Binaytara Foundation solicits and accepts gifts to help the organization fulfill its mission. Binaytara Foundation urges all 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 the acceptance of gifts made to the Binaytara Foundation to benefit any of its operations, programs, or services.
Use of Legal Counsel — Binaytara Foundation will seek legal counsel’s advice in accepting gifts when appropriate, including but not limited to the following:
- Gifts of securities that are subject to restrictions or buy-sell agreements.
- Documents naming Binaytara Foundation as trustee or requiring Binaytara Foundation to act in any fiduciary capacity.
- Gifts requiring Binaytara Foundation 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 — Binaytara Foundation will not accept gifts that:
- would result in Binaytara Foundation violating its bylaws,
- would result in Binaytara Foundation losing its status as an IRC § 501(c)(3) not-for-profit organization,
- are too difficult or too expensive to administer relative to their value,
- are given with conditions that are inconsistent with the organization’s mission and values,
- are from donors who have been or are currently involved in any activity that may cause harm to the organization’s reputation.
Due Diligence – Binaytara Foundation will conduct due diligence on all gifts that have a significant value (as determined by the board of directors based on the gift amount and other factors) before accepting them, including:
- Verifying the identity of the donor.
- Verifying the value of the gift.
- Verifying that the gift aligns with the organization’s mission and values.
- Verifying that the gift does not come with any restrictions inconsistent with the organization’s mission and values.
Gift Acknowledgement – Binaytara Foundation will provide written acknowledgment of all gifts received per IRS regulations. The acknowledgment will include the date of the gift, the value of the gift, and a statement indicating whether or not the donor received any goods or services in exchange for the gift.
Gift Acceptance Authority – The Board of Directors will have final authority to accept gifts on behalf of the Binaytara Foundation. They may delegate this authority to a committee or an individual, but they will retain ultimate responsibility.
Review – The Board of Directors will review and update this policy annually.