Park County Animal Shelter Gift Acceptance Policy Adopted 3/16/2017

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1 Park County Animal Shelter IRS 501(c)(3) nonprofit organization P.O. Box 203 Employer Identification Number: Cody, WY (307) Mission and Values Park County Animal Shelter Mission Statement: The mission of the organization shall be to provide excellent care and find good homes for our animal guests; to promote responsible pet guardianship; to work to end the overpopulation of feral cats as well as all pets; and to run an organized efficient shelter with a no-kill philosophy. Park County Animal Shelter, known hereafter as PCAS, dedicates its efforts and resources to the welfare of the dogs and cats that come into its care by providing food, shelter, medical treatment, one-to-one socializing, personal attention, and thoughtful and appropriate placement of the animals into loving homes. PCAS has a duty to the citizens of Park County to provide a safe and efficient facility that guarantees lost, abandoned, unclaimed, or mistreated animals will be humanely treated from their entry into the facility until their departure. All citizens interacting with shelter personnel deserve prompt, fair, and courteous assistance, and every effort is made to address their needs and wishes to the fullest extent possible, while also keeping in mind the best outcome for each animal in our care. PCAS has adopted policies and procedures that protect the integrity of the funds entrusted to the shelter by the city, county, and all the generous donors who make it possible to operate a no-kill shelter for the benefit of the people of Park County and the surrounding area, and for the dogs and cats that find their way to us. PCAS values its donors who provide the funds it takes to operate the Park County Animal Shelter and fulfill its mission. Purpose The purpose of this PCAS Gift Acceptance Policy is to govern the acceptance of gifts and to provide guidance to PCAS board members, staff, development personnel, committee members, volunteers, donors and prospective donors, and others concerned with gift acceptance policy. Accepting gifts which further the mission of PCAS, and declining those which carry financial or other risk is an important part of PCAS s fiduciary responsibility, and one which is achieved by a strict adherence to a policy approved by the board of directors. The board of directors is responsible for making the final decision on whether or not to accept any gift. Gifts given for a specific purpose will be used for that purpose. However, the PCAS board of directors reserves the right to redirect the gift, or its remainder, if the original purpose is fulfilled or is no longer viable. PCAS is committed to the ethical standards set out in the Park County Animal Shelter Donor Bill of Rights, and the PCAS Fundraising Code of Ethics, both of which were adopted by the board of directors on June 23, Page 1 of 7

2 All gifts are to be considered for acceptance in accordance with the policies set forth herein. Once accepted, the gift becomes the property of Park County Animal Shelter. Use of Legal Counsel Donors and potential donors are advised to consult with their own tax and/or legal counsel before making gifts to PCAS which require execution of an agreement between PCAS and the donor. 1.) It is the donor s responsibility to retain appropriate independent legal and tax counsel in these transactions. Prior to signing any agreements between PCAS and the donor, it is recommended that counsel for the donor should be given the opportunity to review and approve the documents. 2.) PCAS reserves the right to retain outside legal counsel to assist with the evaluation of potential gifts. Conformity to Laws The PCAS board is responsible for assuring that fundraising events and solicitations comply with local, state and federal laws. Gift Definition A gift is defined as a voluntary transfer of assets from a person or an organization to PCAS. A gift is not completed until it has been accepted by PCAS in accordance with this Policy. If a gift is given to PCAS which has not been previously approved, or which for some reason would place a burden on the organization, the gift may be returned at the discretion of the board of directors, and out of pocket expenses may be deducted from the gift before it is returned, if legally permissible. PCAS reserves the right to decline any gift. Gifts are not subject to an exchange of consideration between PCAS and the donor other than recognition obligations. Funds or grants received from corporations, corporate foundations, and major foundations will be classified as gifts unless the receipt of funds requires performance or other consideration. Types of Acceptable Gifts The following types of gifts that will be considered for acceptance are: Cash and Checks Credit Card Contributions Direct Transfer of Funds Securities Bequests of cash and other liquid assets Retirement Plan Beneficiary Designations Life Insurance and Life Insurance Beneficiary Designations Planned Gifts (such as Charitable Gift Annuities, Charitable Remainder Trusts, etc.) Tangible Personal Property (evaluated on a case-by-case basis) Gifts in Kind (evaluated on a case-by-case basis) Other Non-Traditional Asset Gifts (evaluated on a case-by-case basis) The following criteria govern the acceptance of each gift type: 1.) Cash and Checks: Cash and checks may be accepted regardless of the amount. Page 2 of 7

