Gift Acceptance Policies and Processing Guidelines

The CC Taylor Foundation encourages the acceptance of gifts that fulfill and further its mission. The following guidelines govern the acceptance and processing of gifts.

The mission of The CC Taylor Foundation is to establish and cultivate a variety of productive and mutually beneficial relationships with individuals, businesses and other Foundations for the benefit of The CC Taylor Foundation and the student recipients it serves.

We seek to acquire and manage funds for college scholarships, faculty enrichment and academic projects. The students of the CC Taylor Foundation are at the heart of everything we do.

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GIFT ACCEPTANCE

Purpose

The CC Taylor Foundation encourages the acceptance of gifts that fulfill and further its mission. The following guidelines govern the acceptance and processing of gifts.

The CC Taylor Foundation has achieved its current distinction thanks in significant part to the gifts from former student recipients, parents, foundations, corporations, and other contributors.

The Board of Trustees and staff of The CC Taylor Foundation solicit gifts consistent with the mission and support its core programs as well as special projects. The following policies and guidelines govern the acceptance of gifts made to the Foundation, or for the benefit of any of its programs.

Use of Legal Counsel

Reverend Charlie E and Cinderella S Taylor Sr Foundation may seek the advice of legal counsel in matters related to acceptance of gifts when appropriate. Review by counsel may be recommended for:

Stock Transfers

that are subject to restrictions or buy-sell agreements.

Trustee Documents

Documents naming The CC Taylor Foundation as a trustee or requiring the organization to act in a fiduciary capacity.

Gifts with Contracts

or other documents requiring CC Taylor Foundation to assume an obligation

Transactions

with potential conflict of interests.

Gifts of Real Estate

including developed and undeveloped property.

Other instances

deemed appropriate by The CC Taylor Foundation staff, the Finance Committee or the Board of Trustees.

Conflicts of Interest

 

No agreements shall be made between The CC Taylor Foundation and any agency, person, company or organization which would knowingly jeopardize or compromise the interests of either party.

The role of The CC Taylor Foundation staff is to inform, serve, guide or otherwise assist the donor in achieving fulfillment of the donor’s philanthropic purposes , and never, under any circumstances, to exercise undue pressure or methods of persuasion.

The tax deductibility of gifts is the responsibility of the donor. All donors should seek the assistance of personal, legal, and financial advisors in all matters relating to their gifts, the resulting tax and estate planning consequences.

Restriction on Gifts

 

The CC Taylor Foundation accepts unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are consistent with the stated mission, purposes, and priorities.

The CC Taylor Foundation does not accept gifts that are too restrictive in purpose, too difficult to administer, or for purposes outside the mission.

The Foundation may also decline any gift that contains conditions or restrictions that negatively affect the integrity or reputation of the activities, policies, mission, goals, and/or programs of The CC Taylor Foundation. 

All final decisions on the restrictive nature of a gift and its acceptance or refusal will be made by the Board of Trustees in consultation with the Chief Financial Officer. 

Types of Gifts

 

Many types of assets may be donated to the organization. Conditions for acceptance of assets vary according to the form of the gift. 

The CC Taylor Foundation acts in a fiduciary capacity in administering gifts in compliance with the instructions of the donor.

If a gift is not accompanied by instructions, every effort will be made to contact the donor to determine the intent. When clarifying donor intent is not possible, the use is determined by the Board of Trustees.

Cash and Cash Equivalents

Cash gifts are accepted in any form. Cash gifts may be delivered in person, by mail or online. There is no minimum donation amount.  Checks shall be made payable to the Reverend Charlie E Sr. and Cinderella S Taylor Foundation and delivered to P.O. Box 445, Arlington, TN 38002.

Secure credit card contributions may be made using the online donation form here or by calling the Foundation office at 601-509-2635.

Securities / Stock

Unrestricted marketable securities may be transferred to an account maintained at one of The CC Taylor Foundation’s brokerage firms.

As a general rule, all marketable securities are sold upon receipt. If the marketable securities are restricted by applicable securities laws, the Board of Trustees in consultation with the Chief Financial Officer shall make the final determination on acceptance of the restricted securities.

Gifts-in-Kind

Donations of tangible personal property shall be reviewed to determine:

  • Does the property help fulfill the mission of The CC Taylor Foundation or meet the needs of one of its programs?
  • Is the property marketable?
  • Are there any undue restrictions for the use, display, or sale of the property?
  • Are there any carrying costs for the property?
  • Is the title of the property clear?

