chicago kali bari: gift acceptance policy
Chicago Kali Bari (“CKB”) solicits and accepts gifts that will help CKB advance and fulfill its mission. This policy governs the acceptance of gifts made to CKB or for the benefit of any of its programs.
I..Purpose of Policies and Procedures
The purpose of this document is to set forth the criteria that CKB and its Board of Directors (“Board”) will use to determine whether a proposed gift is acceptable and to inform prospective donors and their advisors of the types of gifts CKB accepts.
II.Communications with Donors
CKB holds all communications with donors and information concerning donors and prospective donors in strict confidence, subject to legally authorized and enforceable requests for information by government agencies and courts. All other requests for or releases of information concerning a donor or a prospective donor will be granted only if permission is first obtained from the donor.
III.Professional Advice and Conflicts of Interest
CKB does not provide personal legal, financial, or other professional advice to donors or prospective donors. Donors and prospective donors are strongly urged to seek the assistance of their own professional advisors in matters relating to their gifts and the resulting tax and estate planning consequences.
IV.Restrictions on Gifts
Unrestricted gifts and gifts for specific programs and purposes may be accepted, provided they are consistent with CKB’s mission, purposes, and priorities.
CKB will not accept gifts that (a) would result in CKB violating its corporate charter, (b) would result in CKB losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for CKB, including damage to CKB’s reputation or an impact on future gifts, or (e) are inconsistent with CKB’s mission, purposes, or priorities. Decisions on the restrictive nature of a gift, and its acceptance or refusal, will be made by the Board.
V.Designated Gifts
CKB’s policy is to encourage donors to give unrestricted gifts, the proceeds of which are used at CKB’s discretion to benefit CKB and its programs, rather than to restrict gifts to specific programs, activities, or uses. Where the receipt and/or administration of a restricted gift is burdensome, the Board will determine, in accordance with this Policy, whether CKB will accept the gift.
VI.Use of Legal Counsel
CKB will seek the advice of outside legal counsel and accountants as appropriate on the acceptance of certain gifts. Review by outside counsel and accountants is usually sought in connection with:
a. Gifts of securities that are subject to restrictions or buy-sell agreements;
b. Documents naming CKB as Trustee or requiring CKB to act in any fiduciary capacity;
c. Gifts that require CKB to assume a financial or other obligation;
d. Gifts of patents and intellectual property;
e. Transactions with potential conflicts of interest for CKB;
f. Gifts of real or personal property, including timeshares;
g. Other instances in which use of counsel or accountants is deemed appropriate by the Board.
VII.Gifts Generally Accepted Without Review
- Cash. Cash gifts are acceptable in any form, including by cash, check, credit card, wire transfer, ACH, or other payment systems (such as Zelle, PayPal, Apple Pay, etc.). Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the card holder as it appears on the credit card. Checks should properly identify the donor or donors and must be made payable to Chicago Kali Bari. Checks may not be made payable to individuals who represent or work for CKB. Cash gifts to CKB individual employees or priests are not considered donations to CKB.
- Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by CKB’s Board. In some cases, marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities will be made by the Board.
- Cryptocurrency. Donations of cryptocurrency are treated as donations of property. All cryptocurrencies will be sold promptly upon receipt unless otherwise directed by CKB’s Board. In some cases, cryptocurrency gifts may be restricted, for example, by applicable laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted cryptocurrency gift will be made by the Board. Donors are responsible for determining and substantiating the valuation on their own tax returns, should they choose to claim a tax deduction.
- Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to CKB under their wills, and to name CKB as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans.
- Charitable Remainder Trusts. CKB will accept designation as a remainder beneficiary of charitable remainder trusts. CKB will not, however, serve as trustee of a charitable remainder trust and will encourage donors to use a professional fiduciary.
- Charitable Lead Trusts. CKB will accept designation as an income beneficiary of charitable lead trusts. CKB will not accept an appointment as Trustee of a charitable lead trust.