3 2.) Credit Card Contributions: Funds may be transferred to PCAS via donor s credit card in person at the shelter or at a PCAS event and online. 3.) Direct Transfer of Funds: Funds may be directly transferred from donor s bank or financial institution account to the PCAS bank account. Donor must contact his or her financial institution to make a direct transfer of funds. Donor should also notify PCAS when such transfers are initiated to ensure appropriate and timely gift acknowledgement. Account information required: Account name: Park County Animal Shelter; Bank name: First Bank of Wyoming; Routing number: ) Securities: Securities that are publicly traded on recognized stock exchanges, and other readily marketable securities, including bonds and mutual funds, may be accepted as gifts by PCAS, according to the policies described below. Securities donated to PCAS are liquidated on receipt and proceeds are deposited in the appropriate PCAS account. a) Publicly Traded Securities: PCAS should be notified in advance of the securities being transferred, the number of shares, the intended gift date, and the intended purpose of the gift. Restrictions on gifts are not accepted without prior approval. b) Donation of Securities via Direct Transfer: Securities may be directly transferred to the PCAS broker account via DTC (Depository Trust Company) from the donor s broker account. Direct transfer instructions may be obtained from PCAS by ing the PCAS shelter manager (see contact information at top of first page.) c) Donation of Securities Certificates via Mail: PCAS prefers to not receive stock and/or bond certificates by mail, and asks donors to have them reregistered electronically and then directly transferred to the PCAS broker account as in 4b.) above, or the donor may liquidate the stocks and/or bonds and directly transfer funds as in 3.) above. However, if the stock and/or bond certificates are going to be transferred by mail, the donor needs to contact his financial advisor to obtain an Irrevocable Stock or Bond Power form for each certificate to make the certificate negotiable, and the donor s signature must be guaranteed using a signature guarantee through an authorized medallion signature guarantor service. The stocks and/or bonds must be sent in a separate envelope from the Stock or Bond Power forms, and both envelopes must be sent by registered mail. The signature on the Stock or Bond Power forms must exactly match the name(s) on the certificates. The stock and/or bond certificates will not be negotiable until PCAS or its investment representative receives both envelopes. The gift date will be established from the latter postmark of the two envelopes, or if illegible, from the date of receipt. d) Donation of Securities Certificates via Mail if the certificate(s) have been reissued in the name of Park County Animal Shelter: Certificate(s) should be mailed without endorsement or assignment, by registered mail to: Wealth Strategies & Consulting, LLC attn: Greg Irwin, Account Representative 1285 Sheridan Ave., Suite 230 Cody, WY (307) The gift date will be established from the postmark on the envelope, or if it is illegible, from the date of receipt. e) Mutual Fund Shares: Mutual fund shares will only be accepted if they are publicly traded on a recognized stock exchange and are considered a liquid asset. See above for transfer information. f) Closely Held Securities and Restricted Securities: These types of securities will not be accepted by PCAS. The donor may liquidate these securities and donate the proceeds to PCAS. Page 3 of 7