If the gift is accepted, written acknowledgement will be provided to the donor with a description, but not value, of such property. Federal law prohibits the Foundation from placing a value on donations of personal property.

If the donor wishes to claim a charitable donation and the value of the item exceeds $500, the donor must complete IRS form 8283. If the value exceeds $5000, the IRS will also require a qualified independent appraisal. 

Life Insurance

Gifts of life insurance can occur in one of three ways.

  1. Contributing a paid-up policy and designating the Foundation as the owner and beneficiary of the policy, or
  2. Contributing a partial paid policy and designating the Foundation as the owner and beneficiary.  Donors must make tax deductible charitable donations to the Foundation to pay remaining premiums, or 
  3. Designate the Foundation as the beneficiary on a life insurance policy that is owned and maintained by the donor. 

Retirement Plans

The Reverend Charlie E and Cinderella S Taylor Sr Foundation may be listed as a beneficiary of retirement plan assets, such as Retirement Accounts (IRA’s), 401(k), 403(b) and defined contribution plans.

Bequests

Donors and supporters of Reverend Charlie E and Cinderella S Taylor Sr Foundation are encouraged to make bequests in their wills and trusts. Sample bequest language will be made available to donors and their attorneys to ensure the bequest is properly designated.

Charitable Gift Annuities

The charitable gift annuity is a contract between the Foundation and the donor. The Foundation agrees to pay the donor a lifetime annuity in return for a gift of cash or securities.

The Foundation will not accept real estate or personal property in exchange for charitable gift annuities offering immediate payment.

The minimum amount for an annuity agreement is $10,000. The Foundation will follow the most recently approved annuity rates suggested by the American Council of Gift Annuities. No more than two life income beneficiaries will be permitted. 

 

Charitable Remainder Trusts

The charitable remainder trust is a separately administered trust established by the donor that provides payments to the donor and/or beneficiaries and the remaining trust assets are distributed to one or more charities.

Where the Foundation is named as a trustee, the minimum amount for the charitable remainder trust is $50,000.

The Foundation will work with their attorney/financial professionals to structure such agreements.

Charitable Lead Trusts

The charitable lead trust is a trust where income is paid to the Foundation and the remainder is given to one or more non-charitable beneficiaries.

Where the Foundation is named as a trustee, the minimum amount for the charitable lead trust is $50,000. The Foundation will work with their attorney/financial professionals to structure such agreements.

Real Estate

All gifts of real estate are subject to review by the Foundation Board of Trustees. Prior to acceptance, Reverend Charlie E and Cinderella S Taylor Sr Foundation will require an initial environmental review. The review will generally be at the expense of the donor. Evaluation for acceptance of real estate includes:

  • Does the property further the mission of the Foundation?
  • Is the property marketable?
  • Are there any restrictions, reservations, easements, or other limitations associated with the property?
  • Are there carrying costs, which include insurance, property taxes, mortgages, etc. associated with the property?
  • Does the environmental audit state that the property is not damaged?

Other Types of Gifts

If a donor proposes a type of gift not covered by this policy, the Foundation Board of Trustees in consultation with the Chief Financial Officer will review the proposed gifts to determine whether the gift will be accepted.

Questions?

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Miscellaneous Provisions

 

The CC Taylor Foundation adheres to ethical standards regarding fundraising practices and will comply with all IRS regulations regarding the acceptance, acknowledgement and receipt of gifts. 

If the organization is unable to use the gift as the donor intended, the donor will be contacted by a representative of the Foundation to negotiate an acceptable use of the gift. If a mutually agreeable use for the gift cannot be determined, the gift will be returned.

It is the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to The CC Taylor Foundation.

 

GIFT PROCESSING

Purpose

 

The CC Taylor Foundation deposits and records, in the Quickbooks constituent database, all gifts benefiting The CC Taylor Foundation.

Procedures

 

Cash Handling and Processing

As part of internal controls, Reverend Charlie E and Cinderella S Taylor Sr Foundation follows a segregation of duties policy. The Director of Philanthropy and Stewardship receives all cash donations initially and logs them. The donations are routed to the Chief Financial Officer who processes them in Quickbooks for entry into Financial Ledger and deposit.

