Giving

1. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of it capacity to use donations effectively for their intended purposes.
2. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
3. To have access to the organization’s most recent financial statements.
4. To be assured their gifts will be used for the purposes for which they were given.
5. To receive appropriate acknowledgement and recognition.
6. To be assured that information about their donations is handled with respect and with confidentiality to the extent provided by law.
7. To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
8. To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
9. To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.
10. To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.

Academy of Our Lady of Lourdes

Sisters of Saint Francis, Rochester MN

GIFT ACCEPTANCE POLICY

1.     Purpose

This policy serves as a guideline to the Academy of Our Lady of Lourdes involved with accepting gifts to outside advisors who assist in the gift planning process, and to prospective donors who wish to make gifts to the Academy of Our Lady of Lourdes. This policy is intended to be used only as a guide and allows for flexibility on a case-by-case basis.

2.     Adherence To Ethical Fund Raising Practices

The Academy of Our Lady of Lourdes has, among its primary objectives, the privilege of working with donors who wish to make contributions that will satisfy their charitable giving intentions. The Academy of Our Lady of Lourdes and its Development Office will not support techniques and practices that use undue persuasion upon their donors. Further, representatives of the Academy of Our Lady of Lourdes will not take advantage of any donor’s incapacity or inability to fully understand the nature of any gift they are contemplating.

3.     Use of Legal Counsel

All prospective donors will be encouraged to seek professional counsel regarding a planned gift to the Academy of Our Lady of Lourdes. They will have their advisors review all proposals and illustrations presented to them. Gift annuity illustrations will always include a disclaimer encouraging the prospective donor to seek independent advice and reminding them of the irrevocable nature of their contribution.

4.     Gifts of Cash

1. The Academy of Our Lady of Lourdes shall accept all gifts by check regardless of amount. There may be instances where the donor’s ability is in question, or there may be a question about the amount of the gift being appropriate given their apparent means. In such instances, the Academy of Our Lady of Lourdes Development Office staff will make a reasonable effort to contact the donor to determine whether to accept the gift.
2. Checks shall be made payable to the Academy of Our Lady of Lourdes and may designate a particular program or project of the Academy of Our Lady of Lourdes. In no event shall a check be payable to an individual who represents the Academy of Our Lady of Lourdes.
3. A receipt shall accompany any donation of cash made to a representative of the Academy of Our Lady of Lourdes. This receipt should be signed and indicate the amount of the gift, date it was made and that no goods or services were given in exchange for the contribution.
4. Pledges may be payable in a single or multiple installments.

5.     Publicly Traded Securities

1. The Academy of Our Lady of Lourdes can accept readily marketable securities, such as those traded on a stock exchange.
2. For the Academy of Our Lady of Lourdes gift crediting and accounting purposes, the value of the securities is the average of the high and low on the date of the gift. Wherever possible, the Academy of Our Lady of Lourdes Development staff will complete the designated IRS form with as much information as is possible from the donor.

6.     Closely Held Securities

1. Non-publicly traded securities may be accepted after consultation with the Treasurer’s office and/or legal councel.
2. Prior to acceptance, the Academy of Our Lady of Lourdes shall explore methods of liquidation for the securities through redemption or sale. A representative of the Academy of Our Lady of Lourdes shall try to contact the corporation to determine:
   • An estimate of fair market value
   • Any restrictions on transfer
3. No commitment for repurchase of closely held securities shall be made prior to completion of the gift of the securities.

7.        Real Estate

1. Gifts of real estate must be reviewed by the Academy Board of the Congregation before acceptance. The Academy Board will give consideration to the following:
   • Maintenance costs
   • Real estate taxes
   • Insurance
   • Real estate broker’s commission and other costs of sale
   • Appraisal costs
2. Prior to presentation to the Academy Board, the donor must provide the following documents:
   1. Real estate deed
   2. Real estate tax bill
   3. Plot plan
   4. Substantiation of zoning status
3. For the Academy of Our Lady of Lourdes gift crediting and accounting purposes, the value of the gift is the appraised value of the real estate. (Note: A nonprofit can choose to exclude from the value of the gift costs for maintenance, insurance, real estate taxes, broker’s commission, and other expenses of sale.)

