GIFT ACCEPTANCE POLICY

PURPOSE OF POLICY

The Board of Directors of Cross to Light and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure growth and advance the organization’s mission. This policy governs the acceptance of gifts by Cross to Light and provides guidance to prospective donors and their advisors when making gifts to Cross to Light. The provisions of this policy shall apply to all gifts received by Cross to Light for any of its programs or services. Cross to Light reserves the right to refuse a gift if it is determined to conflict with the organization’s mission and/or acceptance, which can harm the organization’s brand and reputation.

Cross to Light will not accept gifts that are too restrictive in purpose. These include gifts that violate the terms of the corporate charter, are too complex to administer, or are for purposes outside the organization’s mission.

All gifts are tax-deductible to the full extent allowed by law. Contributions are solicited with the understanding that Cross to Light has complete control over the use of all donated funds. Our Board-approved policy is that all gifts designated for a specific project be applied to that project, with up to 10 percent used for administrative and fundraising expenses. Occasionally, we receive more contributions for a given project than can be wisely applied to that project. When that happens, we use these funds to meet a similar pressing need. Our policy is to meet the needs God lays before us so that Christ is lifted up and the Gospel advanced.

Use of Legal Counsel and Other Advisors

Cross to Light urges all prospective donors to seek the assistance of personal legal and financial advisors regarding their significant gifts and any resulting tax and estate planning consequences. Cross to Light shall also seek the advice of legal counsel regarding the acceptance of gifts when appropriate.

Restrictions on Gifts

All gifts of less than $100,000 will be considered unrestricted except in specific instances at the discretion of Cross to Light. Donor requests for how a contribution less than $100,000 will be used, including requests made via a DAF, may be considered to understand better the donor’s interest in Cross to Light’s services, but will not determine how their specific funds will be used, and Cross to Light will not be obligated to track and report on the precise use of the funding.

Types of Gifts

Charitable gifts are frequently given to Cross to Light due to the nature of the organization.

Refunds

Donations to Cross to Light are non-refundable.

Acceptable gifts are as follows:

  1. Cash donations
  2. Tangible Personal Property
  3. Securities
  4. Real Estate
  5. Life Insurance Policies
  6. Charitable Gift Annuities
  7. Charitable Remainder Trusts
  8. Charitable Lead Trusts
  9. Retirement Plan Beneficiary Designations
  10. Bequests
  11. Life Insurance Beneficiary Designations

Gifts Generally Accepted Without Review:

  • Cash gifts, including checks, money orders, ACH, or online credit card donations, are acceptable.
  • Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by the Audit and Finance Committee. 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 Executive Committee.
  • Charitable Lead Trusts. Cross to Light will accept designation as an income beneficiary of charitable lead trusts.
  • Charitable Remainder Trusts. Cross to Light will accept designation as a remainder beneficiary of charitable remainder trusts.
  • Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities, and Retirement Plans. Donors are encouraged to make bequests to Cross to Light under their wills and to name Cross to Light as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans. Gifts Accepted Subject to Prior Review Certain forms of gifts or donated properties may be subject to review before acceptance. Examples of gifts subject to prior review include, but are not limited to:
  • Tangible Personal Property. The Executive Committee 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?
  • Real Estate. All real estate gifts are subject to review by the Executive Committee. Before acceptance of any gift of real estate other than a personal residence, Cross to Light shall require an initial environmental review. Criteria for acceptance of gifts of real estate include: Is the property applicable 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 related to the property? Does an appraisal or audit reflect that the property is damaged or requires remediation?
  • Life Insurance Policies. Cross to Light will accept gifts of life insurance policies once it has been ascertained Cross to Light 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. If the donor does not elect to make gifts to cover premium payments on the life insurance policy, Cross to Light may:
    • Continue to pay the premiums
    • Convert the policy to paid up insurance, or surrender the policy for its current cash value