21: Gift/Fund Acceptance Policies
The community foundation documents that it has adopted—either under its investment policies or separately— policies addressing minimum fund size, types of fund options, types of gift mechanisms, and procedures for accepting various types of assets. Further, the policies should include guidelines that prevent the foundation from violating the excess business holding rules for assets it holds in donor advised funds (as legally defined).
Some or all of the key elements 1-5 may be found in Sample Disclosure Documents (Requirement 19):
- Types and specifications of funds offered
- Types and specifications of gifts and asset types accepted
- Procedures for accepting gifts and establishing funds, including any necessary approvals (If gifts of illiquid assets are accepted, the policy should address the process the community foundation uses to ensure that such gifts will have a charitable benefit to the community foundation.)
- Conditions under which board approval is required to accept a gift or asset type or establish
- Minimum amount to set up a new fund
- Guidelines to prevent violation of the excess business holding rules for assets held in donor advised funds (Cross-check with investment policy; can be in either or both documents.)*
*Pension Protection Act requirement
For the purposes of reconfirmation, a material change is any change that affects any of the above key elements except the minimum amount to set up a new fund. In other words, changes to the minimum amount to establish a new fund do not need to be submitted. If you have had material changes, you will need to resubmit any documentation related to material changes. Review all key elements for this requirement by clicking the "confirming" toggle in the upper left corner of this page.
- Gift/Fund Acceptance Policies*
- Policy for accepting gifts of illiquid assets
*Pension Protection Act requirement. You must submit this unless your original binder submission was after to August 2006 and you have met the Pension Protection Act requirements.
Other Suggested Document
- Investment and Spending Policies