GUIDELINES ON CHARITABLE GIFTS
Purpose Statement: The Space Coast Health Foundation (SCHF) is grateful for gifts offered to the organization that align with its mission, values, and goals. This policy provides general guidelines for accepting gifts for the SCHF. The final authority for the approval and receipt of gifts is at the discretion of the Board of Directors, unless designated by the Board to the President/CEO. Gifts must align with the SCHF’s mission and work.
- SCHF is a public charity, and therefore, gifts received may be tax-deductible for the donor.
- Donations and other forms of support will generally be accepted from individuals, partnerships, corporations, foundations, government agencies, or other entities providing the gift aligns with our mission and work and does not place undue restrictions or an administrative burden beyond the value of the gift on the SCHF.
- SCHF will accept donations of cash, marketable securities, real estate, and other assets that can easily be converted to cash or are considered in-kind services.
- Certain types of gifts must be reviewed by the Board of Directors prior to acceptance due to the special liabilities they may pose for SCHF. Examples of such gifts include real estate and securities. Specific details are provided in the Guidelines for Acceptance of Gift Types below.
GUIDELINES ON SOLICITATION AND ACCEPTANCE OF CHARITABLE AND PHILANTHROPIC GIFTS
- The seeking of charitable and philanthropic funds from individuals, corporations, and foundations will be accomplished with dignified, ethical, business, and recognized fund development practices. Appeals to these entities that may have a current or potential commercial relationship with the Space Coast Health Foundation will be conducted in the spirit of philanthropy with no suggestion of withdrawing current or promising a future business relationship.
- SCHF will avoid any actual or perceived conflicts of interest in accepting gifts. SCHF will not accept gifts from donors who seek personal gain or who wish to use the gift for personal or business purposes. Board members, staff and volunteers of SCHF will not accept gifts that compromise their independence or judgement.
- All information relating to current and prospective donors, including the amount of gift, size of estate, beneficiaries, and next-of-kin or family relationships will be kept in strict confidence. No information will be publicly released unless written permission is obtained from the donor.
- Prospective donors, particularly those wishing to make a substantial gift, shall be advised to seek the counsel of their attorney and/or financial consultant on matters relating to estate planning and tax liability. SCHF shall also seek the counsel of its attorney before executing certain kinds of documents with donors, e.g., charitable annuities and similar instruments.
- Charitable gifts will be accepted for unrestricted and restricted use. Restricted funds will be established as needed at the discretion of the Board of Directors.
- The Board of Directors reserves the right to offer a naming opportunity for a designated period of time. Similarly, the board may rescind a donor’s naming rights in the event the donor’s association with the organization creates reputation or other harm.
GUIDELINES FOR ACCEPTANCE OF GIFT TYPES
A. GIFTS OF CASH, MARKETABLE SECURITIES, AND PRIVATE TRANSFERS
SCHF will accept outright gifts such as cash, publicly traded securities, corporate matching gifts, and private transfers. These gifts may be accepted by the President/CEO.
- Cash gifts are the most common form of donation and can be made in the form of cash, check, Electronic Funds Transfer (EFT), wire transfer, or credit card.
- Marketable securities including stocks, bonds, and mutual funds that are traded on major exchanges will be accepted and sold immediately to convert them to cash.
B. GIFTS OF LIFE INSURANCE
SCHF will accept gifts of life insurance policies, including whole life, variable life, and universal life policies, which meet the following two criteria:
- The policy is paid-up or has a minimum face value of $25,000; and has a payment schedule not to exceed ten years.
- The Space Coast Health Foundation is designated as the owner and the beneficiary of the policy. While the policy will identify SCHF as the beneficiary, SCHF should work with the donor to clarify the purpose of the gift— whether it be for an endowment, specific program, or unrestricted use—by attachment of a memorandum, letter, or endowment agreement to the policy.
C. NON-CASH, IN-KIND, CHARITABLE CONTRIBUTIONS
Non-cash, In-kind, gifts less than $5,000 may be accepted by SCHF for unrestricted use, providing the President/CEO approves them. The Board of Directors must approve all non-cash gifts in excess of $5,000.
The following provisions for accepting gifts-in-kind must be considered:
- Easily saleable
- Useful to the SCHF
- Cost of selling
- Storage cost
- Transportation cost
- Maintenance and repair
A valid independent appraisal must be provided by the donor for all gifts valued by the donor for $5,000 or more to:
- Determine the donor’s charitable income tax deduction
- Establish an asking price for resale
- Establish the value for carrying the assets on the SCHF’s records
SCHF may consider gifts of crypto assets and other forms of digital assets after due diligence is performed to determine if the asset is able to be transferred and liquidated.
D. GIFTS OF REAL PROPERTY
SCHF may accept gifts of real estate, but only after it has been appraised to determine its fair market value and with the approval of the Board of Directors. SCHF will then decide whether to keep or sell the property.
The President/CEO will have overall responsibility for handling inquiries, negotiating with donors, retaining appraisers, assembling the documentation, presenting the gift for consideration to the Board of Directors and marketing real property gifts. All inquiries regarding real property will be referred to or coordinated with the President/CEO of SCHF.
The Board of Directors ultimately must determine whether to accept or reject the gift. Prior to acceptance, the Board of Directors shall consider the need for title insurance and require such insurance in appropriate cases.
E. GIFTS OF AUTOMOBILES AND OTHER VEHICLES
Automobiles and other types of vehicles with a fair market value of a minimum of $15,000 may be accepted by SCHF if they are in working order and usable by the SCHF.
F. GIFTS OF FURNITURE AND OTHER MISCELLANEOUS PERSONAL PROPERTY
General provisions of accepting any gift in this category rests with the President/CEO, who should take the following factors into consideration:
- Whether the gift is easily saleable or useful to SCHF
- No commitment should be made to keep the item
- Storage costs associated with holding the gift
- Transportation costs associated in connection with sale of the gift (i.e., to receive or dispose of the gift)
- Maintenance and repair of the gift
- Location of the gift property
- Whether the clothing or household item is in “good used condition” or better
For gifts over $5,000, a valid independent appraisal must be provided by the donor in order to determine the donor’s charitable income tax deduction, establish an asking price for resale, and establish the value for carrying the assets on SCHF’s records.
This gift acceptance policy is designed to ensure that all gifts received by SCHF are aligned with its mission, values, and goals. SCHF will use these gifts to support its programs and services and will invest them in accordance with its investment policy. SCHF will avoid conflicts of interest and will disclose all conflicts of interest to its board of directors.
Last updated: 2/05/2025.