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CASE All Districts Online 2023
Managing and Receiving Complex Gifts and Pledges
Managing and Receiving Complex Gifts and Pledges
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Welcome to the session. Managing and Receiving Complex Gifts and Pledges. We will get started shortly. On the right hand side of your screen, you'll see a window with a chat, Q&A feedback and notes tab. You can use the chat box to chat with other attendees. Please use the Q&A box to send questions in for the presenter. You can also update questions in the Q&A panel if you would like to see the question answered at the end of the session and we'll answer as many questions as we can. The Notes tab is there for you to keep your own notes during the session if you would like to. We also ask that you complete the brief evaluation found in the feedback tab at the end of the session. We use session feedback to continue improving what we offer, so we truly appreciate you taking the time. And without further ado, please join me in welcoming our presenter, Karen Sims. Thank you so much, Maggie. So, so very excited for you all to join us during this time. And so just to confirm that you're in the right session, we'll be talking about receiving and managing complex gifts and pledges and feel free. If you've got burning questions now, go ahead and start putting them into the chat box. So who am I? I'm Karen Sims. I serve as director of Gifts and Records management here at NC State University. So love that we get the opportunity to meet up virtually today, to talk, to chat and hopefully to bring some solutions to some challenges that you may be facing. So always I give the session disclaimer that we do not provide tax advice, legal or accounting advice. This presentation has been prepared for informational purposes only and is not intended to provide, nor should it be relied on for legal or accounting advice. Donors should consult their own tax, legal and accounting advisors before engaging in complex transactions. So we want to equip you with the knowledge that you are going to need to have conversations. But the biggest reminder we don't give tax advice because we don't serve as a tax professional for our donors. So all of my CPAs and those who got those financial accounting degrees just have that in the back of your mind as we move forward. So what are we looking to do? Session objectives. We'll talk a little bit about policies and procedures or reviews and how that will help you create opportunity for how to handle complex gifts when they come in. We'll talk a little bit about quid pro quo and then get into some examples of complex gift processes, and that will include gifting kinds, donor advice funds, IRAs, and maybe even the rest of the alphabet as we move forward, we'll talk a little bit about receipts and acknowledgments. Not too much, but I think it's important information to remind us what we are responsible for sharing with our donors and then talk. We'll get into pledges and pledge management. Why is important and how you can set yourself up for a great pledge management success will reveal it. So getting right into IT policies and procedures. Talking a little bit about standards and guidelines. What's the law? What is your plan? What are the solutions you have in mind and can they be executed at your organization? We always want to remind you one size may not fit all, but that one size feeding. Maybe you may find a solution for what has been a pain point for you for some time as we share some opportunities in this discussion. So thinking about policies and procedures, I always try to start us off with having a chance to think about what policies and procedures might you need to have in place a fundraising policy to ensure that there is a close coordination of all fundraising efforts? That's right. That means that anybody that has decided to go rogue, at least we've got some parameters and guidelines to hold them in a bit and make sure they know what the rules and regulations are and what we've agreed to at our institution. So if your organization does not have one, make sure you get one visit case library, a lot of information there to help you benchmark and figure out which one of these policies and procedures might be. The size that fits you. You get the acceptance policy to establish what gift types are accepted and then some generalized processing procedures so that folks know where to go, who's office, who's the person to go to with the answers for can we accept this or these items? And so there's some questions that will come along with that. But the baseline is your policies and procedures allow you to have a know before you go. Opportunity for many of your gift officers, for those who might be in the back office process and things, but ensuring that we've got a chance for everyone to connect in each way that we do things. Love that sell retention, record retention policy. Many of our universities and colleges have policies that state we have to keep everything forever, but we challenge you all to be creative with what everything is and how you need to retain it. Some of it might be digitally that you can transform your records into digital format and think about the storage and the space that you would need. Even if you are not opening a physical file cabinet. There are still some decisions that need to be made with your i.t department and those who are on the technology side is to ensure that you got whatever you need and then the stewardship