Nurses & Angels International is a non-profit 501(c)(3) organization and its operating budget is comprised mostly of financial contributions, donations, and gifts. Because so much of NAI's budget to carry out its worldwide mission depends on financial contributions, donations and gifts, it is important for NAI to communicate to its supporters how it handles such donations and to create a consistent organizational approach and practice regarding this vital part of its ministry.
Gift Acceptance Policy
Gifts to Nurses & Angels International (NAI) may be made in any amount for the benefit of any of NAI's domestic or international programs. Gifts may be designated for a specific program or purpose. Gifts may also be unrestricted in which case they will be disbursed to the rest of greatest need at the sole discretion of the NAI President, Executive Directors, or the President’s designee.
1. Gifts of Cash
NAI will accept gifts of cash, checks, money orders and payments via credit or debit card.
2. Marketable Securities
NAI will accept gifts of publicly traded securities, stocks and bonds. Stock that is held electronically with a brokerage firm may be electronically transferred to NAI's brokerage account by first calling our Relationship Development staff at 805-328-7173 in order to receive specific instructions for such a transfer. To donate stock that is held in certificate form, NAI must be notified in advance so that specific instructions can be provided to the donor.
3. Stock in privately owned companies
To be acceptable by NAI, stock in privately owned companies must have a qualified appraisal performed by an independent professional appraiser and the appraiser report must accompany such stock when given to NAI. Prior to approval and acceptance of such a gift, such gifts must first be reviewed by the NAI Board of Directors, Finance Committee in conjunction with NAI's legal counsel. If immediately marketable, the stock in privately owned companies will be sold. If such stock is not immediately marketable, they will be kept in a secure facility such as a bank or other financial institution until such time when they can be redeemed, sold or liquidated.
4. Stock in Subchapter S corporations
To be accepted, such stocks must have a qualified appraisal performed by an independent professional appraiser. Prior to approval and acceptance of such a gift, such gifts must first be reviewed by the NAI Board of Directors, Finance Committee in conjunction with NAI's legal counsel.
5. Real Estate
Gifts of real estate may be accepted by NAI. NAI review of gifts of real estate shall include, but not be limited to, legality, title, encumbrances, liens, mortgages, easements, restrictions, and environmental issues. Until the real estate or property is sold and proceeds are deposited into the NAI account, all legal obligations related to ownership of the real estate such as taxes, insurance, utilities and security shall remain with the donor.
6. Tangible personal property.
The property must be salable and the donor must agree that the property can be sold unless NAI agrees to use the property for a purpose related to the exempt purpose of the organization. At least one qualified appraisal by an independent professional appraiser is required and such appraisal must be shared with NAI prior to any NAI decision to accept such a gift of tangible personal property.
In any of the cases where an appraisal is required, it is the sole responsibility of the donor to obtain and pay for competent appraisal services and to share the results of such appraisal with NAI.
It shall be the responsibility and legal obligation of the donor to seek and obtain advice from his or her professional financial advisors, to substantiate any tax deductions, and to comply with IRS regulations and policies, including the filing of IRS Form 8283.
1. Gift Agreements
Where appropriate and advisable, NAI may enter into a written gift agreement with a donor which shall specify the terms of any restricted gift, which may include provisions regarding donor recognition.
2. Pledge Agreements
NAI’s acceptance of pledges of future support (including by way of matching gift commitments) shall be contingent upon the execution and fulfillment of a written Charitable Pledge Agreement, on a form supplied by NAI, which shall specify the terms and conditions of the pledge including any provisions regarding donor recognition.
The donor is responsible for (a) the fees of independent legal counsel retained by donor for completing a gift to NAI; (b) any appraisal and appraisal report fees; (c) the cost of any environmental assessments, audits and reviews; (d) any title searches, reports, insurance or binders (in the case of real property); and (e) all other third-party costs and fees associated with the transfer of the gift to NAI.
4. Valuation of Gifts
NAI 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 GAAP.
5. IRS Filings upon Sale of Gifts
To the extent applicable, NAI shall file IRS Form 8282 upon the sale or disposition of any charitable deduction property sold within three (3) years of receipt by NAI. “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). NAI shall file this form within 125 days of the date of sale or disposition of the asset in accordance with applicable IRS rules and regulations.
6. Written Acknowledgement
NAI shall provide written acknowledgement of all gifts made to NAI and comply with the current IRS requirements in acknowledgement of the gifts.
7. Changes to or Deviations from the Policy
This Policy has been reviewed and accepted by the NAI’s Board of Directors, which has the sole authority and discretion to change this Policy. In addition, the Board of Directors must approve in writing any deviations from this Policy.
The terms “funds”, “contributions”, “gifts” and “donations” are used interchangeably throughout this policy document unless otherwise stated.