guilderland, NY may invite prospective donors to consider gift vehicles offered by The Episcopal Church Foundation (specifically, Charitable Remainder Trusts, Charitable Gift Annuities and the Pooled Income Fund).

5)      When donors are provided planned gift illustrations or form documents, these will be provided free of charge.  For any planned gift related documents, materials, illustrations, letters or other correspondence, the following disclaimer should be included:

St. Boniface of Guilderland, NY strongly urges you to consult with your attorney, financial and/or tax advisor to review this information provided to you without charge or obligation.  This information in no way constitutes legal or financial advice. 

6)      All information obtained from or about donors/prospects shall be held in the strictest confidence by St. Boniface of Guilderland, NY staff and volunteers.  Neither the name, nor the amount, nor the conditions of any gift shall be published without the express written or oral approval of the donor and/or beneficiary.

7)      St. Boniface of Guilderland, NY will seek qualified professional counsel in the exploration and execution of all planned gift agreements.  The parish recognizes the right of fair and just remuneration for professional services.

  1. The Vestry, upon the advice of the Development Committee, reserves the right to decline any gift that does not further the mission of the parish. Also, any gifts that would create an administrative burden or cause the parish to incur excessive expenses may be declined.

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