policy. The stewardship policy will help us guide to maintain acknowledgment standards. How often are you thinking your folks so are there any VIP status that you need to acknowledge as you are showing your appreciation for the support that you are giving is wonderful for us to know that these policies will help us do the great work that we're doing. And this is not an exhaustive list. This is just to get the thoughts rolling on your site to think about what ways you can set priority on what you want to see done, what we need to measure, what metrics might be around these things. And I promise this is the baseline for allowing you to set the standard for future success. Thinking about some other opportunities where you want to dig in to ensure that you are following ethical data process and practices. And a lot of this is connected to on the IRS side. You know, when we think about the IRS codes or Internal Revenue codes and what they say we have to do because it's law, it might be federal law, state law, there are also guidelines for directing us all what we need to do. And these are this slide is just listing some of the areas that you can get additional information. So 1771 talks to nonprofit organizations, whether 501 C3 or other organizations like that, to allow us to understand what our responsibility is. That's right. We've got some stake in this in understanding what needs to happen. And so I want to make sure that we address hopefully, folks are able to see and hear what's going on. But on the flip side of that, we're going to keep going so that at some point you all will be able to share your questions and your information. Publication Part 26 and Part 61 are two publications that point our donors to the rules and regulations, guidelines that they need to follow on their side. Of course, Fast financial Accounting Standards Board tell us how to count certain things and in the get generally accepted accounting principles again that bases on how should we be counting what is our general accounting rules. Donor Bill of Rights is a very important one because it really is giving us the support to understand that if the donor is asked for it, we either need to ensure that we can deliver or what the donor is asking for, or take a pause, take a moment to understand if your organization is equipped to even accept the funding that the donor is looking to present to us some other areas. The AP Code of Ethical Principles and Standards. That's to remind us the ethical way in which we can do business. PCI points to how we operate, and then the credit card scenario and making sure we do in that case, Global recording standards. Reporting standards is a great resource to allow you to answer some of those questions that come up when the complex gift scenarios knock on your door and look for an answer for our principal are two areas that they apply to each organization a little bit differently depending on how things are handled in your institution. So we want to remind you be familiar with all of these and some connected ones that couldn't fit on a page to ensure that you got whatever you need. So this is my least favorite slide, but we need to talk about declining gifts. We reserve the right to decline gifts that are offered for purposes that are inconsistent with the educational research and service missions shall not accept gifts with restrictions that violate the IRS regulations. All of these are just standpoints. Maybe it's worded a little bit different in your area, but if your gift acceptance policy does not have a snippet or bullet point that talks about declining gifts, well, chances are you're going to have a bit more challenge in finding answers when they come up. We appreciate the fact, one that you get to join us and try to figure out and understand what complex gifts bring to our universe when it comes to can we say yes? How can we say yes? But if we need to say no, are we readily equipped then have we set the guidelines and procedures already in place? Because every now and then it doesn't happen too often, But you want to be prepared for the moments when you have to say this gift is a little bit too complex and we need to figure out what might be going on. So getting into the gift portion all itself charitable gift versus non charitable gift. And so it may be by a different name, wherever it might be. And the fun part with this is that we get to make the distinction between the two, but it's not a separation of what your organization is receiving. This really is talking about where things will land when it comes in. Hopefully we know the difference of gift being a voluntary and non reciprocal donation provided by a non governmental donor for which no goods or services are expected or provided. And usually that means that the taxpayers may be able to deduct the value of the gift. Well, on the flip side, the non charitable portion is considered. Sometimes we call it other income here in our NC State University when it's a contribution and sometimes it comes along with the gift that is not considered charitable for which goods and services are expected or provided. We have to be careful because sometimes over the years we've allowed ourselves to be consistent in, you know, we're giving a small benefit or small gift. But once we move into an area where folks are expecting a benefit in exchange for their gift, well, that does affect the charitable bility of the actual contribution. And then sometimes the taxpayers may need to deduct that portion of the benefit from their contribution. So