8.     Life Insurance

1. The Academy of Our Lady of Lourdes will accept life insurance policies as gifts only when the Academy of Our Lady of Lourdes is named as the sole owner and 100% beneficiary of the policy.
2. If the policy is a paid-up policy, the value of the gift for the Academy of Our Lady of Lourdes gift crediting and accounting purposes is the policy’s replacement cost.
3. If the policy is partially paid up, the value of the gift for the Academy of Our Lady of Lourdes gift crediting and accounting purposes in the policy’s cash surrender value. (Note: For IRS purposes, the donor’s charitable income tax deduction is equal to the interpolated terminal reserve, which is an amount slightly in excess of the cash surrender value.)

9.     Tangible Personal Property

1. Gifts of tangible personal property to the Academy of Our Lady of Lourdes should have a use related to the Academy of Our Lady of Lourdes exempt purpose.
2. Gifts of artwork, collections, equipment, and software shall be accepted at the discretion of the Director of Development in consultation with the Treasurer after approval by the Academy Board.
3. No property that requires special display facilities or security measures shall be accepted by the Academy of Our Lady of Lourdes without consultation with the Academy Board.
4. The Academy of Our Lady of Lourdes adheres  to all  IRS  requirements  related to disposing gifts of tangible personal property and filing appropriate forms.

10. Planned Gifts –

    The Academy of Our Lady of Lourdes offers the following planned gift options:

• Charitable gift annuities
• Deferred gift annuities
• Charitable remainder trusts
• Bequests
• Retained life estates

§  Charitable Gift Annuities

• Administrative fees shall be paid from the income earned on the charitable gift.
• There shall be no more than two beneficiaries on a charitable gift annuity.
• The minimum gift accepted to establish a charitable gift annuity is $1,000.
• No primary income beneficiary for a charitable gift annuity shall be younger than 55 years of age.
• The Academy of Our Lady of Lourdes sets a rate scale for the charitable gift annuities based on the consultation with the Treasurer and the Director of Development. Recommendations are then made to the President and the Academy Board for review and approval.
• No Planned Giving or Development Officer will be authorized to offer a rate differing from the published rate schedule without express approval from the President and the Treasurer and only after discussion with the Director of the Development.

§  Deferred Gift Annuities

• Administrative fees shall be paid from the income earned on the charitable gift.
• There shall be no more than two beneficiaries on a deferred gift annuity.
• The minimum gift accepted to establish a deferred gift annuity is $5,000.
• No income beneficiary for a deferred gift annuity shall be younger than 30 years old.
• The Academy of Our Lady of Lourdes sets a rate scale for the charitable gift annuities that they offer based on consultation with their Treasurer and Director of Development. Recommendations are then made to the President and the Academy Board for review and approval.

§  Charitable Remainder Trusts

• Due to the cost of drafting and administration, the minimum to establish charitable remainder trust is $100,000.
• Management fees for the administration of a charitable remainder trust when the Academy of Our Lady of Lourdes is named as trustee or co- trustee shall be paid from the income of the trust.

• Investment of a charitable remainder trust shall be determined by the fiduciary hired to manage the trust. No representations shall be made by an Academy employee or person acting on behalf of the Academy of Our Lady of Lourdes as to the management or investment of such charitable remainder trust.
• The payout rate of a charitable remainder trust shall be determined in consultation with the donor and the Academy of Our Lady of Lourdes investment advisor. By law, the payout rate cannot be lower than 5%. The payout rate shall be negotiated between the donor and the Academy of Our Lady of Lourdes and shall reflect the number of beneficiaries, their ages and the size of the trust.

§  Bequests

• Assets transferred through bequests that have immediate value to the Academy of Our Lady of Lourdes or that can be liquidated shall be encouraged by the Development Office staff. Gifts that appear to require more cost than benefit shall be discouraged or rejected.
• Donors who have indicated that they have made a bequest to the Academy of Our Lady of Lourdes may, depending upon the individual situation, be asked to disclose this bequest in writing or by a copy of the will or request at least the relevant clause that benefits the Academy of Our Lady of Lourdes as evidence of the gift. This information is used for internal financial purposes and is not binding on the donor. The information shall be kept in the strictest confidence.

§  Administrative Issue

• The Academy of Our Lady of Lourdes shall not act as executor (personal representative) for a donor’s estate.
• The Academy of Our Lady of Lourdes may act as co-trustee on a charitable remainder trust, when the trust names the Academy of Our Lady of Lourdes as a beneficiary of 50% or more of the trust.
• The Academy of Our Lady of Lourdes will pay for the drafting of legal documents for a charitable remainder trust when the Academy of Our Lady of Lourdes is named as beneficiary of 50% or more of the trust. The donor’s own counsel must review the documents at the donor’s cost.