Giving Policy 
Goal Statement:
This policy statement is intended to establish guidelines for acceptance of gifts to Ascension Academy. The Ascension Academy Board of Regents delegates to the Executive Committee the authority to accept or refuse gifts on behalf of the school.
It is the intent of the Board of Regents of Ascension Academy to encourage a program of benefaction to the school and to receive and administer donations of money or other gifts designated to provide support, which furthers the mission of the school.
General Information:
Purpose
The school will use all gifts only for the purposes for which they are sought or given.
Confidentiality
The school will offer all donors the opportunity to make anonymous gifts. It will also hold all research data regarding prospective donors in confidence.
Disclosure
The school will disclose annually the total amount of voluntary support it receives, the costs associated with the raising of those funds, and the uses to which the funds have been or will be put.
Leadership
The school will inform all donors of the names of those serving on the school’s board of regents, those in fundraising leadership positions, and those in top administration of the school.
Substitutions
The school will accept all gifts as voluntary contributions only, not in lieu of tuition or other fees.
Consultations
The school will encourage all donors contemplating planned or deferred gifts to consult with their own attorneys or financial advisors during the decision-making process.
Information
The school will offer all donors access to its most recent financial statements and to other relevant public information.
Appreciation
The school will give all donors immediate acknowledgement of and appropriate recognition for their gifts.
Compensation
The school will hire development staff members and consultants only at pre-arranged set salaries or fees, which will not be contingent upon fundraising results.
Independence
The school reserves the right to refuse gifts that detract in any way from its character, integrity, or mission.
Definition of Gift Categories:
Unrestricted gifts:
The school can use the gift when and as it wishes.
Restricted gifts:
A restricted gift, whose purpose is designated by the donor, is acceptable provided it is consistent with the school’s mission, goals, and priorities.
Gifts in Kind:
Acceptable gifts of tangible personal property should be in good condition and either useful to the school in its educational program or readily salable. It is the donor’s responsibility to place a value on the gift for tax purposes. Acceptable gifts of real estate should be salable, unmortgaged, and free from environmental hazards or other violations of law.
Memorial or tribute gifts:
Gifts in memory or in honor of an individual or family or welcome. The school always notifies the individual or family member remembered or honored.
Gifts to name a facility:
The naming of a building requires a gift equal to a major portion of the construction costs. Should there be future renovations of the structure, the original name should be maintained in an appropriate manner.
Conditional Gifts:
Under the Financial Accounting Standards Board regulations of December 1994, a gift is an unconditional, voluntary, non-reciprocal transfer of assets. If the gift is revocable (as in the instance of a will or an insurance policy for which the donor can change the beneficiary at a future date), the school should not record the gift on its books until it receives the gift. If the gift is dependent upon an uncertain future event (as in the case of a challenge that requires matching funds), the school should not record the gift on its books until the precondition has been satisfied.
General Policies:
Gift Acceptance Policies
Explanation of policies
1=what type of gifts school will accept
2=how the school will credit the gift
Gifts of Cash:
- The school will accept a gift of cash in any amount.
- The school will give the donor credit for the full amount of the gift.
Gifts of Marketable Securities:
- The school will accept a gift of marketable securities in any amount. It is the policy of the school to sell marketable securities upon receipt. Consideration will be made for exceptions for gifts from major stockholders, officers, and directors for whom there may be security law restrictions regarding prompt sale. All inquires regarding the gift of marketable securities will be handled by: (name of company handling this for the school with person’s name, title, phone number and information they will need from us to complete this).
- The school will give the donor credit for the value of the securities as of the date
of the gift.
Gifts of Remainder Interests:
- The school will accept a gift of a remainder, whether transferred by lifetime gift or bequest, and without regard to age of the income beneficiary, provided that the school has no management responsibility for the period prior to taking possession of the remainder.
- The donor will receive credit only for remainder gifts that are irrevocably vested in the school. The school will give the donor credit in the year in which the gift is made for the actuarial value of the remainder.
Gifts of Income Interests:
- The school will accept a gift of an income interest provided there is no management responsibility.
- The school will give the donor credit for the income received in each year of receipt.
Gifts of Real Estate:
- The school will accept an outright gift of a home or a remainder gift in a home provided that it has no mortgage. For all proposed real estate gifts, the gift acceptance committee will be asked to determine that the real estate is immediately saleable and that the interim ownership will not create the risk of imposing a liability under federal or state environmental laws.
- The school will give the donor credit for the fair market value of an outright gift and the actuarial value of a remainder gift.
Gifts of Tangible Personal Property:
- The school will accept outright gifts of tangible personal property, such as paintings, silver, etc. if the property is useful in the educational program or if it is readily resalable.
- The school will give the donor credit for the appraised value of the gift.
Gifts of Life Insurance:
- The school will accept gifts of life insurance policies when the donor contributes an existing policy and when the donor pays for a new policy to be owned by the school.
- The school will give the donor credit for the value (as opposed to the face amount) of an existing policy plus post-gift premium payments.
Qualified Plan Benefits:
- The school will accept a post-mortem lump-sum gift of any balance remaining in a qualified plan (IRA, 401 (k) plan, pension, or profit-sharing plan).
- Qualified plan benefits will be credited when received.
Bequests:
- The school will accept policies, including those (1) for a specific amount or (2) for all or a specific percentage of the donor’s residual estate. Bequests may be either outright or contingent.
- The school will give the donor,in a lifetime, credit for the actuarial value of a bequest if the commitment is non-contingent, capable of valuation, and supported by a legally enforceable agreement. All other bequests will be credited when realized.
Capital Campaign Policies:
Purpose of gifts:
Pledges or gifts will be credited to the campaign only if they are unrestricted or restricted to a campaign purpose. Pledges and gifts for other purposes are welcome and will be recognized but will not be credited to the campaign. A signed letter of intent will be required of all campaign pledges.
Counting deferred gifts:
Deferred gifts irrevocably pledged or transferred (i.e., the principal of a remainder trust) during the campaign will be credited to their discounted present value, as computed under the applicable IRS actuarial table.
Setting of a final goal:
A final goal and timetable will be set following the leadership gifts phase of the campaign and not until approximately two thirds of the total has been pledged.
Pledge Period:
Pledges may be paid over a period up to five years. All pledges must be paid by a fixed future date. Any exceptions will need written approval from the Executive Committee of the board of regents.
Treatment of Annual Gifts:
Annual giving will be maintained as a separate drive with a separate goal throughout the capital campaign.
