Gift Acceptance Policy

This policy governs the acceptance of gifts by the Theodore Roosevelt Medora Foundation (TRMF) and provides guidance to prospective donors and their advisors when making gifts to the organization. TRMF will not provide tax or legal advice to donors or perspective donors.  

1. TRMF shall maintain a Gift Acceptance Committee, consisting of:  

 

  • The Chief Executive Officer; 
  • The Chief Financial Officer; 
  • The Development Director; 
  • The Chair of the Development Committee; and 
  • The Chair of the Finance Committee. 

 

Gifts valued over $500,000 or that pose significant questions shall be reviewed by the Gift Acceptance Committee. It is the CFO’s responsibility to flag gifts that pose these significant questions. The Gift Acceptance Committee, for the most complex and large gifts, may at its discretion put them in front of the full board for ratification. TRMF shall seek the advice of legal counsel in matters relating to gift acceptance when appropriate. 

 

If a donor would like to make a gift to a project that has not yet been approved, the Development Director and CEO will work with the Gift Acceptance Committee to determine if TRMF should (and at what time) accept the gift. The donor will need to sign a gift agreement form. 

2. TRMF may accept the following types of gifts: cash and cash equivalents, marketable securities, closely held business interests, real estate, gifts from a donor advised fund, tangible personal property, in-kind gifts, bequests, life insurance policies, charitable remainder trusts, wheat or other agricultural products, charitable lead trusts, and mineral rights. TRMF does not accept gifts of “working interests or participating interests” in oil wells.

3. Gift Acceptance Guidelines. TRMF retains the sole and absolute discretion to reject any proposed gift for any reason. Without limiting the generality of the foregoing, TRMF will not accept gifts that:  

 

  • Violate the terms of its organizational documents; 
  • Would jeopardize its tax-exempt status; 
  • Are too difficult or expensive to administer; or 
  • Are for purposes outside the mission of TRMF 

4. TRMF shall record gifts received at their valuation on the date of gift, following generally accepted accounting principles (GAAP). All gifts of real estate or closely held business interests, or that do not otherwise have a readily-ascertainable value, shall be accepted only upon completion of an appraisal which will normally be paid for by the donor. 

5. All marketable securities and agricultural products will be sold as soon as practicable upon receipt, usually the day of receipt. 

6. IRS Form 8283 is the responsibility of the donor and is used to report information about noncash charitable contributions. The CFO of TRMF will complete Part V, Donee Acknowledgement of Form 8283 when asked to do so. Donors should consult their tax advisors to understand their filing requirements for Form 8283. IRS Form 8282 must be completed by TRMF if the claimed value of donated property exceeds $5,000 (per item or group of similar items) and is sold, exchanged, consumed, or otherwise disposed of within three years after the date the original donee received the property.  

7. Gift agreements should be created for all pledges, estate commitments and restricted gifts. We will do this, so we honor the donor’s wishes. 

8. Naming opportunities for capital projects must be approved by the Development Committee. A schedule of naming opportunities shall be maintained by the Development Office. 

9. TRMF will record pledges as gifts on the date the pledge is made. Pledge balances will be reviewed monthly by management. 

10. The minimum amount to establish a named endowment is $25,000. New endowments must be approved by the Gift Acceptance Committee and ratified by TRMF’s full Board of Directors. All endowments will be managed to comply with UPMIFA as enacted in North Dakota and as amended from time to time. 

11. Alternate Use of Gift: If a capital project cannot be constructed for any reason, the TRMF Development Director and/or President will confer with the Donor and seek input on TRMF’s alternate use of the gift. Through this process, we are confident that the donor and the organization will find a mutually agreeable use of the funds. 

12. All gifts shall be acknowledged within five business days of receipt. Tax substantiation letters shall be sent no later than January 31 for the preceding year’s gifts. 

13. Donors may be recognized in publications or on plaques. Requests for anonymity will be honored. 

14. This policy shall be reviewed annually by the Development Committee. Any changes to the policy must be approved by the Development Committee and ratified by the full Board of Directors. 

15. Donor Privacy: To the fullest extent by law including, without limitations, North Dakota Century Code § 44-04-18.15, information about donors and prospective donors including names, addresses, telephone numbers, electronic mail addresses, estate planning information tax record or financial information, or other personal information or correspondence received or retained by the Organization (collectively, “Donor Information”) will be confidential and used or disclosed only to the minimum degree necessary to carry out the work of the Organization, unless the donor grants permission to release such information for other purposes or the Organization is legally required to disclose such information. For the purposes of this Part, “financial information” includes data that provides details regarding a gift, a payment schedule of a gift, the form of a gift, or the specific amount of a gift made by a donor.