The Degen Foundation

Gift Acceptance Policy

Purpose Of Policies And Guidelines

The Degen Foundation encourages and solicits current and deferred gifts from individuals, corporations, and foundations to secure its growth and mission. These policies and guidelines govern the acceptance of gifts by The Degen Foundation and provide guidance to prospective donors and their advisors when making gifts to The Degen Foundation. The Board of Directors maintains an Executive Committee for purposes of evaluating and monitoring gifts to The Degen Foundation. The provisions of these policies shall apply to all gifts received by The Degen Foundation. The Board of Directors does not authorize the acceptance of gifts that would jeopardize the financial, legal, moral integrity, or reputation of The Degen Foundation.

Use Of Legal Counsel

The Degen Foundation shall seek the advice of legal counsel in matters relating to acceptance of gifts where appropriate. Review by counsel is recommended for:

  • Closely held stock transfers that are subject to restrictions or buy-sell agreements;

  • Documents naming The Degen Foundation as Director;

  • All gifts involving contracts, such as bargain sales or other documents requiring The Degen Foundation to assume an obligation;

  • All transactions with potential conflict of interest that may invoke IRS sanctions (including any transaction to which a board member is a party); and

  • Such other instances in which use of counsel is deemed appropriate by the gift acceptance committee.

Ethics In Receiving Gifts

The Degen Foundation and its representatives shall always consider the donor's financial situation, and no donor shall be encouraged to make an inappropriate gift. In all matters involving donors or prospective donors, the interest of the donor shall be before that of The Degen Foundation. No trust, contract, or commitment shall be urged upon any donor or prospective donor which would benefit The Degen Foundation at the expense of the donor's interest.

The Degen Foundation will not be associated with efforts representing charitable gifts as tax shelters rather than genuine philanthropic contributions. Further, The Degen Foundation will not be associated with promoters of charitable gifts who charge unreasonable fees or commissions for arranging or managing charitable gifts, or who, without a charity's knowledge or approval, undertake to negotiate gifts on behalf of charitable institutions. The Degen Foundation will not cooperate with any person or organization that charges a "finder’s fee" for arranging charitable gifts beyond reasonable compensation for professional services provided.

Confidentiality

Employees will be familiar with and abide by the Confidentiality Policy.

Material Restrictions

In conformance with the Treasury Department regulations governing community foundations, gifts to The Degen Foundation may not be directly or indirectly subjected by a donor to any material restriction or condition that prevents The Degen Foundation from freely and effectively employing the transferred assets or the income derived there from, in furtherance of its exempt purposes.

Board Approval

Gifts that are consistent with The Degen Foundation purposes and governing instruments and that are considered ordinary or of little risk will not require review of the Board. The Board shall review and have approval responsibility for all gifts that are not ordinary or that pose risk to The Degen Foundation. These gifts include but are not limited to:

  • Real Estate,

  • Bargain Sales, and

  • Assets with unusual liabilities attached.

Policy Exceptions

  • General exceptions

      • Exceptions to this policy must be approved by The Degen Foundation Board of Directors.

  • Exceptions for completed gifts and gifts under negotiation.

      • Gifts made for estate plans that have been properly executed prior to the date of this policy, and gifts already received by The Degen Foundation are grandfathered in under this policy. Gifts under negotiation at the time this policy is adopted need not conform to the policy but will be accepted based upon the spirit of this policy and the specific terms negotiated with the donor.

Authority To Negotiate

The Degen Foundation Board authorizes the Executive Director and his/her delegates to negotiate on behalf of The Degen Foundation acceptable gifts (other than cash and listed securities). Gifts negotiated on behalf of The Degen Foundation must be in compliance with this policy.

The Board authorizes the Executive Director or any delegate working through the planned giving program, and any advisor our outside counsel deemed necessary, to negotiate life income gifts – charitable remainder trusts and charitable lead trusts – both inter vivos and through estate planning.

Negotiated gifts shall be submitted to The Degen Foundation Board of Directors or Gift Acceptance Committee for approval. They may seek the advice or input of any party they deem appropriate to make sound decisions.