4 5.) Bequests of cash and other liquid assets: Donors are encouraged to make bequests to PCAS through their wills. Gifts made in a donor s revocable trust that are effective at the donor s death will not be recorded as gifts to PCAS until such time as the agreement is irrevocable and PCAS has knowledge of the bequest. No assets from estates will be accepted unless they are cash or publicly traded securities. For other assets, the donor may liquidate the estate and donate the proceeds to PCAS. Donors are encouraged to notify PCAS when considering a bequest in order to ensure that the assets left to PCAS meet the criteria set forth in this Policy. Donors who have indicated that they have made a bequest to PCAS may be asked to disclose in writing, or by a copy of the will, the relevant clause that benefits PCAS, as evidence of their gift. 6.) Retirement Plan Beneficiary Designations: Donors may name PCAS as the beneficiary of their retirement plans. Such designations will not be recorded as gifts to PCAS until such time as the gift agreement is irrevocable and PCAS has knowledge of such designation. 7.) Life Insurance and Life Insurance Beneficiary Designations: Donors are encouraged to name PCAS as the beneficiary or contingent beneficiary of his or her life insurance policies. Such designations will not be recorded as gifts to PCAS until such time as the gift agreement is irrevocable and PCAS has knowledge of such designation. PCAS will accept ownership of life insurance policies that are fully paid-up as long as there are no costs associated with ownership during the life of the donor. Only individual gifts of life insurance will be accepted. PCAS may liquidate a life insurance policy received as a gift for cash value at its discretion. PCAS reserves the right to decline to pursue receipt of insurance funds if the amount proves administratively burdensome. PCAS will not accept ownership of term life insurance policies, but the donor may name PCAS as the beneficiary of a term life insurance policy. 8.) Planned Gifts: PCAS will accept cash or cash equivalents that it receives as a designated beneficiary, or alternate beneficiary, without prior review and approval as long as the designation does not impose restrictions, or involve a trust arrangement. If the donor wishes to impose restrictions or set up a trust arrangement, prior approval must be given by PCAS. 1) Charitable Gift Annuities: PCAS does not offer Charitable Annuities. The donor may establish his or her own Charitable Gift Annuity independently, with PCAS named as the beneficiary. 2) Charitable Remainder Trusts: The donor may establish his or her own Charitable Remainder Trust independently, with PCAS as the beneficiary. 3) Charitable Lead Trusts: The donor may establish his or her own Charitable Lead Trust independently, with PCAS as a beneficiary. Any planned gift agreement that requires execution by PCAS or that could involve monetary costs to PCAS, or that has a restriction, must first be reviewed and approved by PCAS. 9.) Tangible Personal Property and Real Property (if accepted, only with intent to sell): PCAS does not directly accept gifts of real property, time shares, motor vehicles, jewelry, or similar items. A donor may contact the Wyoming Community Foundation (WYCF) to see if the property he or she wishes to Page 4 of 7

5 donate is something that WYCF would be interested in handling. If so, the donor may give the property to WYCF and designate the PCAS Endowment Fund as the beneficiary of the net proceeds. 10.) Gifts in Kind (retained for PCAS use): Furniture, equipment, computer hardware and software, washing machines and dryers are examples of gifts in kind that may be considered for acceptance by PCAS on a case-by-case basis. PCAS will use the following criteria to determine whether a gift in kind can be considered for gift acceptance: 1) Whether the property furthers the mission of PCAS. 2) Whether the donor has requested any restrictions on the use or display of the property. 3) Whether the donor is willing and able to finance any costs associated with transfer of ownership and delivery of the gift of property. 4) Whether it is listed on the PCAS website wish list. 5) The condition of the property. Donors who intend to give gifts in kind to PCAS, with the exception of 4.) above, must submit their gift proposal in writing, unless the shelter manager has approved acceptance of the gift. PCAS may request further information before deciding whether or not to accept the gift. 11.) Other Non-Traditional Asset Gifts (such as oil and gas rights, commodities, collectibles, etc.): Gifts of non-traditional assets carry additional risks and costs to both the donor and the recipient. PCAS does not directly accept non-traditional asset gifts, but the donor may wish to contact the Wyoming Community Foundation (WYCF) regarding their policy for accepting this type of gift. If the gift is accepted by WYCF, the donor may direct the net proceeds of the gift to be deposited in the PCAS Endowment Fund. Classification of Donations 1) Unrestricted Funds: These funds are discretionary and are available to meet operating and program needs as determined by the board of directors. 2) Restricted Funds: These funds have a fundraising or donor-placed restriction as to the use of the funds. The PCAS board of directors has the right to accept or decline donor-restricted gifts. Once accepted, these funds will be used in accordance with the donor s wishes to the fullest extent possible. However, when the restricted purpose is satisfied or is no longer viable, PCAS reserves the right to reassess the restricted purpose and adjust it to fit PCAS s needs at that time. 3) Endowment Funds: PCAS has an irrevocable endowment fund with the Wyoming Community Foundation (WYCF). Gifts received for the PCAS endowment fund will be promptly deposited with WYCF and will not be used for any other purpose. PCAS receives annual unrestricted interest distributions from the endowment fund. 4) Donor Advised Funds: PCAS does not manage Donor Advised Funds, but will accept donations from a Donor Advised Fund as long as the gift is made in accordance with the guidelines of this Policy. Charitable Pledges Charitable pledges are a legal contract between a donor and PCAS in which the donor promises to make a contribution in the future, usually at a specific dollar amount according to a fixed time schedule. All charitable pledges are required to be in writing. Pledges are made for a specific purpose and often have restrictions applied to them. Donors are encouraged to talk to their financial advisor before executing a charitable pledge. Page 5 of 7

