Handy – Planned Gift Policy
In its relationship with prospective donors, HANDY and its representatives will always seek to discuss the proposed planned gift with the donor’s own advisor and will avoid the exercise of any undue pressure, persuasion, or over-reaching. No gift should be urged upon any donor that would benefit HANDY at the expense of the donor’s best interest.
All information received by HANDY concerning donors and prospective donors, including the amount of their gifts and the size of their estate, shall be kept strictly confidential and made available to staff and other persons only on a need-to-know basis, except where permission has been given by the donor to release any such information.
The purpose of HANDY’s Planned Giving Program is to help donors benefit HANDY, taking into consideration the donors’ resources and the tax implications of their gift. Gifts may generally be divided into three categories:
• Gifts made during life, which are deductible for income tax purposes;
• Gifts made at death, which are deductible for estate tax purposes; and
• Gifts with retained income, which result in both income and estate tax deductions.
HANDY’s representative(s) may consult with donors in general terms regarding the tax implications of their gifts, and may explain generally the tax effects and deductibility of various forms of gifts and the particular gift under consideration, but in no case will offer tax or legal advice to a prospective donor. Donors should be cautioned that they must rely on their own professional tax advisors to assess the tax impact of the proposed gift in their own specific circumstances.
• Policies concerning gifts acceptable to HANDY as an asset base for, or otherwise related to a planned gift are articulated in HANDY’s Gift Acceptance Policy.
• HANDY will in no case provide an appraised value of any donated property.
• Gifts of life insurance where HANDY is the owner of the policy will only be accepted with the understanding that HANDY makes no commitment to pay future premiums, and that the donor will pay any future premiums either directly or by additional gifts, which HANDY will use to pay the premiums. Gifts of life insurance with a “paid up” value will be accepted on a case-by-case basis with the recommendation of the HANDY Planned Gifts Committee.
• Gifts that carry with them any new designation or restriction must have approval of the President and CEO, in consultation with such other persons as the President and CEO deems appropriate, prior to acceptance to assure that the designated usage is practical and not materially inconsistent with HANDY’s mission. In all cases a Gift Agreement Memorandum will be drafted that articulates the purpose of the gift and its designation and/or restrictions.
• HANDY shall not act as trustee of any charitable trust, other than its own endowment.