Gift Acceptance Policy

The Acceptance and Treatment of Charitable Gifts to

ACWIS

I. Introduction

  1. The American Committee for the Weizmann Institute of Science (ACWIS) is committed to the highest ethical standards in its fundraising practices. Transparency and compliance with relevant Federal, state, and IRS rules and regulations is a priority.
  2. This Policy articulates the policies of the Executive Committee of ACWIS concerning the acceptance and treatment of charitable gifts to ACWIS. The Executive Vice President/Chief Executive Officer (CEO) will oversee the maintenance of appropriate procedures for implementing this Policy, which shall be shared with the Executive Committee annually. Procedures shall include, but not be limited to: the process for accepting, reporting and acknowledging gifts; the appointment of gift acceptance committees as needed; deadlines for accepting different types of gifts for a particular calendar year; who has the authority to accept gifts and sign gift documents; and minimum gift size and donor age for gift vehicles (e.g., Charitable Gift Annuities, Charitable Trusts, etc.).
  3. To ensure conformity with this Policy and compliance with applicable laws and regulations, all pledge, fund, and similar donative agreements, estate releases and other closing documents, must be overseen and approved by the CEO or Vice President for Family Philanthropy and Legal Affairs (VP Legal Affairs).
  4. Questions with respect to this Policy and its application should be presented to the CEO, Chief Financial Officer (CFO), or VP Legal Affairs.

 

II. General Responsibilities of ACWIS to Donors

  1. ACWIS, its staff, and representatives endeavor to assist donors in accomplishing their personal philanthropic objectives, in conjunction with donors’ advisors, family members, and other relevant parties.
  2. Every reasonable effort shall be made to maintain confidentiality regarding all transactions between a donor and ACWIS. ACWIS respects a donor’s wishes to provide anonymous support, and will take reasonable steps to safeguard such donor’s identity.
  3. Each prospective donor to ACWIS should be informed that ACWIS does not provide legal, tax, or financial advice, and should be encouraged to discuss all charitable gift planning decisions with his or her own legal, financial and/or tax advisor before entering into any commitment or making a gift to ACWIS./li>
  4. Any request for ACWIS to serve as a fiduciary or nominate a fiduciary must be approved by the CEO, keeping in mind applicable laws.
  5. ACWIS employees are prohibited from acting as a healthcare proxy, power of attorney, or similar legal/fiduciary capacity, except in rare circumstances upon approval of CEO (for example, when the employee has a familial or pre-existing relationship with a donor).

 

III. Gift Designation, Investment, Restrictions

  1. Gifts may be designated for general purposes (general funds), or subject to restrictions as to use/purpose, timing of expenditure, or both. ACWIS will consider a gift to be restricted if there is a written restriction in the donative instrument (e.g., gift agreement, last will and testament, or other written directive.) or if a gift is donated in direct response to an ACWIS solicitation for a restricted gift. Absent either circumstance, gifts received will be assumed to be general funds available for general ACWIS purposes.
  2. At the sole discretion of the Executive Committee or designee (e.g. a gift policy sub-committee) general funds may be designated (or, at its discretion, undesignated) for particular purposes, or treated as quasi-endowed funds for set periods of time.
  3. As relevant to the gift in question, and unless otherwise required by the donative instrument or state law (as with some Charitable Gift Annuities), ACWIS shall endeavor to invest gifts (whether restricted or otherwise designated according to Paragraph III (B)) according to the New York State Prudent Investor Act.
  4. The Executive Committee, via the CEO, is responsible for overseeing and approving the acceptance of gifts with restrictions. To facilitate this process, the CEO shall oversee and maintain a pre-approved list of purposes and priorities, and other acceptable gift restrictions (e.g., research funds, scholarships, fellowships, capital expenditures, professorial chairs, other funds or projects on the Institute priority list). Gifts received with written restrictions that are not on this pre-approved list may be accepted only upon approval of the CEO.
  5. Absent contrary language in the donative instrument, all accepted gifts that are permanently restricted shall be treated as follows:
    1. A “Spending Rate” shall be distributed from each permanently restricted (endowment) fund annually. The Spending Rate (currently 5% of the average fair market value of the fund averaged over the preceding 12 quarters) is reviewed and approved annually by the Executive Committee.
    2. Unless prohibited by the donor in a donative or other instrument, or in response to the notice requirement of the New York Prudent Management of Institutional Funds Act, ACWIS shall apply its spending rate regardless of the historic or original dollar value of such fund.
    3. ACWIS may delegate the investment of its permanently restricted funds to third-parties, including but not limited to the Weizmann Global Endowment Management, LP (known as “W-GEM”), as agent for ACWIS; such third parties may charge ordinary and reasonable custody and management fees against such funds.
  6. In situations where gift commitments are unfulfilled or only partially fulfilled by the Donor, ACWIS reserves the right to modify the restriction, as well as naming and other recognition, to which it may have already agreed. Similarly, in the absence of express terms in an agreement to the contrary, ACWIS reserves the right to withhold naming and other recognition until at least 50 percent (50%) of a total proposed gift is paid by the donor.

 

IV. Commitment of Charity Assets

  1. Charitable Gift Annuities. ACWIS shall issue charitable gift annuities to donors in exchange for their contributions, using annuity rates at or below those recommended by the American Council on Gift Annuities.
  2. Commitment of Funds in Connection with Gifts. The commitment of funds in transactions to acquire assets from a donor (e.g. Bargain Sale) shall require the written approval of the CEO.
  3. Partnerships, Privately Held Stock, and Other Liabilities. ACWIS shall not accept interests in partnerships, privately held companies, or other investment entities exposing ACWIS to legal and/or tax liability, including the obligation to provide capital contributions or other funding for investments, without performing adequate due diligence pursuant to due diligence procedures overseen by the CEO, and receiving an indemnity from the donor to address such liability and fulfill any obligations.
  4. Real Estate. Potential liability arising from such gifts shall be minimized pursuant to due diligence procedures overseen by the CEO.
  5. Independent Appraisals. Donor or related party cannot control disposition of donated assets once in ACWIS’s possession. As such, ACWIS shall obtain independent, third-party appraisals and brokers to facilitate such disposition and sale.

 

V. Gift Recognition and Naming

  1. The Executive Committee, via the CEO, may establish criteria for recognizing donors with certain honors based on various giving levels achieved by a donor and the type of gift. These honors may include the listing of donor’s name on an honor roll or plaque of significant donors, or the opportunity to receive invitations to certain donor recognition events.
  2. Except in the cases of recognition and reporting opportunities that appear on a pre-approved list, development staff of ACWIS shall make no commitments to a donor concerning naming, recognition, reporting, and similar commitments without the approval of the CEO.
  3. Absent written agreement executed when the donor is alive that is subsequently fulfilled, when a gift is received through a will or other testamentary vehicle, naming and other recognition shall be made according to the manner, style, and level offered for gifts of a similar size and type at the time the gift is received by ACWIS.
  4. In addition to the right to modify described in III(F), ACWIS reserves the right to modify naming and other public recognition in the event donor is convicted of a felony or if such naming otherwise exposes ACWIS to public derision or contempt.

VI. Exceptions, Review, Delegation

  1. Exceptions to this Policy must be approved in writing by the CEO, who shall report on such exceptions at the next regular meeting of the Executive Committee.
  2. The Executive Committee is responsible for the approval of this Policy and its regular review (no less frequently than every five years), particularly upon the enactment or promulgation of legislation or regulatory rules affecting fundraising and gift acceptance.
  3. By written directive, the CEO may delegate certain responsibilities under this policy, as needed.

 

State Disclosures

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