Gift Acceptance Policy
Brooklyn Irish Dance Company solicits and accepts charitable contributions for purposes that will help the organization further and fulfill its mission. Brooklyn Irish Dance Company encourages all prospective donors to seek their own legal or tax counsel before making a gift. The following policies and guidelines govern the acceptance of gifts made to Brooklyn Irish Dance Company for the benefit of any of its operations, programs or services.
Gifts Generally Accepted Without Review
● Cash: Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. 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 card holder as it appears on the credit card.
● 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 Board of Directors. 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 Board of Directors.
● Cryptocurrencies: Cryptocurrencies may be transferred electronically to a wallet maintained at one or more cryptocurrency exchanges. All cryptocurrencies will be sold promptly upon receipt unless otherwise directed by the Board of Directors.
● Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans: Donors are encouraged to make bequests to Brooklyn Irish Dance Company under their wills, and to name Brooklyn Irish Dance Company as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
● Charitable Remainder Trusts: Brooklyn Irish Dance Company will accept designation as a remainder beneficiary of charitable remainder trusts.
● Charitable Lead Trusts: Brooklyn Irish Dance Company will accept designation as an income beneficiary of charitable lead trusts.
Gifts Accepted Subject to Prior Review
Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
● Tangible Personal Property: The Board of Directors shall review and determine whether to accept any gifts of tangible personal property in light of considerations such as: 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?
● Life Insurance: Brooklyn Irish Dance Company will accept gifts of life insurance where Brooklyn Irish Dance Company 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.
● Real Estate: All gifts of real estate are subject to review by the Board of Directors. Prior to acceptance of any gift of real estate, Brooklyn Irish Dance Company shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. 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?
Use of Legal Counsel
Brooklyn Irish Dance Company will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
Gifts of securities that are subject to restrictions on buy-sell agreements;
Documents naming Brooklyn Irish Dance Company as trustee or requiring Brooklyn Irish Dance Company to act in any fiduciary capacity;
Gifts requiring Brooklyn Irish Dance Company to assume financial or other obligations.
Transactions with potential conflicts of interest; and
Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts
Brooklyn Irish Dance Company reserves the right to refuse any gift that it believes is too restrictive in purpose or not in its best interest. The acceptance of a questionable gift or the decision to fulfill a questionable request from a donor will be brought to the Board of Directors. The Board’s discussion will be guided by consistency with the organization’s mission and preservation of its goodwill in the community. Consistent with the foregoing, Brooklyn Irish Dance Company will not accept gifts that would:
Result in the organization violating its corporate charter,
Result in Brooklyn Irish Dance Company losing its (pending) status as an IRC Section 501(c)(3) not-for-profit organization,
Be too difficult or too expensive to administer in relation to their value,
Result in any unacceptable consequences for Brooklyn Irish Dance Company, or
Be for purposes outside Brooklyn Irish Dance Company’s mission.
Please contact us at email@example.com if you have any questions or concerns regarding donations or our gift acceptance policy.