thinking a little bit about the quid pro quo benefit in return for gift for those who are like, what does that mean? What does that what does that in regards to? Well, when taxpayers get something in return for their donation, we consider that a benefit and they may have to reduce their deduction because overall, the IRS says what we need to count as what would be a charitable gift versus non charitable taxpayers can only deduct the amount of their donation that exceeds the fair market value of the benefit received. And I love it because one of the opportunities that we get is to have the conversation up and sometimes people will say, well, this didn't cost us $10 or we got to get it for $15 a person. But the fair market value may be a different value than what an item or benefit actually cost you, because if you went out to eat, would that same meal cost you $20, $30, whatever the amount is? We want to think of a reasonable estimation of the fair market value, and then you want to document that and ensure that you're consistent across the board of how you're evaluating that and making sure that you've got the opportunity to see that. So fair market value, we've got an example for you. If the donor pays for event registration and let's say a $60, we've got a charitable and non charitable portion of the gift, $30 being the fair market value of the provided of the meal that was provided for the event. And then $30 being the remaining charitable contribution where the donor receives a tax receipt for $30 to represent the charitable portion of their contribution to you. And as the numbers go higher, we add and subtract, making sure everything is in alignment as you're doing your accounting for trying to confirm the quid pro quo slash benefits that were received and ensuring that your processes are following the most appropriate process for this. So one exception that comes up when we talk about quid pro quo is insubstantial benefits and insubstantial benefits. We consider this a token exception. So goods and services a charitable organization provides in exchange for contributions that do not have to be described in the acknowledgment, understanding that our acknowledgment tax receipts are very important part because we have rules and guidelines as institutions to ensure that we are stating what our potential donors are getting if they are receiving a benefit. And so the fair market value of the combined benefits received does not exceed the lesser of 2% or of 2% of the payment, or $125 of fair market value is the retail costs of the item if purchased, not the wholesale or discounted unit costs received by the university. So we've got an example here. Donor made a $500 gift could receive benefits, fair market value up to $10. A $10,000 gift may receive the maximum of $125 in fair market value benefits, not the $200 that is equal to the 2%. So whichever one is smaller with the maximum being that $125. And again each year these numbers change. So you want to make sure that you are keeping connected to see what are the local numbers that you need to be reviewing each year. On the flip side of that, the 2023 insubstantial benefits. There are some stipulations for what the benefit can be depending on how much the actual original gift is. And so if the payment that's received or the contribution that's received is at least $62.50, the item provided maybe bears your organization's logo, your name and the cost of these items is within the limit for low cost articles, which is $12 or $0.50. So sometimes that knocks the 2% at an award. That knocks the $125 out of the water, because these insubstantial benefits require for the item to be no more than the $12.50 course in this instance is the actual amount it cost the organization. So in this instance it can be wholesale, and I get it. Sometimes it's a little bit confusing to figure out which time does this rule apply versus other times. So we support you all going through an evaluation every time there is an event or there's a benefit that's connected to other, whether it's in substantial or substantial benefits connected. If you take the time to review each of your events to ensure that every event, every opportunity that has a benefit is following the same process, you will find that you stay out of hot water a lot more and hopefully get the opportunity to process these type of transaction as a lot more smoothly. Here's some additional references. We we mentioned some of these in our earlier for ethical data processing decisions and things that you need to do, But also it gives you an opportunity to know if substantial benefit values are received a yearly by the IRS. And it does go up for inflation adjustments. The other area that you can look more into is the quid pro quo contributions. There's also resources, a reference to qualified sponsorships because sometimes they do fall under this as well. And so you want to make sure that you are equipped what it is that you need. So some of the complex gifts, if you're late to the party, don't worry, you landed right on time. As we start to go into some of the examples that are truly complex, give processing and talk through some of the decision making opportunities that we have as we go through discussing what each of these types are and some of the scenarios that come with this. So we'll dig in a little bit to donate by fund to get in kinds. For many of us, we are able to receive ACA wire transfers. We've got planned gifts that can take on so many different forms. And we're going to do just a little snippet