6 Pledge Documentation A pledge form is used to formalize the promise of a future contribution, and must contain the following minimum information: Total amount of the pledge Funds shall be made payable to the Park County Animal Shelter Payment schedule Restriction on use of the funds No contingencies or conditions Donor s printed name Donor s signature Confirmation of donor expectations regarding pledge payment reminders Gift Acceptance Committee It is recognized that certain gifts should not be routinely accepted, but in some special circumstances the board of directors may wish to review the proposed gift, or assign the review of the proposed gift to a Gift Acceptance Committee made up of the following PCAS officers and appointees: President, Vice President, Treasurer, Secretary, Fundraising Coordinator and/or Shelter Manager, and Special or Steering Committee Chairman or representative if the proposed gift is related to a Special or Steering Committee s fundraising efforts. The Gift Acceptance Committee may consult with others such as PCAS legal counsel or PCAS investment representative on an as-needed basis prior to making a decision on whether to advise the board of directors to accept or decline a proposed gift. The board of directors reserves the right to make the final determination on whether PCAS assumes the risk of a gift that has restrictions that may be more difficult to administer, or one that falls outside the existing guidelines as defined in this Policy. Minutes of the Gift Acceptance Committee meeting including factual information and its determination regarding the proposed gift will be maintained by the fundraising coordinator and reported to the board of directors so that all the facts regarding the proposed gift are documented. The board of directors will endeavor to make its decision promptly on whether to accept or decline a proposed gift so the gift can be completed in a timely manner to ensure donor good will. Reporting Policy for Noncash Charitable Deduction Contributions IRS Form 8283 for Donors claiming a charitable deduction: When gifts of tangible personal property worth over $500 are accepted, PCAS will sign Part IV of IRS Form 8283 and return a copy to the donor. For gifts valued over $5,000, the donor must get a qualified appraisal at the donor s expense. IRS Form 8282 PCAS Information Return: PCAS will file Form 8282 with the IRS within 125 days if it sells, exchanges, or otherwise disposes of property within three years of the date the donor originally contributed the property, and a copy will be sent to the donor. Acknowledgement of Gifts: PCAS will provide a written acknowledgement to donors who make any single noncash charitable contribution greater than $250. The gift acknowledgement will include a good faith estimate of the value of any goods or services, if any, provided by PCAS in exchange for a gift, and should describe (not value) any property the donor donates. Page 6 of 7

7 Gift Recognition Donors shall receive appropriate recognition for their gifts, except for gifts which have been specifically designated by the donor as anonymous. Naming Opportunities for PCAS facilities: PCAS will seek, whenever possible, to receive private donations which will provide 100 percent of the funding needed for construction of new PCAS structures plus furniture, fixtures, and equipment. PCAS reserves the right to seek multiple donors for naming opportunities. A written gift agreement or other legally binding document will be executed by the donor prior to the donor s name being affixed to any structure. Gift Acknowledgement and Stewardship PCAS will be responsible for good stewardship toward its donors. 1) Cash gifts will be acknowledged within a reasonable period of time, meaning within ten business days or less. 2) All gift acknowledgement letters/receipts will conform with state and/or federal laws and regulations, and will be coordinated through the PCAS fundraising coordinator except for special fundraising projects handled by Special Committees. At a minimum, PCAS will send a written letter to all donors acknowledging their gifts of $ or more. Current practice is to thank donors for all gifts with a written card or letter. 3) As long as the donor did not receive goods or services in consideration for gifts of $75.00 or more, it is not necessary to send the donor an itemized statement regarding the value of a consideration received by the donor. Special Committees PCAS may from time to time create special committees for projects or capital campaigns. These committees may develop their own guidelines for handling gifts as long as these guidelines and procedures do not conflict with this Policy or any other adopted policy of Park County Animal Shelter. All policies require the approval of the board of directors. Policy approved by The Board of Directors Park County Animal Shelter March 16, 2017 This PCAS Gift Acceptance Policy was developed using the American Library Association (ALA) Gift Acceptance Policy as a guide. Page 7 of 7