VIII.Gifts Accepted Subject to Prior Review
Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
- Tangible Personal Property. The Board will review and determine whether to accept any gifts of tangible personal property in light of the following considerations:
-> Does the property further the organization’s mission?
-> Is the property marketable?
-> Are there any unacceptable restrictions imposed on the property?
-> Are there any carrying costs for the property for which CKB may be responsible?
-> Is the title/provenance of the property clear?
The gift will be completed by execution and delivery of a deed of gift or other appropriate conveyance acceptable to CKB and delivery of the property. The costs of conveyance and delivery of the gift will be paid by the donor unless otherwise approved by the CKB Board. CKB is not liable for any damage to property while in transit to CKB. CKB reserves the right to sell or otherwise dispose of any property that the Board determines at a later date is no longer needed by CKB.
- Life Insurance. CKB will accept gifts of life insurance only where CKB is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy. CKB would include the entire amount of the additional premium payment as a gift in the year that it is made.
- Real Estate. CKB does not accept gifts of time shares. All other gifts of real estate are subject to review by the Board. Criteria for acceptance of gifts of real estate include:
-> Is the property useful for the organization’s purposes?
-> Is the property readily marketable?
-> Are there covenants, conditions, restrictions, reservations, easements, encumbrances, or other limitations associated with the property?
-> Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
-> Prior to acceptance of any gift of real estate other than a personal residence, CKB will require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. In assessing whether to accept the real property, the Board will consider whether the environmental review or audit reflects that the property is damaged or otherwise requires remediation.
- Donor Advised Funds. The CKB Board will discuss with donors whether donor-advised funds and supporting organizations can be helpful in fulfilling CKB’s mission. The Board must approve the acceptance of gifts in this category.
IX.Donation Refund Policy
Generally, a donation to CKB is not refundable. Decisions on refunds will be made on a case-by-case basis by the Board after analysis of the particular circumstances of the donation. CKB will consider a refund in the specific circumstances listed below upon a justified request from the donor:
- We will refund your donation if there was an error made by CKB.
- We will refund your donation if the donation was made unknowingly, for example in a situation where a donation was made with a stolen or lost card.
- We may refund if you have accidentally entered the wrong amount.
- We may refund if you have accidentally created a monthly donation when your intention was to make a one-off donation.
- We may refund in other similar exceptional circumstances.
To request a refund of your donation, please contact CKB and request a refund within 30 days after the date of making the donation, including if you wish to request a refund for a monthly donation. Because we use donated funds and items to support CKB’s work, CKB will not be able to accommodate donation refund requests made more than 30 days past the date of donation.
We can only issue a refund to the same card or account from which the donation was made. This includes all credit and debit card payments, PayPal, direct debit, and all other payment methods currently available at our website.
If you wish to request a refund, please provide:
- your full name,
- the email address provided when making the donation,
- your country of residence
- your phone number,
- date on which the donation was made,
- the amount of the relevant donation
- payment method, and
- all relevant circumstances justifying your request.
We will review your request upon receipt and let you know our decision in a timely manner. If the request is accepted, we will process the refund as soon as possible. Please note that it may take 10-14 business days until a refund reaches your account.
X.Miscellaneous
Securing appraisals and legal fees for gifts to CKB.
It will be the responsibility of the donor to secure an appraisal (where required) and the advice of independent legal, financial, or other professional advisers as needed for all gifts made to CKB.
Valuation of gifts for development purposes.
CKB will record a gift received by CKB at its valuation for gift purposes on the date of gift. IRS Publication 561 (Determining the Value of Donated Property) and IRS Publication 526 (Charitable Contributions) provide excellent guidance and can be downloaded from www.irs.gov.
Responsibility for IRS Filings upon sale of gift items.
CKB will work with its accountants to file IRS Form 8282 upon the sale or disposition of any non-marketable asset sold within 3 years of receipt by CKB when the charitable deduction value of the item is more than $5,000. CKB will file this form within 125 days of the date of sale or disposition of the asset.
