Gift Acceptance Policy

These provisions and guidelines are adopted for the benefit of, and to provide guidance to Catholic Charities of the Diocese of Tulsa, Inc.  Catholic Charities reserves the right to update and revise this document as needed, with approval by the Executive Committee of the Board of Governors.

1. Mission – The mission of Catholic Charities is to bring Christ’s merciful love to those who suffer in our midst.  Our mission is carried out by Catholic people and others in fraternal goodwill pooling their resources to reach out and assist those in need.  In doing so, Catholic Charities is the primary instrument of the Church in carrying out the works of mercy.

2. Purpose – The purpose of this gift acceptance policy is to govern the acceptance and administration of gifts and to provide guidance to donors and their advisors in completing gifts.  All gifts to Catholic Charities must be properly accepted, recorded and confirmed.  The gifts may then be sold, transferred and/or otherwise invested or reinvested.  No donor shall hold Catholic Charities, their agents or employees personally liable for failure to follow these guidelines.

No employee or agent of Catholic Charities may enter into any legal contract or agreement with any individual or institution on behalf of Catholic Charities regarding gifts without written approval of the Chairman or Vice-Chairman of the Board of Governors or their designee.

3. Use of Legal Counsel – Catholic Charities shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate.  Review by counsel is recommended for:

1. Closely held stock transfers that are subject to restriction or buy-sell agreements.
2. Transactions governed by contracts or legal documents.
3. Transactions with potential conflict of interest.
4. Other transactions in which the Board of Governors believe that the use of counsel is appropriate.

4. Restrictions on Gifts – Catholic Charities will accept gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission and priorities.  Catholic Charities will not accept gifts that are too restrictive in purpose or that are too difficult to administer.  All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Executive Committee.  If the gift is deemed unacceptable because of the restrictions the donor has placed on its use, the donor will be informed promptly and provided with the opportunity to remove and/or modify the identified restriction(s) or revoke the gift.  The following types of gifts are deemed unacceptable:

1. Is inappropriate or not conducive to the best interest of the mission of Catholic Charities.
2. Is known or suspected to be from an illegal source.
3. Is a commercial endeavor.
4. Would obligate Catholic Charities to undertake responsibilities which it may not be capable of meeting.
5. Creates excessive administrative, recording, tracking, or reporting procedures.
6. Ordinarily mortgaged property will not be accepted as an outright gift; however, exceptions may be made when the property has sufficient equity to justify assumption of the liability and the property is marketable.

5. Types of Gifts – Acceptance of certain types of gifts can result in complicated transactions with potential or real liability.  Therefore, acceptance of gifts of real estate, property, equipment, insurance, annuities, terminal trusts, revocable trusts, etc. are subject to the approval of the Executive Committee or its designee.  Catholic Charities reserves the right to accept or refuse any gift.  The following gift forms are acceptable within the stated criteria:

1. Cash – Catholic Charities accepts cash, credit cards, checks or money orders made payable to Catholic Charities.  These donations may be mailed to P.O. Box 580460, Tulsa, OK  74158.
2. Tangible Personal Property – Catholic Charities may accept gifts of tangible personal property if saleable and the donor must agree that it can be sold.  Catholic Charities has sole discretion whether or not the item is sold or used in a manner related to its mission. Other criteria considered before accepting the property include transportation, storage, insurance, maintenance, display and liquidation costs.  The donor is responsible for establishing the value of the gift including obtaining an appraisal for tax purposes.
3. Marketable Securities – Catholic Charities accepts readily marketable securities, including bonds, and will liquidate the securities upon receipt.  The revenues will be allocated according to the donor’s wishes.  The value of the securities is determined on the recognized gift date, which is established when the donor relinquishes control of the securities.  The average of the high and the low trading prices on the gift date determine the value of the securities for tax purposes.
4. Non-readily Marketable Securities – Careful consideration will be given to the acceptance of gifts of securities that are not readily marketable or gifts of closely-held corporate stock and /or limited partnership interests.  It is important to ensure that Catholic Charities assumes no liability in receiving such securities and that such property can be sold within a reasonable time period.  If accepted, these will be carried on the books at $1.00 in the absence of an appraisal from an independent professional appraiser to substantiate the fair market value, at the cost of the donor.  Securities that will not be accepted include:

1. Securities which are assessable.
2. Securities that transfer an ownership interest that may convey a liability to Catholic Charities.
3. Securities that may not be assigned, transferred or conveyed to another party (such as series “E” savings bonds).
4. Securities that have no apparent value.
5. Real Estate – Gifts of real property may be accepted based on the outcome of a property analysis, including physical condition, likelihood of an immediate sale, current market analysis of value and possible environmental issues.  The donor must provide items to assist in preparing the property analysis including the deed, current property tax bill, title reports, notes or mortgages and Phase One Environmental Audit.  The donor needs to have a qualified appraisal, completing IRS Form 8283.  If Catholic Charities sells the property within two years, they will file IRS Form 8282 informing the donor and IRS of the amount of the sale.
6. Planned Gifts and Bequests – A planned gift is legally established during the donor’s lifetime or by means of the donor’s will or trust, with the principal benefits not accruing to Catholic Charities until some future date.  Planned gifts include bequests, life insurance, charitable gift annuities, pooled income funds, real property, and charitable trusts.  If in the opinion of Catholic Charities, all or part of the funds cannot be applied in strict conformance with the purpose(s) stated in the bequest, will or trust, Catholic Charities may use these funds for other appropriate purposes as nearly aligned to the original intent of the donor as good conscience and need dictate within the authorized powers of Catholic Charities.

6. Miscellaneous Provisions

1. The legal name of this organization is Catholic Charities of the Diocese of Tulsa, Inc.  Donors should use this legal name in documents listing Catholic Charities as a gift recipient.
2. Catholic Charities is a nonprofit organization with 501(c)(3) status according to Internal Revenue Service code.
3. It is the responsibility of the donor to secure an appraisal, where required, and independent legal counsel for all gifts made to Catholic Charities.
4. Catholic Charities will record a gift received at its valuation for gift purposes on the date of the gift.
5. The Director of Finance and Operations is responsible for filing IRS Form 8282 on the sale or disposition of any asset sold within two years of receipt by Catholic Charities when the charitable deduction value of the item is more than $5,000.  Catholic Charities must file this form within 125 days of the date of sale or disposition of the asset.
6. Acknowledgement of all gifts made to Catholic Charities and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of the Executive Director.

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For more information about giving to Catholic Charities of the Diocese of Tulsa, donors and their advisors should contact the Catholic Charities’ Mission Advancement office. Catholic Charities’ staff cannot give financial or investment-related advice, but will provide information about the Catholic Charities’ programs, services, and needs of the organization.

 

Rev. Dcn. Kevin M. Sartorius – Executive Director
Laurie Perkins – Director of Mission Advancement
Catholic Charities of the Diocese of Tulsa
PO Box 580460, Tulsa, OK 74158
Phone:  918.949.HOPE (4673)    Fax:  918.582.2123
www.CatholicCharitiesTulsa.org

Approved by Board of Governors 6/3/09
Updated 5/12/12