We offer a wide range of gifting options and vehicles that you can use to establish or add to a named grantmaking fund today or as part of an estate plan.
Types of Gifts
The following assets are acceptable:
Cash or Check – A cash gift is the simplest way to establish a named fund or to add to an existing fund. Checks shall be made payable to the Harrison County Community Foundation with the direction of the contribution named on the memo line of the check.
Publicly Traded Securities – Gifts of securities (bonds and stock) may also be used to establish a fund or add to an existing fund. The securities may be transferred to an account maintained at one or more brokerage firms or delivered physically with the transferor’s signature or stock power attached. As a general rule, all marketable securities shall be sold upon receipt. In some cases marketable securities may be restricted by applicable securities laws; in such instance the final determination on the acceptance of the restricted securities shall be made by the Foundation Finance Committee.
Other types of assets that may be considered but approved by the Board of Directors:
Tangible Personal Property– All gifts of tangible personal property will be examined in light of the following criteria.
- Does the property fulfill the mission of the Foundation?
- Is the property marketable.
- Are there any undue restrictions on the use, display, or sale of the property?
- Are there any carrying costs of the property?
Closely Held Securities– These securities which include not only debt and equity positions in non-publicly traded companies but also interests in LLPs and LLCs or other ownership forms, can be accepted subject to the approval of the Foundation Finance Committee. These gifts must be reviewed prior to acceptance to determine that:
- There are no restrictions on the security that would prevent the Foundation from ultimately converting those assets to cash.
- The security is marketable, and
- The security will not generate any undesirable tax consequences for the Foundation.
Agricultural Products – HCCF may accept gifts of agricultural products including grain, livestock, hay and timber. These assets do not have to be converted into cash first. In fact, in order for the donor to receive tax benefits, the product must be donated directly to the foundation. This is a brief outline of the steps.
1) Notify HCCF that you intend to donate grain, livestock, timber or other agricultural products.
2) HCCF will establish an account with the purchasing facility.
3) Deliver the product to the facility. You can designate full or partial loads.
4) Donor signs a form with the purchasing facility releasing ownership to HCCF.
5) Net proceeds from the sale will be sent directly to HCCF and used according to the donor’s wishes
Please contact the foundation prior to making a gift in order to ensure the correct procedures are followed.
Real Estate – Gifts of real estate may include developed property, undeveloped property or gifts subject to a prior life interest. Prior to acceptance of real estate, the Foundation will require an initial environmental review of the property to insure that the property is not contaminated with environmental damage. Other restrictions may apply as per the Gift Acceptance Policy.
- Remainder Interests in Property – The Foundation may accept a remainder interest in a personal residence, farm, or vacation home subject to the provisions of the Gift Acceptance Policy.
- Oil, Gas, and Mineral Interests – The Foundation may accept oil and gas property interests, where appropriate. Conditions apply as per Policy.
- Bargain Sales – The Foundation may enter into a bargain sale arrangement in instances in which the bargain sale furthers the mission and purposes of the Foundation.
- Life Insurance – The Foundation must be named as both beneficiary and irrevocable owner of an insurance policy before a life insurance policy can be recorded as a gift. The gift is valued at its interpolated terminal reserve value or cash surrender value upon receipt.
- Retirement Plan Beneficiary Designations – Donors and supporters of the Foundation shall be encouraged to name the Foundation as beneficiary of their retirement plans. Such designations shall not be recorded as gifts to the Foundation until such time as the gift is irrevocable. Where the gift is irrevocable, but is not due until a future date, the present value of that gift may be recorded at the time the gift becomes irrevocable.
To learn more about the Types of Planned Gifts we accept that include:
- Charitable Gift Annuities
- Charitable Remainder Trusts
- Charitable Lead Trusts
Click here to read the foundation Gift Acceptance Policy for more details.
Contact Kim Harmon at email@example.com to schedule an informal meeting to answer any questions you might have.