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Policy Approved by Chicago Kali Bari, 04 FEB 2023
Last Reviewed: 28 FEB 2023
I..Purpose of Policies and Procedures
The purpose of this document is to set forth the criteria that CKB and its Board of Directors (“Board”) will use to determine whether a proposed gift is acceptable and to inform prospective donors and their advisors of the types of gifts CKB accepts.
II.Communications with Donors
CKB holds all communications with donors and information concerning donors and prospective donors in strict confidence, subject to legally authorized and enforceable requests for information by government agencies and courts. All other requests for or releases of information concerning a donor or a prospective donor will be granted only if permission is first obtained from the donor.
III.Professional Advice and Conflicts of Interest
CKB does not provide personal legal, financial, or other professional advice to donors or prospective donors. Donors and prospective donors are strongly urged to seek the assistance of their own professional advisors in matters relating to their gifts and the resulting tax and estate planning consequences.
IV.Restrictions on Gifts
Unrestricted gifts and gifts for specific programs and purposes may be accepted, provided they are consistent with CKB’s mission, purposes, and priorities.
CKB will not accept gifts that (a) would result in CKB violating its corporate charter, (b) would result in CKB losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for CKB, including damage to CKB’s reputation or an impact on future gifts, or (e) are inconsistent with CKB’s mission, purposes, or priorities. Decisions on the restrictive nature of a gift, and its acceptance or refusal, will be made by the Board.
V.Designated Gifts
CKB’s policy is to encourage donors to give unrestricted gifts, the proceeds of which are used at CKB’s discretion to benefit CKB and its programs, rather than to restrict gifts to specific programs, activities, or uses. Where the receipt and/or administration of a restricted gift is burdensome, the Board will determine, in accordance with this Policy, whether CKB will accept the gift.
VI.Use of Legal Counsel
CKB will seek the advice of outside legal counsel and accountants as appropriate on the acceptance of certain gifts. Review by outside counsel and accountants is usually sought in connection with:
a. Gifts of securities that are subject to restrictions or buy-sell agreements;
b. Documents naming CKB as Trustee or requiring CKB to act in any fiduciary capacity;
c. Gifts that require CKB to assume a financial or other obligation;
d. Gifts of patents and intellectual property;
e. Transactions with potential conflicts of interest for CKB;
f. Gifts of real or personal property, including timeshares;
g. Other instances in which use of counsel or accountants is deemed appropriate by the Board.
VII.Gifts Generally Accepted Without Review
- Cash. Cash gifts are acceptable in any form, including by cash, check, credit card, wire transfer, ACH, or other payment systems (such as Zelle, PayPal, Apple Pay, etc.). Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the card holder as it appears on the credit card. Checks should properly identify the donor or donors and must be made payable to Chicago Kali Bari. Checks may not be made payable to individuals who represent or work for CKB. Cash gifts to CKB individual employees or priests are not considered donations to CKB.
- Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by CKB’s Board. In some cases, marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities will be made by the Board.
- Cryptocurrency. Donations of cryptocurrency are treated as donations of property. All cryptocurrencies will be sold promptly upon receipt unless otherwise directed by CKB’s Board. In some cases, cryptocurrency gifts may be restricted, for example, by applicable laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted cryptocurrency gift will be made by the Board. Donors are responsible for determining and substantiating the valuation on their own tax returns, should they choose to claim a tax deduction.
- Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to CKB under their wills, and to name CKB as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans.
- Charitable Remainder Trusts. CKB will accept designation as a remainder beneficiary of charitable remainder trusts. CKB will not, however, serve as trustee of a charitable remainder trust and will encourage donors to use a professional fiduciary.
- Charitable Lead Trusts. CKB will accept designation as an income beneficiary of charitable lead trusts. CKB will not accept an appointment as Trustee of a charitable lead trust.
VIII.Gifts Accepted Subject to Prior Review
Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
- Tangible Personal Property. The Board will review and determine whether to accept any gifts of tangible personal property in light of the following considerations:
-> Does the property further the organization’s mission?