of some some areas where we can share some additional information. Security gifts, also known as stock gifts, how you are able to walk through those. And, you know, some of these things are so general for us because we see more of them every single day. So the matching gifts is one. Cryptocurrency is definitely one that we are keeping our eye on. Many of our institutions have either set policies around what you want the process to be, and maybe you haven't received your first crypto gift yet, but we'll talk a little bit through that so that you are prepared when it comes through. I will mention that for our slides that we'll share. There's a lot of areas that we're just going to do a touch point on, but we wanted to allow the opportunity to get some resources in your hand so that even after this discussion closes, we have the opportunity to keep on talking about some particular things. Security gives will remind, you know, the way that the IRS sees those is that they see security gifts as gifts of property. And so we want to talk a little bit about that. So let's dig in. First up is donated by funds, and this allows donors to make a charitable contribution and receive an immediate tax benefit different than donor directed funds. Could donate directly. Funds they keep control of the money. It is really not like the tax benefit is a little bit different, but that because they keep control of it, the gift happens at the time that the funds are distributed in a donor and vice fund. The donor gives the funds a real time and then we are able to have them, have our donors recommend a grant some time later. And when they recommend those grants from the fund, over time, those usually come to our organizations and then usually they can't pay directly on the pledge. They the donor can't receive any benefit. That means that donor buys funds can't be used to pay for event registrations. That's always a sticky subject. But we remind them of the rules that they agreed to with their donor and vice fund administrators. So we can't utilize their funds for a different way than what was agreed upon for them in previous years and communication. So we want to remind us of that. We want to we want to remind us of that. Another distinction to talk about our gift in kind donations, IRS publication 526 and IRAs, 561. We've mentioned those a couple of times, but they're designed to help the donors and appraisers determine the value of the property. This other than cash that is given to qualified organizations. And then to outline information, you must have to support the charitable contribution deduction you claim on your tax return. So again, these are publications for our donors, and a lot of times we may not know where to turn or where to tell folks, but we do let them know all of this information is readily available on the IRS website. They can review it. We should not be in the seek to interpret things for them, but we can point them in the right direction. Fundraising Auctions. We need to ensure that your gift acceptance policy mentions what the process needs to be so that if there is an approval process, it should be outlined in that policy. So what is your process for receiving of items for auction or not? Donated auction items usually fall under the IRS definition of a related use property. What do we need to do for that? Items contributing for an auction may be tax deductible there. We should not be counting services or partial interest from the folks who are rendering the services. And so a lot of times we'll have we'll have give certificates for items or different things of that nature. These sometimes get really, really tricky. Make sure you know what you can accept and what your process is, because this is going to assist you in what needs to be done once the auction items start coming in and once you decide how you want to steward those folks who are connected with those gifts, other complex gifts that will mention and we point you to those professionals in your organizations and institutions that focus heavily on planned gifts. So IRS, I.R.A., charitable rollover instructions should be either coming from your office of gift planning or the person who is well versed in answering those questions gives a real property that might fall in a couple of different offices. But you do want to jot down and make sure you document what the process is supposed to be so that as you move forward, there's no stall. You can continue to expedite the the process because you've pushed through it. So life, income, gifts, these could be C JS, they can be charitable remainder trust, they can be bequests. There's so many different ways where these type of gifts continue to come in and understand that when we talk about charitable gift annuities, this is a this is an area that offers a gift plan. They see a lot of these. They have these conversations. But the biggest thing with those is that they're those are a contract between the donor and your charity. And then there's some benefits that go along with that. We've got a little snippet of what a charitable remainder trust would look like if somebody has decided that is the plan giving vehicle that they want to use to be able to support your organization. So they do what those things are, utilize the resources that you know, and I always point to case because this is a case conference that we are having with all of our districts, but we get the opportunity to figure out what size fits our organization. Maybe you won't have the opportunity to provide every different type