Long Island Cares, Inc. – The Harry Chapin Food Bank solicits and accepts gifts for purposes that will help the organization fulfill and further its mission. Long Island Cares urges all prospective donors to seek the assistance of personal legal and financial advisers in matters relating to their gifts, including the resulting tax and estate planning consequences.
Long Island Cares values its integrity. Gifts that may expose Long Island Cares to adverse publicity, require expenditures beyond Long Island Cares’ resources or involve Long Island Cares in unexpected responsibilities because of their source or condition or are not consistent with Long Island Cares’ mission will not be accepted.
Long Island Cares cannot accept gifts that involve unlawful discrimination nor can Long Island Cares accept gifts that obligate it to violate any applicable laws or regulations.
POLICIES AND GUIDELINES
The following policies and guidelines govern acceptance of gifts made to Long Island Cares, Inc. for the benefit of any of its operations, programs or services.
Use of Legal Counsel — Long Island Cares, Inc. will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
a) Gifts of securities that are subject to restrictions or buy-sell agreements.
b) Documents naming Long Island Cares, Inc. as trustee or requiring Long Island Cares, Inc. to act in any fiduciary capacity.
c) Gifts requiring Long Island Cares, Inc. to assume financial or other obligations.
d) Transactions with potential conflicts of interest.
e) Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts — Long Island Cares, Inc. will not accept gifts that (a) would result in Long Island Cares violating its corporate charter, (b) would result in Long Island Cares losing its status as an IRS § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for Long Island Cares or (e) are for purposes outside Long Island Cares’ mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Executive Director and Development Director in consultation with the Development and Fundraising Committee.
Gifts Generally Accepted Without Review —
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.
Noncash/In-Kind Gifts. Noncash gifts valued at $4,999 or less. For noncash/in-kind gifts of $5,000 or more, a qualified appraisal must also be submitted.
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. Marketable securities may be held or sold. 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 by the Executive Director and Development Director in consultation with the Development and Fundraising Committee.
Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to Long Island Cares, Inc. under their wills, and to name Long Island Cares as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
Charitable Remainder Trusts. Long Island Cares will accept designation as a remainder beneficiary of charitable remainder trusts.
Charitable Lead Trusts. Long Island Cares 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:
A formal acknowledgement for cash donations will be sent to each donor upon acceptance of the gift. Each acknowledgement will state the tax-deductible portion of the donation.
Long Island Cares will formally acknowledge noncash gifts in a letter containing a description of the donated item, although the actual fair market value will not be stated. Valuations provided by the donor will be stated as such.