  • Cash log, Quickbooks, and Financial Financial Statement of the Foundation’s Investment batches will be reconciled monthly. 
  • Cash and checks will be kept in a safe in the Director of Philanthropy and Stewardship Office until gift processing and deposit can be completed. 
  • In an effort to protect donor information, credit cards will only be processed using PayPal and Givelify. No credit card information will be kept written down or transmitted electronically.  
  • Director of Philanthropy and Stewardship who receive charitable donations must secure documentation and deliver it to the Foundation Office within one business day of receipt.
  • All donations will be processed in Quickbooks within two business days. During this process constituent biographical information is confirmed and updated to create accurate tax and acknowledgements. 
  • Gift acknowledgement letters will be created each day that donations are processed. Letters will be forwarded to the Director of Philanthropy and Stewardship to sign.
  • Weekly, donation reports will be forwarded to the Director of Philanthropy and Stewardship for additional follow up and stewardship.

Pledges

Pledges are a commitment to give a specific dollar amount or in-kind donation according to a fixed time schedule. Pledges will be accepted for periods of up to five years. Any exceptions must be approved by the Foundation Board of Trustees in consultation with the Chief Financial Officer.

  • A signed letter of intent is required before pledges are acknowledged by the Foundation.
  • The letter must contain the amount of the pledge, a clearly defined payment schedule, and signature from the donor and the Director of Philanthropy and Stewardship. 
  • Pledge information is entered into the constituent file of Quickbooks.

Securities and Stock

Upon notification of stock receipt, gifts of stock will be recorded in the Quickbooks’ constituent record. 

  • The gift value is recorded at the average of the high and low quoted selling prices on the date the donor relinquishes control of the assets. The type of stock along with high and low quoted selling prices are reported in the donor acknowledgement letter.
  • Market losses or gains realized from the sale of the securities after receipt, nor brokerage fees or other expenses, affect the gift value reported.

Gifts in Kind

Tangible gifts are recorded in the Quickbooks’ database. 

  • Documentation of the gift must include justification of fair market value for gifts valued at $500 or more and a copy of a third party appraisal for gifts valued at more than $5000.
  • The gift acknowledgement will not include a value for the item. Donors are responsible for establishing the value of their donation and to provide documentation of the fair market value or, if necessary, an appraisal.
  • The Foundation will sign IRS Form 8283 as prepared and signed by the donor and signed by a qualified appraiser. If property is sold within two years, the Foundation will file IRS Form 8282 informing the donor and the IRS of the amount for which the property is sold.

Life Insurance

Donors are encouraged to consult their own advisors concerning the type of insurance policy and tax deductibility of the gift. While the Reverend Charlie E and Cinderella S Taylor Sr Foundation requests donors alert them when considering life insurance gifts, life insurance will not be recorded until it is irrevocable.

Charitable Gift Annuities

Funds contributed in exchange for a gift annuity shall be set aside and invested during the life of the gift annuity agreement. Once the agreement has matured or payments terminated, the funds representing the remaining principal contributed in exchange for the gift annuity shall be transferred to the Foundation Fund for the use designated by the donor.

Assigning Gift Credit

IRS tax receipting and reporting must be based on the legal donor. The Foundation may choose to share gift value for recognition purposes though a soft credit.  The originating donor retains legal ownership of the transaction, but a soft credit will be applied to another person.

  • Gifts made by check are recorded on the donor record of the owner of the account. In the case of a joint account, joint gift credit will be applied. 
  • Gifts made by credit card are recorded on the donor record of the card holder. 
  • Soft credits will be applied if a donor wishes to make contributions on behalf of another person; for individuals who make gifts through Donor Advised Funds or Family Foundations; donors associated with corporate donations; or other like situations. 

Donor Advised Funds

Gifts made by donor-advised funds are recorded on the record of the Donor Advised Fund. 

  • The advising individual/s, will receive a soft credit for the gift. 
  • In accordance with IRS policy, payments from donor-advised funds cannot be applied as payment on individual donor pledges. 
  • Donors will not receive a tax acknowledgement letter, but will be followed up with and thanked by the appropriate gift officer. 

Goods and Services

The value of benefits a donor receives in exchange for their gift is essential in determining the amount of the actual gift. The gift amount is the amount that exceeds fair market value of the benefits.

  • Each transaction that involves goods and services must include a breakdown of the tax-deductible amount, the goods and services amount, and a description of the goods and services provided (including on event invitations). This information must be reflected in gift entries and donor communication.
  • Goods and services must also be considered with respect to corporate sponsorship. The determining factor that affects the deductibility of the gift is whether the recognition the corporation receives constitutes advertising.  The IRS defines advertising as competitive pricing or product information displayed because of the donation. If the recognition fits this definition, the sponsorship is a transaction, not a gift. Simply using a corporation’s name and/or logo for display is not considered advertising.  
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