ASBURY GIFT ACCEPTANCE POLICY OVERVIEW
PURPOSE
The policy describes the types of gifts Asbury will accept and how they will be accepted.
INTRODUCTION
The policy encourages gifts which do not generate more cost than benefit to the church. Flexibility will be given to the Finance Committee in applying the policy to specific gift situations.
The Finance Committee can refuse any gift with or without cause. Reasons for refusal may include excessive cost, restrictions by the donor, or inappropriateness.
GIFT ACCEPTANCE TERMS AND CONDITIONS
Outright Gifts accepted include cash, publicly traded securities, closely held securities, real property, and tangible personal property.
Gifts of real property must have approval of Finance and Trustees and have a market value equal to or in excess of $200,000. Gifts must include a report including title, zoning, restrictions, appraisal, Phase I environmental audit, and marketability. Trustees will make the decision to keep or sell the property, and proceeds from any sale will be invested in the Permanent Endowment Fund.
Gifts of tangible personal property must have a cash value in excess of $5,000, and include a report on title, appraisal, and marketability.
Planned (Deferred) Gifts accepted include bequests, revocable living trusts and charitable trusts, life estate gifts, life insurance policies, and gift annuities.
PAYMENT OF FEES RELATED TO GIFTS TO THE CHURCH
No finder’s fees or commissions will be paid. In general, the donor will pay any fees.
RESTRICTIONS
Restrictions on gift use must be approved by the Finance Committee prior to acceptance.
A sub fund may be established with a minimum gift of $30,000 at one time and approval of the Permanent Endowment Committee.
GIFT USE
Undesignated Planned Gifts: gifts under $1,000 will go to Memorials, gifts of $1,000 but less than $15,000 will be determined by Church Council, and gifts equal to or in excess of $15,000 will go to the Permanent Endowment fund.
Undesignated Outright Gifts: gifts under $5,000 will go into the general operating budget, gifts of $5,000 but less than $15,000 will be determined by Church Council, and gifts equal to or in excess of $15,000 will go to the Permanent Endowment Fund.