of plan gift, but maybe you can focus on the two or three that makes the most sense for your organized nation and figure out what gives you the best rate of return that you all are looking for. So I wanted to take a little time to talk about cryptocurrency. And as we think about what is cryptocurrency? Well, the first cryptocurrency donation is almost ten years old. So think about it. You know, we're about nine years into this and so much has changed from the first time we heard this terminology. And again, the number of annual donations will continue to rise as we continue to figure out what's the best way for us to do this. And so organizations must establish the process to accept and convert NFT. So maybe it's not all cryptocurrency, but one of the things that we've heard over the time is cryptocurrency being considered virtual currency. And so virtual currency has an equivalent value in real currency, a.k.a convertible virtual currency. And so we point to IRS notice that started back in 2014. And I want to say actually prior to that, but crypto currency is intangible property for federal tax purposes. So what we think the IRS is says this is intangible property. Everything else we do with it starts from that baseline. One of the challenges that we have with accepting gifts is that we have to be able to confirm income versus charitable gift. And that's one of the biggest challenges with accepting with accepting cryptocurrency, because we have to be able to ensure that the donor has had the opportunity to accept the funds as income into their personal income portfolio, and then that item becomes eligible to become a charitable gift. Here's the challenge with that. Many of the resources and vendors that we use are not always able to make that distinction and give us that confirmation. Also, why some of our organizations have shied away from this growing vehicle that folks are using to give. So you want to update your gift acceptance policy to reflect which currencies you accept. Maybe you can't accept all of them. You want to determine a crypto wallet or select the crypto service provider, and it's really important for you to understand that this is all about how you set the stage for what might be coming up. You want to train your staff for reporting and receiving so that everybody knows what the process is. So they ask questions, come in, you all are equipped and feel comfortable with saying yes for your yes and a no for you're no charity. Should neither advise no assist cryptocurrency donors with obtain or completing IRS forms. Here's why the process continues to change. There are new rules, guidelines and standards that continue to come out for cryptocurrency. You do always want to point them to discuss with their financial advisors and their tax professionals to ensure that they're tax situation is being taken into consideration for any advice that they are following and any steps that they are moving forward with. Super important for us to think about that valuation processes. According to IRS Notice 20 1421, the Fair Market value of the virtual currency is determined by converting the virtual currency into U.S. dollars at the exchange rate in a reasonable manner that is consistently apply internal evaluation and we didn't get anything else. Must be reasonable and consistent. So whatever you are doing for cryptocurrency, you can't have one way for Mr. Smith and another way for Miss Johnson. It's got to be reasonable and consistent and you continue to do that documentation is your friend. You figure out what you are comfortable with as you move forward. The next couple of slides I want to just mention for resource purposes and you can go back to it. If you're using a virtual currency wrap wisely, you want to think about where the crypto currency sits until it's sole and we've got to suggest that options as far as methods of how you count them, please go back and review this so that you've got an opportunity to feel comfortable with where you land and what size fits your organization. I wanted to share some crypto policies at some of our peer institutions, so the definition for cryptocurrency is defined by the IRS as property. It's important for you to include some of this terminology in your gift acceptance policy and your fundraising strategy policy to ensure and even your stewardship strategy to ensure that everything is in alignment before it even hits your organization. Talk about cryptocurrency, gives a $5,000 or more, will require a qualified third party appraisal. Some organizations have to put that, and so that sometimes becomes a little bit more difficult because of the fluctuation of the value of cryptocurrency. And depending on which types of virtual currency you're accepting. Another highlight for crypto policy at our peer institutions, giving us just about 10 seconds, 20 seconds to see some of the terminology. And what do what would your organization need to pull out? So what's important to you? What do you think your donors would need direction on as you're pushing forward? Again, even though one size does not fit all, you got a blanket opportunity to figure out what the template for your instructions will be for internal and possibly external communication, some additional crypto resources. And I wish that we had more time to spend our cryptocurrency because we know this is a growing industry and there's so many different opportunities for us to discuss and talk about. But listen, if there are questions that are coming up for that, let us know. So before I move on, I