THE LONGBRANCH FOUNDATION
April 17, 2019
GIFT ACCEPTANCE POLICY
The Longbranch Foundation (TLF), a not-for-profit organization incorporated under the laws of the State of Washington and recognized as a tax-exempt charitable organization under section 501(c)(3) of the Internal Revenue Code, encourages the solicitation and acceptance of gifts to or for the benefit of TLF for its charitable purposes that will help TLF to further and fulfill its mission.
The mission of TLF is “To promote and enable educational opportunities for our youth, to maintain the area’s history, to improve the Filucy Bay environment and to generally improve the quality of life for adults and children of the community.”
TLF’s Board has a fiduciary duty to assure that TLF’s assets are used efficiently and are protected from potential liabilities and diversion to purposes other than those that further TLF’s stated purposes.
The Charitable Purposes of TLF are:
- To advance education by supporting student scholarship programs and public school activities and programs.
- To preserve the historic clubhouse owned by the Longbranch Improvement Club (LIC), as well as other historic structures and sites.
- To maintain and improve the grounds of the LIC clubhouse.
- To protect the environment, particularly the marine environment at the Longbranch marina and to ensure that the Longbranch marina is safe for use by members of the public.
- Support of other Community Service Organizations and Activities.
- Support the Community where the Need is the Greatest.
The following policies and guidelines govern acceptance of gifts made to TLF or for the benefit of its programs.
Purpose of Policies and Guidelines
The Board of TLF solicits current and deferred gifts from individuals, corporations, foundations, and government sources to secure the future growth and mission of TLF. We appreciate donors’ consideration of any gift to TLF and the interest of the donor is of prime importance to TLF.
The following policies and guidelines govern the acceptance of gifts by TLF and provide guidance to prospective donors and their advisors when making gifts to TLF for any of its programs.
- Gifts will be accepted only if they do not interfere with TLF’s mission, purposes and procedures.
- TLF shall accept only such gifts as are legal and consistent with organizational policy.
- While TLF does not provide tax advice, every effort will be made to assist donors in complying with the intents and purposes of the Internal Revenue Service in allowing charitable tax benefits.
- Key principles include safeguarding the confidentiality of the donor relationship, if requested; providing full disclosure to the donor; and ensuring gifts are recorded, allocated and used according to the donor intent and designation.
Use of Legal Counsel
The Longbranch Foundation (TLF) will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
- Gifts of securities which are subject to restrictions or buy-sell agreements.
- Documents naming TLF as trustee or requiring TLF to act in any fiduciary capacity.
- Gifts requiring TLF to assume financial or other obligations.
- Transactions with potential conflicts of interest.
- Gifts of property which may be subject to environmental or other regulatory restrictions.
Legal or Professional Fees incurred to resolve the status of a donation are the responsibility of the donor.
Restrictions on Gifts
The Longbranch Foundation (TLF) will not accept gifts that:
- would result in TLF violating its corporate charter,
- would result in losing its status as an IRC 501(c)(3) not-for-profit organization,
- are too difficult or expensive to administer,
- would result in any unacceptable consequence, and/or
- are outside of its stated charitable purposes.
Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Gift Committee of TLF consisting of its Development Director, Board Vice President and Board Financial Officer, in consultation with the Board President.
Gifts Generally accepted without Review
- Cash gifts are accepted by check, money order, credit card, or on-line payment services.
- Publically traded securities transferred to and sold by TLF’s Edward Jones broker.
- Bequests and Beneficiary Designations under Revocable Trusts, Your Will, Commercial Annuities and Retirement Plans
- Paid-up Life Insurance as the primary beneficiary or as a contingent beneficiary should your beneficiaries not survive you. Un-paid-up Life Insurance will be converted to paid-up, exchanged for cash value or sold thru a viatical settlement broker.
For further information, please go to longbranchfoundation.org for Ways to Give to TLF.
Certain types of gifts must be reviewed prior to acceptance due to the special liabilities they may pose for TLF. Examples of gifts which will be subject to review include gifts of real property and gifts of personal property.
Gifts that are Generally Not Currently Accepted
The Longbranch Foundation (TLF) will currently not accept gifts in the following categories:
Boats; Real Estate; Livestock; Farm Equipment; Frequent Flyer Miles; Gold Coins/Precious metals; Leased Property; Partnership or LLC interests; Patents/Trademarks; Savings Bonds; Time Share Interests; Crypto currency; closely held securities.
TLF will in general not involve itself with Charitable Gift Annuities; Charitable Remainder Trusts; Charitable Lead Trusts; or Pooled Income Funds.
Acknowledgement of Gifts
The President or such other person designated by the TLF Board of Directors shall assume the responsibility to acknowledge gifts received by The Longbranch Foundation within 30 days of receiving the donation.
APPROVED & ADOPTED BY THE TLF BOARD of DIRECTORS: April 16, 2019