Adopted August 13, 2014
ST PETERSBURG COLLEGE FOUNDATION, INC.
Gift Acceptance Policy
Article I. Purpose
The St. Petersburg College Foundation, Inc. (Foundation), a direct support organization of St. Petersburg College and certified as such in accordance with the laws of Florida, solicits and accepts gifts for purposes that will help the Foundation and the College further and fulfill their mission. The Foundation 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 Foundation for the benefit of any of its operations, programs or services.
When considering whether to solicit or accept gifts, the organization will consider the standards and policy set forth herein. The Foundation shall consider whether the acceptance of the gift compromises any of its core values, and whether there is compatibility between the intent of the donor and the use of the gift. Further, a determination shall be made whether a gift is offered in a form that can be used without incurring substantial expense or difficulty on the part of the Foundation or the College.
Article II. Use of Legal Counsel
The Foundation will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
(a.) Gifts of securities that are subject to restrictions or buy-sell agreements.
(b.) Documents naming the Foundation as trustee or requiring the organization to act in any fiduciary capacity.
(c.) Gifts requiring the Foundation to assume financial or other obligations.
(d.) Transactions with potential conflicts of interest.
(e.) Gifts of property which may be subject to environmental or other regulatory restrictions.
Article III. General Restrictions on Gifts
The Foundation will not accept gifts that:
(a.) would result in the Foundation violating its corporate charter,
(b.) would result in the Foundation losing its status as an IRC § 501(c)(3) not-for-profit organization,
(c.) are too difficult or too expensive to administer in relation to their value,
(d.) would result in any unacceptable consequences for the Foundation,
(e.) are for purposes outside the Foundation’s purpose and mission,
(d.) are given to the Foundation in exchange for favors or influence over the Foundation’s decisions.
Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Directors, in consultation with the Executive Director.
Article IV. Gifts Generally Accepted Without Review
Cash and Marketable Securities: Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. 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. All marketable securities will be sold promptly upon receipt unless otherwise directed by the Board of Directors, Executive Committee or Finance and Investment Committee. 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 Board of Directors, Executive Committee or any other committee so empowered to make such a decision.
Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans: Donors are encouraged to make bequests to the Foundation under their wills, and to name the Foundation as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans. The Foundation may accept designation as a remainder beneficiary of charitable remainder trusts, and may accept designation as an income beneficiary of charitable lead trusts. Certain forms of gifts or donated properties may be subject to review prior to acceptance.
Article V. Gifts Subject to Prior Review
Gifts subject to prior review include, but are not limited to:
(a.) Tangible Personal Property. The Executive Committee shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: Does the property further 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/provenance of the property clear?
(b.) Life Insurance. The Foundation may accept gifts of life insurance where it is named as both beneficiary and irrevocable owner of the insurance policy.
(c.) Real Estate. All gifts of real estate are subject to review by the Board of Directors. Prior to acceptance of any gift of real estate other than a personal residence, the Foundation 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. Criteria 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 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?