-> Is the property marketable?
-> Are there any unacceptable restrictions imposed on the property?
-> Are there any carrying costs for the property for which CKB may be responsible?
-> Is the title/provenance of the property clear?
The gift will be completed by execution and delivery of a deed of gift or other appropriate conveyance acceptable to CKB and delivery of the property. The costs of conveyance and delivery of the gift will be paid by the donor unless otherwise approved by the CKB Board. CKB is not liable for any damage to property while in transit to CKB. CKB reserves the right to sell or otherwise dispose of any property that the Board determines at a later date is no longer needed by CKB.
- Life Insurance. CKB will accept gifts of life insurance only where CKB is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy. CKB would include the entire amount of the additional premium payment as a gift in the year that it is made.
- Real Estate. CKB does not accept gifts of time shares. All other gifts of real estate are subject to review by the Board. Criteria for acceptance of gifts of real estate include:
-> Is the property useful for the organization’s purposes?
-> Is the property readily marketable?
-> Are there covenants, conditions, restrictions, reservations, easements, encumbrances, or other limitations associated with the property?
-> Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
-> Prior to acceptance of any gift of real estate other than a personal residence, CKB will require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. In assessing whether to accept the real property, the Board will consider whether the environmental review or audit reflects that the property is damaged or otherwise requires remediation.
- Donor Advised Funds. The CKB Board will discuss with donors whether donor-advised funds and supporting organizations can be helpful in fulfilling CKB’s mission. The Board must approve the acceptance of gifts in this category.
IX.Donation Refund Policy
Generally, a donation to CKB is not refundable. Decisions on refunds will be made on a case-by-case basis by the Board after analysis of the particular circumstances of the donation. CKB will consider a refund in the specific circumstances listed below upon a justified request from the donor:
- We will refund your donation if there was an error made by CKB.
- We will refund your donation if the donation was made unknowingly, for example in a situation where a donation was made with a stolen or lost card.
- We may refund if you have accidentally entered the wrong amount.
- We may refund if you have accidentally created a monthly donation when your intention was to make a one-off donation.
- We may refund in other similar exceptional circumstances.
To request a refund of your donation, please contact CKB and request a refund within 30 days after the date of making the donation, including if you wish to request a refund for a monthly donation. Because we use donated funds and items to support CKB’s work, CKB will not be able to accommodate donation refund requests made more than 30 days past the date of donation.
We can only issue a refund to the same card or account from which the donation was made. This includes all credit and debit card payments, PayPal, direct debit, and all other payment methods currently available at our website.
If you wish to request a refund, please provide:
- your full name,
- the email address provided when making the donation,
- your country of residence
- your phone number,
- date on which the donation was made,
- the amount of the relevant donation
- payment method, and
- all relevant circumstances justifying your request.
We will review your request upon receipt and let you know our decision in a timely manner. If the request is accepted, we will process the refund as soon as possible. Please note that it may take 10-14 business days until a refund reaches your account.
X.Miscellaneous
Securing appraisals and legal fees for gifts to CKB.
It will be the responsibility of the donor to secure an appraisal (where required) and the advice of independent legal, financial, or other professional advisers as needed for all gifts made to CKB.
Valuation of gifts for development purposes.
CKB will record a gift received by CKB at its valuation for gift purposes on the date of gift. IRS Publication 561 (Determining the Value of Donated Property) and IRS Publication 526 (Charitable Contributions) provide excellent guidance and can be downloaded from www.irs.gov.
Responsibility for IRS Filings upon sale of gift items.
CKB will work with its accountants to file IRS Form 8282 upon the sale or disposition of any non-marketable asset sold within 3 years of receipt by CKB when the charitable deduction value of the item is more than $5,000. CKB will file this form within 125 days of the date of sale or disposition of the asset.
-----
Policy Approved by Chicago Kali Bari, 04 FEB 2023
Last Reviewed: 28 FEB 2023