While most planned gifts are simple beneficiary gifts, you will most likely encounter a donor who would like to make a gift beyond the “ordinary.” What will you do when a donor wants to donate their house, business, art collection, or property? Does the property have environmental implications? How will you handle those opportunities? How will you ensure that you minimize your organization’s risk and keep the donor happy? Written gift acceptance policies will help you do all this.
Important: Never reject a noncash gift opportunity without giving it serious consideration. There are strategies your donor can implement like starting an LLC or a Donor Advised Fund and donating the asset there. There are also organizations like Charitable Solutions (Bryan Clontz and team) who can potentially handle the gift transaction on your behalf, relieving you of all risk and work. They take a very small fee and send you a check.
Action Steps:
- Form a small committee with your CFO and one or two board members to develop these policies or review your current ones. You can download a template of gift acceptance policies, procedures, and sample bequest language at the National Charitable Gift Planners
- Be sure to review your policies every 3-5 years
- Check out Bryan Clontz and his team at charitablesolutionsllc.com