Gift Acceptance Policy

Policy

Everstand solicits and accepts charitable gifts to help fulfill its mission. In addition to working with a member of Everstand’s Development Office, Everstand urges all prospective donors to seek the assistance of independent legal and financial advisers in matters relating to their charitable giving. Everstand wishes for all donors to have a complete understanding of the possible tax and estate planning consequences that their donations may entail.

Everstand’s fundraising solicitations and marketing materials may speak generally to the benefit of a certain type or method of giving. However, these communications should not be construed as legal or tax advice. Every donor’s tax situation is unique.

The following policies and guidelines govern the acceptance of gifts made to Everstand for the benefit of any of its operations, programs, or services.

No provision hereof shall be construed as requiring either that any proposed gift be accepted or that any proposed gift be rejected.

Use of Legal Counsel

Everstand will seek the advice of legal counsel in matters relating to the acceptance of gifts where appropriate. Review by counsel is recommended for:

1. Gifts of securities that are subject to restrictions or buy-sell agreements
2. Documents naming Everstand as trustee or requiring Everstand to act in any fiduciary capacity
3. Gifts requiring Everstand to assume financial or other obligations
4. Transactions with potential conflicts of interest
5. Gifts of property that may be subject to environmental or other regulatory restrictions
6. Any other transaction which Everstand deems necessary

Restrictions on Gifts

Everstand will not accept gifts that (a) would result in Everstand violating its corporate charter, (b) would result in Everstand losing its status as an IRS § 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 Everstand, or (e) are for purposes outside the Everstand mission.

Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Gift Acceptance Committee, the Executive Committee, and/or the Board of Directors (where required). The Gift Acceptance Committee consists of the President & CEO, the Chief Financial Officer, the Chief Operating Office, the Senior Director of Marketing and Development, the Board Chair, and the Board Treasurer.

The Gift Acceptance Committee shall be considered to have taken action when such action has been concurred in by at least a majority of its members.

Gifts Generally Accepted Without Review

Cash

• Cash gifts are acceptable (and appreciated) in any form, including by check, money order, credit card, or online via the organization’s website.
• Donors who wish to set up a recurring gift (e.g., monthly, quarterly, annually) are welcome to do so via the website, by sending in a reply card, or by coordinating with a member of the Development Office. Donors may modify, pause, or cancel recurring gifts at any time by contacting the Development Office at 410-922-2100.

Marketable Securities

• Marketable securities may be transferred electronically to Everstand’s account maintained at its brokerage firm 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 Finance 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 Gift Acceptance Committee.

Bequests and Beneficiary Designations
Specifically: Revocable Trusts, Life Insurance Policies, Commercial Annuities, and Retirement Plans

• Donors are encouraged to make bequests to Everstand under their wills (by indicating a % of the estate or a specific $ amount).
• Donors may also name Everstand as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans.

Charitable Remainder Trusts

• Everstand will accept designation as a remainder beneficiary of charitable remainder trusts.

Charitable Lead Trusts

• Everstand will 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 Gift Acceptance Committee shall review and determine whether to accept any gifts of tangible personal property, including but not limited to 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?

Life Insurance Ownership

• Everstand will accept gifts of life insurance where Everstand 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 to the policy.

Real Estate

Everstand is extremely grateful for donors who are exploring or intend to leave a gift of real estate. Given that real estate can expose Everstand to potential liability, Everstand recommends donors indicate that Everstand is to receive the proceeds of the sale of property, rather than transferring outright ownership of the property to Everstand directly.

If a donor wishes to designate Everstand as the owner of real estate directly, the gift is subject to review by the Gift Acceptance Committee and must be approved by the Executive Committee and Board prior to acceptance.

Prior to acceptance of any gift of real estate, Everstand shall require an initial environmental review by a qualified environmental firm at the donor’s expense. 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 but are not limited to:

• 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?

Any gift with restrictions may not be accepted without the approval of the Executive Committee and Board.

Gifts Subject to Appraisals

All non-cash gifts that are not immediately sellable must be properly substantiated and appraised at fair value by the donor and at the donor’s expense.

Donor Acknowledgement

Everstand will acknowledge all gifts in accordance with IRS guidelines. For gifts where the donor received goods or services in return (e.g., attended an event), their gift acknowledgment letter will indicate the value of the goods or services provided and the net charitable donation amount.