Sacramento Ballet Company Gift Acceptance Policy
The Sacramento Ballet solicits and accepts gifts for purposes that will help the organization further and fulfill its mission to entertain, educate, inspire and engage people through the powerful vehicle of dance. The Sacramento Ballet encourages current and prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern acceptance of gifts made to The Sacramento Ballet for the benefit of any of its operations, programs or services.
Help us recognize you:
When making a direct donation, whether it is your first donation or one of many, whether cash/check or a direct security donation of publically trade stock transferred to the Ballet’s stock account, please remember to notify the company of such a gift so we can recognize you in our event program and thank you at the same time for your continued generosity.
Use of Legal Counsel — Sacramento Ballet will seek the advice of legal counsel in matters relating to gift acceptance when appropriate. Review by counsel is recommended for:
· Gifts of securities that are subject to restrictions or buy-sell agreements.
· Documents naming The Sacramento Ballet as trustee or requiring The Sacramento Ballet to act in any fiduciary capacity.
· Gifts requiring The Sacramento Ballet to assume financial or other obligations.
· Transactions with potential conflicts of interest.
· Gifts of property that may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts:
The Sacramento Ballet will not accept gifts that (a) would result in The Sacramento Ballet violating its corporate charter, (b) would result in The Sacramento Ballet 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 The Sacramento Ballet, or (e) are for purposes outside The Sacramento Ballet’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Finance Committee, in consultation with the Executive Director.
Gifts Generally Accepted Without Review:
· Cash – Cash gifts are acceptable in any form, including by check, money order, credit card, wire transfer, or on-line.
· Marketable Securities – Marketable securities may be transferred electronically to an account maintained at the Association’s brokerage firm or delivered physically with the transferor’s endorsement attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by College Art Association’s.
· Investment Committee – 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 shall be made by the Finance Committee.
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:
· Charitable Remainder Trusts. The Sacramento Ballet will accept designation as a remainder beneficiary of charitable remainder trusts.
· Charitable Lead Trusts. The Sacramento Ballet will accept designation as an income beneficiary of charitable lead trusts.
· Bequests and Beneficiary Designations under Revocable Trusts, Commercial Annuities and Retirement Plans.
· Donors are encouraged to make bequests to The Sacramento Ballet under their wills, and to name The Sacramento Ballet as the beneficiary under trusts, commercial annuities and retirement plans.
· Tangible Personal Property. The Finance Committee shall review and determine whether to accept any gifts of tangible personal property, including works of art, 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 the organization may be responsible? Is the title/provenance of the property clear?
· Life Insurance. The Sacramento Ballet will accept gifts of life insurance where The Sacramento Ballet 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.
· Real Estate. All gifts of real estate are subject to review by the Finance Committee. Prior to acceptance of any gift of real estate other than a personal residence, The Sacramento Ballet shall require an initial environmental review by a qualified environmental firm. In the event that the review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. 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? Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
For more information contact:Attn: Erica Kobbe, Development Manager Sacramento Ballet 1631 K Street Sacramento, CA 95814