Tab 23: Gift Acknowledgement Procedures
The community foundation submits a description of the time period and procedures by which gifts are acknowledged.
For more information, review Core materials, FAQs and a glossary of important terms
Related Standards
VI. Donor Relations
VI.B A community foundation promptly and accurately acknowledges gifts.
Key Elements
- Description of the time period and procedures by which gifts are processed and acknowledged
Required Document
- Gift acknowledgement procedures
What should be included in the gift acknowledgement procedures?
In many cases, community foundations may have a practice of acknowledging gifts within a given period, but this practice may not be formally described in a written policy or procedure. Complying with the related standard requires that your gift acknowledgement procedures include a description of the period in which gifts are to be acknowledged, and that your community foundation put these practices in writing.
A fund may be classified as donor advised if it has at least three characteristics: (1) a donor or person appointed or designated by the donor has, or reasonably expects to have, advisory privileges with respect to the fund's distributions or investments, (2) the fund is separately identified by reference to contributions of the donor(s), and (3) the fund is owned and controlled by a sponsoring organization, such as a community foundation. A fund possessing these characteristics may be exempt from the donor advised fund classification if it grants to one single public charity or government unit or if the fund meets certain requirements applicable to scholarship funds.
Gifts
The term used to describe an asset contributed by a donor to a fund. This could be cash, appreciated stock, real estate, etc.
Irrevocable
Unable to be retracted or reversed.
Reconfirming?
Review all key elements and consider if your organization has made changes to your policies, powers or practices.
Pay special attention to key elements and core materials marked with ![[R icon]](/images/icon_reconfirm_body.gif){kind=icon}
and a ![[P icon]](/images/icon_pension_body.gif){kind=icon}
. These represent minimum requirements for reconfirmation as well as Pension Protection Act requirements. Items marked with a are particularly critical for those who submitted record books prior to January 2007.
Document your compliance with each of these items as well as with all other key elements where support materials may have changed.
