Gift Acceptance Policies 1.17.2020
- Sheriffs Office Foundation of Washington County, Oregon (SOFWCO) solicits and accepts gifts that are consistent with its mission and that support its core programs, as well as special projects. All gifts will be directed toward unrestricted grants. If a specific project or program is requested by the donor, the SOFWCO board has discretion to move funds to other projects or programs. There is a set amount of three percent (3%) of each gift that goes toward general overhead and operations. The Board members all serve on a volunteer basis. The Foundation has paid consultants on a part-time basis consisting of a bookkeeper, CPA and legal counsel.
- Donations of cash or the equivalent or securities will generally be accepted from individuals, partnerships, corporations, foundations, government agencies, or other entities, subject to the following limitations: a. Securities subject to a buy/sell agreement or restrictions will be reviewed by legal counsel before acceptance. b. Transactions with potential conflicts of interest will be reviewed by legal counsel before acceptance.
- SOFWCO will not accept gifts that would: a) result in violating any rules of the Internal Revenue Service; b) may result in the SOFWCO losing its status as IRC §50l(c)(3) as registered with the IRS; c) are too difficult or too expensive to administer; d) would result in unacceptable consequences; e) are outside the SOFWCO mission statement or f) require any sort of reversion to the donor or a third party. Decisions on the acceptance or refusal of a gift shall be made in the sole discretion of the SOFWCO Board of directors and Officers ("the Board").
- Gifts Generally Accepted Without Review: a. Cash. Cash gifts are acceptable in any form, including by check, money order, credit card, or online. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the cardholder as it appears on the credit card. b. Marketable Securities. All marketable securities will be sold promptly upon receipt unless otherwise directed by SOFWCO's board. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the SOFWCO board. c. Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to SOFWCO under their wills, and to name SOFWCO as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans. d. Charitable Remainder Trusts. SOFWCO will accept designation as a remainder beneficiary of charitable remainder trusts.
- Gifts Accepted Subject to Prior Review: Certain forms of gifts or donated properties may be subject to review by the Board and/or its legal counsel prior to acceptance. Examples of gifts subject to prior review include, but are not limited to: a. Tangible Personal Property. The SOFWCO board shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: Does the property further the organization's mission? Is the property marketable? Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear? b. Life Insurance. SOFWCO will accept gifts of life insurance where SOFWCO is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy. c. Real Estate. All gifts ofreal estate are subject to review by the SOFWCO board. Prior to acceptance of any gift of real estate other than a personal residence, SOFWCO shall require an initial environmental review by a qualified environmental firm paid for by the donor. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit paid for by the donor. Criteria for acceptance of gifts of real estate include: Is the property useful for the organization's purposes? Is the property readily marketable? Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property? Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property? Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
