Gift Acceptance Policy
Gift Acceptance Policy
The purpose of the Anthony Lakes Mountain Resort Gift Acceptance Policy is to outline the monetary gifts and tangible goods that will be accepted for the purpose of supporting the operation and sustainability of Anthony Lakes Mountain Resort.
Anthony Lakes Mountain Resort LLC, is owned by Baker County Development Corp a 501(c)3. To be tax deductible, gifts must be made to the Baker County Development Corporation and will be allocated to Anthony Lakes Mountain Resort for the support and sustainability of the operation. Gifts may be restricted for certain use at the donor’s discretion so long as it is within gift policy. Non-tax deductible gifts may also be made directly to Anthony Lakes Mountain Resort so long as it is within gift policy.
Anthony Lakes Mountain Resort solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. Anthony Lakes Mountain Resort urges all prospective donors to seek the assistance of personal legal and financial advisers in matters relating to their gifts, including the resulting tax and estate planning consequences.
Use of Legal Counsel—Anthony Lakes Mountain Resort will seek the advice of legal counsel in matters relating to acceptance to gifts when appropriate. Review by counsel is recommended for:
- Gifts or securities that are subject to restrictions or buy-sell agreements.
- Documents naming Anthony Lakes Mountain Resort as trustee or requiring Anthony Lakes Mountain Resort to act in any fiduciary capacity.
- Gifts requiring Anthony Lakes Mountain Resort to assume financial or other obligations.
- Transactions with potential conflicts of interest.
- Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions of Gifts—Anthony Lakes Mountain Resort will not accept gifts that (a) would result in Baker County Development Corporation violating its corporate charter, (b) would result in Baker County Development Corporation losing its status as a 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 Anthony Lakes Mountain Resort, or (e) are for purposes outside Anthony Lakes Mountain Resort’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the General Manager in consultation with the Baker County Development Corporations Board of Directors.
Gifts Generally Accepted Without Review
- Cash—Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. 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.
- 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 Anthony Lakes Mountain Resort’s Board of Directors. 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 Board of Directors.
- Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans—Donors are encouraged to make bequests to Anthony Lakes Mountain Resort under their wills, and to name Baker County Development Corporation for benefit of Anthony Lakes Mountain Resort as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
- Charitable Remainder Trusts—Anthony Lakes Mountain Resort will accept designation as a remainder beneficiary of charitable remainder trusts.
- Charitable Lead Trusts—Anthony Lakes Mountain Resort will accept designation as an income beneficiary of charitable lead trusts.
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 of Directors shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: does the property further the organizations 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—Anthony Lakes Mountain Resort will accept gifts of life insurance where Baker County Development Corporation 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 Board of Directors. Prior to acceptance of any gift of real estate other than personal residence, Anthony Lakes Mountain Resort shall require 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. Criteria for acceptance of gifts of real estate include: Is the property useful for the organizations 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?