The leadership of the Sisters of St. Francis of the Neumann Communities (SOSF), a not-for-profit 501(c)(3) charity under the United State Internal Revenue Code, recognizes the importance of charitable giving to the well-being and future of the congregation, and encourages its friends, family, staff, foundations, corporations, and other supporters to contribute generously to further its mission and ministries. This policy describes the ways the SOSF can accept these gifts. In case of any question not answered by the following policies, the SOSF will abide by generally accepted charitable giving accounting standards and those prescribed by the Association of Fundraising Professionals, and/or the National Planned Giving Council.
The SOSF welcome gifts of cash, publicly traded bonds and stock, insurance policies, real and personal property and pledges, as well as deferred gifts and bequests. For donor’s records, gifts are dated at the time they leave the donor’s possession. For the SOSF’s records, all gifts are dated when received.
Gifts of cash, securities and paid insurance policies are accepted immediately upon receipt. The SOSF also welcomes deferred gifts such as bequests, or as the beneficiary recipient of a trust or annuity. Irrevocable gifts are counted at the time of the gift, discounted as necessary for any deferred gifts. For gift accounting, revocable gifts will be acknowledged and may be reported in a separate gift accounting but will not be booked or included in any campaign totals until realized.
Gifts of real estate and other property are accepted provided they can be used to advance the SOSF’s mission, or sold by the SOSF. The customary procedure will be to sell these immediately, but the SOSF retains the right to postpone sale. The donor may not stipulate the timing of a sale. Any appraisal and/or environmental assessments found necessary will be conducted at the expense of the donor prior to the SOSF’s acceptance. Such gifts will only be accepted after approval by the SOSF leadership.
Suggested gifts of art, papers, or artifacts will be considered by an internal committee of staff/sisters with experience in managing collections. Criteria for acceptance include consideration of how the item or work relates to the SOSF’s mission, and if there is a direct relation to the SOSF’s history or ministries in some significant way. Accepted items will require an appraisal to establish a value of the gift for the donor’s tax purposes and the SOSF’s insurance carrier and financial records.
Gifts for restricted purposes will be accepted when those restrictions are a component of the SOSF’s annual budget, a strategic initiative, or of an active campaign. Gifts for other restricted purposes will be accepted only after the approval of the SOSF leadership. Gifts restricted for endowment may only be applied to a new named fund if the initial gift is $50,000 or more. Additions to existing funds will be accepted in any amount.
Gifts that might require special action or any change in procedure at the SOSF will be considered by the SOSF leadership prior to acceptance. In general, the SOSF will not accept gifts with conditions that require changes in basic elements of the SOSF’s mission, values, plans or programs unless the SOSF leadership already approved those conditions during a planning process.
7The SOSF may occasionally accept gifts with the provision that a fund, room, building, or other property be named in honor of the donor, a member of the donor’s family, an honored member or friend of the community, or another individual. Such naming opportunities will be approved by the SOSF leadership prior to gift acceptance. The SOSF leadership will set and approve the appropriate gift level for these naming opportunities. Funds, buildings or other spaces may customarily only be named for individuals or families, not for businesses, organizations, or other entities.
The SOSF will not directly manage gift annuities. Therefore, any gifts made through annuities must be by naming the Sisters of St. Francis of the Neumann Communities as the beneficiary of annuities established by the donor independent of the SOSF.
Gifts cannot be applied to individual expenses such as fees, memberships, rental costs, or related expenses for personal benefit of a specific individual or benefitting organization.
Gifts may not be restricted for any purposes contrary to the mission or values of the SOSF, or for any purposes that would discriminate against any person or groups by reason of race, gender, ethnicity, age, sexual orientation, disability or other basis prohibited by law.
Most gifts offer some tax advantages to donors, and the SOSF urges each donor to seek the most appropriate ways to maximize these advantages. While the SOSF welcome the opportunity to discuss gift planning with each donor in so far as it applies to their gift, the SOSF will not and does not offer financial or estate planning advice on these giving methods, on gift or financial management, tax law, or other aspects of the donor’s charitable gift planning. Each donor is urged to seek financial counsel. As necessary in negotiating the terms of a gift, the SOSF may also retain counsel for gift management advice.
The SOSF will steward and recognize donors and their gifts with appropriate thank yous and reports to donors about their donations. Donor requests for anonymity will always be honored. Practices for stewardship and recognition of donors will be reviewed periodically.