SIAM Gift Acceptance Policies and Guidelines

  1. Purpose of Policies and Guidelines
    The purpose of this Policy is to provide guidance for the SIAM’s board, officers, and staff with respect to their responsibilities concerning gifts to SIAM. The provisions of this Policy shall apply to all gifts received by SIAM.
  2. General Policy
    The primary consideration of gift acceptance or solicitation will be the impact of the gift on SIAM. When considering whether to solicit or accept gifts, SIAM will evaluate the following factors:
    1. Values – whether the acceptance of the gift compromises any of the core values of SIAM
    2. Compatibility – whether there is compatibility between the intent of the donor and SIAM’s use of the gift
    3. Public Relationships – whether acceptance of the gift damages the reputation of SIAM
    4. Primary Benefit – whether the primary benefit is to SIAM, versus the donor
    5. Consistency – whether acceptance of the gift is consistent with prior practice
    6. Form of Gift – whether the gift is offered in a form that SIAM can use without incurring substantial expense or difficulty
    7. Effect on Future Giving – whether the gift will encourage or discourage future gifts.
      SIAM shall not accept gifts that:
      1. Violate the terms of SIAM’s organizational documents; or
      2. Would jeopardize SIAM’s status as a 501(c)(3) tax-exempt organization under state law.
  3. Use of Legal Counsel
    SIAM shall seek the advice of legal counsel in matters relating to the acceptance of gifts when appropriate. Review by legal counsel should be considered for, but not limited to the following types of transactions:
    1. Closely held stock transfers that are subject to restrictions or buy-sell agreements;
    2. Documents naming SIAM as trustee;
    3. Gifts involving contracts such as partnership agreements, or other documents requiring SIAM to assume an obligation;
    4. Transactions with a potential conflict of interest;
    5. Gifts of real estate;
    6. Oil, gas, and mineral interests; and
    7. Gifts of any amount with unusual restrictions
      SIAM cannot serve as both the donor’s legal adviser as well as the recipient of the donor’s gift. Therefore, SIAM will urge all prospective donors to retain appropriate independent tax and legal counsel.
  4. Conflict of Interest
    All prospective donors shall be strongly urged to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences.
  5. Gift Definition
    A gift is defined as a voluntary transfer of assets from a person or an organization to SIAM. A gift is an irrevocable transfer of assets, motivated by charitable intent. Gifts are not generally subject to an exchange of consideration or other contractual duties between SIAM and the donor, except for certain split-interest gifts as set out in this Policy, although objectives may be stated and funds may be restricted to a specific purpose. A gift is not completed until it has been accepted by SIAM.
  6. Approval of Gifts
    Subject to Section 7 below, the Board of Trustees in consultation with the Chief Executive Officer, shall make final decisions on the acceptance or refusal of a gift when the acceptability of said gift is in question.
  7. Restrictions of Gifts
    SIAM will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. SIAM will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate the terms of SIAM’s charter, gifts that are too difficult to administer, or gifts that are for purposes outside the mission. SIAM shall make all final decisions on the restrictive nature of a gift, and its acceptance or refusal.
  8. Types of Gifts
    The following gifts are acceptable:
    1. Cash
    2. Tangible personal property
    3. Securities
    4. Real estate
    5. Remainder interests in property
    6. Life insurance
    7. Charitable gift annuities
    8. Charitable remainder trusts
    9. Charitable lead trusts
    10. Retirement plan beneficiary designations
    11. Bequests
    12. Life insurance beneficiary designations
    13. Other gift types as reviewed and accepted on a per-gift basis
  9. Additional Provisions
    1. Gift Agreements and Gift Intentions: Where appropriate, SIAM shall enter into a written gift agreement or intention with the donor, specifying the terms of any restricted gift, which may include provisions regarding donor recognition.
    2. Pledge Agreements: Pledges by donors of future support of SIAM shall be contingent upon the execution and fulfillment of a written charitable pledge agreement specifying the terms of the pledge. If SIAM intends for the pledge agreement to be legally binding, there must be consideration either in the form of the donor receiving something in return (such as recognition) or reliance by third parties of SIAM. All pledge agreements require prior approval of the Chief Executive Officer.
    3. Fees: SIAM will not accept a gift unless the donor is responsible for (1) the fees of independent legal counsel retained by the donor for completing the gift; (2) appraisal fees; (3) environmental audits and title binders (in the case of real property); and (4) all other third-party fees associated with the transfer of the gift to SIAM.
    4. Valuation of Gifts: SIAM shall record gifts received at their valuation on the date of gift, except that, when a gift is irrevocable, but is not due until a future date, the gift may be recorded at the time the gift becomes irrevocable in accordance with General Accepted Accounting Principles by SIAM’s Finance Department.
    5. Appraisal and Legal Fees: It will be the responsibility of the donor to secure a qualified appraisal (where required) and independent legal counsel for all gifts made to SIAM. After a request from the donor, the Chief Operating Officer will promptly complete and sign Part IV, Donee Acknowledgment, of IRS Form 8283 for donated property (except publicly traded securities) with a value over $5,000.
    6. IRS Filings upon Sale of Gifts: To the extent applicable, SIAM shall file IRS Form 8282 upon the sale or disposition of any charitable deduction property sold within three (3) years of receipt by SIAM. “Charitable deduction property” means any donated property (other than money and publicly traded securities) if the value claimed by the donor exceeds $5,000 per item or group of similar items donated by the donor to one or more Donee organizations (e.g., the property listed in Section B on Form 8283). SIAM shall file this form within 125 days of the date of sale or disposition of the asset.
    7. Written Acknowledgement: SIAM’s Development office shall provide contemporaneous written acknowledgment of all gifts made to SIAM and comply with the current IRS requirements on the acknowledgment of the gifts.
    8. Changes to or Deviations from the Policy: This Policy has been reviewed and accepted by SIAM's Board of Directors and Chief Executive Officer. The Chief Executive Officer will justify in writing any deviations from or changes to this Policy.