want to see Maggie. I want to check in to see if there's any questions that may have come in in reference to anything that we presented thus far. Hi, Karen. So we do have a couple of questions that have come in. I'll start with the highest voted one, which is where do sponsorships for events fall in the benefits conversation? Is the entire amount not eligible for tax deduction? Thank you so much for that. So sponsorships are really, really tricky. I suggest that when you create either event or sponsorship policies, you want to jot down all of the rules or regulations. Some of them will be specific to your institution. Some of them will be different depending on what state you're in. The challenge with there is it depends for every sponsorship what benefits are connected to it. So if you just say, okay, we're going to give you a shout out and we'll have your logo and your name, Normally that's considered a qualified sponsorship and you're ready to go. If they give $1,000, the entire thing is deductible and we can keep on going. There's not too much heavy lifting. Unfortunately. Some of the things that we may not consider as being a benefit, they may be listed on the IRS as things that disqualify folks. So if you think about they have a display table or they've got some opportunity to shout out their company products, well, now that gets into a level of sponsorship that kind of cuts into all of the things that make the original gift charitable. So we have to be careful that we're not creating opportunities that are counted as ADVERTISMENT versus a charitable gift. So kind of a quick checklist. You want to make sure that all of the benefits are documented, that you know, everything that's that the units or your organization wants to give in exchange for sponsorship. And then you want to set a value or at least evaluate whether any items on that checklist come with a value. If they do come with the value, you're going to need to subtract or deduct that non charitable amount from the overall amount. So let's say they get a benefit and they're getting tickets to an event. You're giving them ten tickets, We're giving you $5,000. If every ticket is who knows if every ticket is like $50, what then? Okay, that means we're deducting $500 from that 5000, and that makes the 45% charitable. I hope that that answers that question. It could be a little bit tricky. So, you know, let your fingers go on the Internet, find the IRS website and look up qualified sponsorships. And it does have guidelines, right, for you to be able to follow. Thank you. So the next question was clearly connected to one of your points. So it's a short question, but how about acceptance of closely held stock, not publicly traded? Always a challenge because you have to find someone who is going to help you set a value for that stock so closely held and you can decide whether you want to say yes or no to that. It is up to your institution. But you also want to have a great relationship with your stockbroker, with the trade broker that is going to be accepting the items so that maybe they can assist and point you in the right direction. That's usually where we get our information in there, letting us know, you know, here the resources that you can get some additional information. It is more difficult. Usually our regular stocks are able to be valued and sold within maybe one or two business days. We were able to process that using what sort of debt that the average for the day. But those closely held stocks, if you are not equipped with a knowledgeable broker, we suggest ensuring that your gift acceptance policy makes remedy for what you need your process to be. Hopefully that that's helpful. Okay. I'll move on, Maggie, to the next part. And if we've got time for more questions at the end, keep them coming. So now we want to talk about receiving and managing pledges. And really this is just a quick overview of why this is important. And then you can take this as an opportunity. Whether it is a one size fits all for you or not, Pledge management is important. It's an integral part of any nonprofit organization, A system process that's in place. Again, having these things in place helps you in the long run. The one thing with the pledge management plan as important to make the distinction is that we're not using this as a collection strategy. We don't want anybody to feel like, Oh my goodness, you're late and we're pointing fingers, but we do want our records to properly and appropriately indicate what the intention is from our donors. And so sometimes you've got to get and set exceptions if the pledges are outside of the case guidelines for that general five year to assure. But knowing the economic times that we're in, we do have to be flexible as possible while still appropriately Cownie the pledges that are coming in. So thinking through a commitment versus a pledge, pledges are commitments to make future gifts. You know, we talk about legally binding versus non legally binding. When we say pledges, people immediately say binding. Sometimes commitments of intent are a little nicer way to do that. And then there's different language for endowment funds and gift agreements that we have to follow because those are usually legally binding agreements. But the pledge or commitment of intent that's connected to it may not be the same way. Sharing the checklist here for you. You can feel free to review and go back and see does your pledge entry follow this checklist for you to have all of the things and a little bit about our pledge