SAAF's Gift Acceptance Policy
The Board of Directors of the SOUTHERN ARIZONA AIDS FOUNDATION (“SAAF”) hereby resolves to identify the types of donors’ charitable gifts that will be considered acceptable by SAAF. SAAF shall accept no gift that would compromise or re-direct the mission, purposes, goals, objectives, programs, integrity, or independence of SAAF.
The following types of unrestricted gifts are generally considered acceptable by SAAF without approval by the Director of Development or by the Board of Directors:
- Cash and cash equivalents.
- Marketable securities, including mutual fund shares.
- Gifts made through wills.
- Gifts made through life insurance policies.
- Gifts made through retirement plans.
- Gifts made through charitable gift annuities.
- Gifts made through charitable remainder, charitable income, or charitable lead trusts; and
- Pledges of such gifts. Gifts made by pledge must be in writing, dated, and signed by the donor.
Possibly Acceptable Gifts
The foregoing types of gifts, if restricted for a particular purpose, may require approval by the Director of Development if the restriction placed upon the gift would obligate SAAF to execute a program or service not offered by SAAF at the time the gift is made. Additionally, gifts of liquid or non-liquid assets (including but not limited to artworks and real estate) may also be accepted but must first be approved for acceptability by the Director of Development; in certain instances, the Director of Development may opt to refer the decision to the Executive Committee or to the full Board of Directors for approval prior to acceptance. As a rule, such assets must be accompanied by a current written appraisal and evidence of clear title; the expense of such documentation is to be borne by the prospective donor. Gifts of real estate must generally also be accompanied by a current Stage II environmental report.
In evaluating the acceptability of a potential gift to SAAF, the Director of Development should minimally consider the following:
- Any costs SAAF might incur in the acquisition or disposition of the asset.
- Any operating expenses SAAF must assume because of acquiring the asset.
- Legal liability that might arise because of acquiring the asset.
- Whether or not the asset will require SAAF-provided insurance.
- Staff time (or additional staff) that might be required in the ongoing management or disposition of the gift.
- Expenses that might be incurred in hiring professional help to manage and/or dispose of the asset.
- Whether the asset could be retained by SAAF and utilized to offset or reduce expenses to the annual operating fund; and
- Whether there exists a ready market for the disposition of the asset.
Gifts generally considered unacceptable by SAAF include, but are not necessarily limited to:
- Encumbered assets.
- Assets without clear title.
- Portions of assets held in partnership with other owners.
- Closely held stocks.
- Non-marketable securities; and
- Assets determined to have little potential for disposition.
Disposition of Gifts
SAAF is free to sell or liquidate any gift property at any time (unless otherwise agreed in writing).
To assure continued relevance of the guidelines and objectives established in this statement of policy, the Director of Development shall review SAAF’s Gifts Acceptance Policy at least every two years, referring any recommended changes to the Board of Directors for approval.