management plan. We shared some of the information. One of the biggest things is, of course, in 2020, we revised our communication strategy to include on our pledge reminders that, you know, we understand that you may have been impacted. Please let us know if you need to adjust your pledge schedule so that we are able to keep up again with the donor intent. Good information here. We started reviewing and looking at changes in 2017 and in 2023. We're still making changes because the last eight continues to change. And so we've got to be flexible and fluid in the way that we're seeing things, information for how we stage out, the change to pledge reminders schedule. We send them out 30 days prior and then when they're 30 days past due, another second reminder comes out. We have a semiannual pledge review process that we utilize and then our communication and collection strategy implementation is the area that we've been working on the most over the past year. We're reminded and we just have a strategy on who gets involved, dependent on the pledge amount, who needs to make decisions or write offs or whether we need to have we actually change collection strategy. We now call it pledge fulfillment that feels so much nicer and more donor centric. So our pledge fulfillment strategy depends on the unit and what they're or what they want the process to be for that particular donor share with you what our pledge or mind to review looks like. This is one of our pledge reminders with some information of how we update our folks, and then we do give them an opportunity to either pay by check or online. Our development officers do get a notification in advance, which is our CRM, and then they also get an email sharing with you. You know, our pledge reminders are sent whether folks say yes or no. If we hear nothing, we consider that an opportunity to still send the communication out to the donor audits, the cash and overdue pledges. Oh, my. Sharing is information because sometimes you will be required to reduce the pledge and write off particular information, and that might be for donor advised funds. Open ended recurrent payments we have they are given here. And so sometimes people will say, I'm given funds for this and it's for something else. And then gifts from estates might also include that we remind and share with you some resources and kind of business rules that we set at NC State to say, you know, the rules allow us to accept VHF gifts, that gifts and we will reduce the pledge manually rather than apply as a pledge payment with the direction from the donor. So I think we are almost like right at time, but I wanted to see whether we had I'm not sure we've got time for a question, Maggie, so I'll point it to you. I think we could probably squeeze in one more question. So this should be hopefully a pretty straightforward one, is the word grant always associate with a deer? I'm no. So the word grant is not always associated with a donor advised fund, but it usually should say that it is a donor environment because some grants are grants. They're just grants that are not donated by fund. They're from family foundations or community foundations, and they consider those as well. Usually you it is an indicator, but then we have to do our due diligence to ensure to confirm whether it is a donor advised fund. So wish it was easier than that. Usually if you know that the word grant is being used and it is from one of our top donor advice fund advisors like Schwab, like Fidelity, like Vanguard, you usually can couple those two things together and that will help it just a little bit easier to make a decision. When in doubt, contact the organization that has cut the check and they'll be able to confirm for you. Great advice. Thank you. Awesome. Unfortunately, we are out of time. But for those of you who had questions that did not get answered, just a reminder that we can continue this conversation in the conference community so we don't have to stop here. But I want to be conscious of everyone's time. So I just want to say thank you so much, Karen, for a great, great and thank you to all of our attendees for joining us. And just a reminder before you go that if you haven't yet completed the session evaluation, please go ahead and do so and you can now return to the agenda to find your next session.
Video Summary
The video is a recording of a presentation on managing and receiving complex gifts and pledges. The presenter, Karen Sims, discusses the importance of having policies and procedures in place to handle complex gifts, such as donations made in cryptocurrency, donations of closely held stock, and donations made through donor-advised funds. She also touches on the topic of sponsorships for events and the potential tax implications for donors. Sims emphasizes the need for clear communication with donors regarding the benefits they may receive in exchange for their gifts, and the importance of pledge management to properly track and fulfill donor commitments. She provides resources and advice for organizations to navigate the complexities of these types of gifts. The presentation is informative and provides practical tips for managing complex gifts and pledges.
Asset Caption
CASE Career Level: 2
CASE Competencies: Industry/Sector Expertise, Integrity & Professionalism
Keywords
managing complex gifts
receiving complex pledges
policies and procedures
cryptocurrency donations
closely held stock donations
donor-advised funds
event sponsorships
tax implications
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