Gift Acceptance Policy and Guidelines

Grameen America, Inc. (“GAI”), a not for profit corporation organized under the laws of the State of Massachusetts, encourages the solicitation and acceptance of gifts to GAI as a means to help GAI to further and fulfill its charitable mission and to assist in the operation of the GAI lending and financial education model. The following policy and guidelines govern the acceptance of gifts made to GAI for the benefit of any of its programs.

I. Purpose of Policy and Guidelines

The Board of Directors of GAI (the “Board”) and the GAI Development Department solicit current and deferred gifts from individuals, corporations, government and foundations to secure the future growth and mission of GAI. This Policy and Guidelines govern the acceptance of gifts by GAI and provide guidance to prospective donors and their advisors when making gifts to GAI. The provisions of this Policy and Guidelines shall apply to all gifts received by GAI for any of its programs or services.

II. Conflict of Interest

GAI will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences.

III. Restrictions on Gifts

GAI will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. GAI will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those gifts that are too difficult to administer, or gifts that are for purposes outside the mission of GAI. All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Gift Acceptance Committee of GAI.

IV. The Gift Acceptance Committee

The Gift Acceptance Committee shall consist of:

  • The Chief Executive Officer;

  • The Vice President of the Development Department;

  • The General Counsel; and

  • The Chief Financial Officer

Determinations as to acceptance of routine gifts may be made by the Chief Executive Officer, as well as the Vice President of the Development Department, including, but not limited to, in consultation with the General Counsel where appropriate. All non-routine gifts and any gifts designated in this Policy for review by the Gift Acceptance Committee should be directed to the Gift Acceptance Committee, which committee will be responsible for rendering the final decision as to whether a particular gift should be accepted. Non-routine gifts include gifts that are not regularly encountered in the ordinary course. They include gifts that may not align with the mission of GAI, unique or unusual gifts and gifts accompanied by a potential administrative, financial or other burden on GAI. Grants received by GAI in the ordinary course shall not be treated as gifts and shall not be subject to this Policy.

V. Types of Gifts

A. The following gifts are acceptable:

  1. Cash

  2. Stocks and Appreciated Securities

  3. In-kind Donation

  4. Tangible personal property

B. The following criteria govern the acceptance of each gift form:

  1. Cash: Cash is acceptable in any form. Checks shall be made payable to “Grameen America, Inc.” and shall be delivered to GAI’s administrative office. Gifts of cash in excess of $100,000 must be referred to the Gift Acceptance Committee for a final determination regarding acceptance of such gifts.

  2. Stocks and Appreciated Securities: GAI can accept stocks and publicly traded securities.

    Public Traded Securities: Marketable securities may be transferred to an account maintained at one or more brokerage firms or delivered physically with the transferor’s signature or stock power attached. As a general rule, all marketable securities shall be sold upon receipt unless otherwise directed by the GAI Finance Committee. In some cases, marketable securities may be restricted by applicable securities laws; in such instance the final determinations on the acceptance of the restricted securities shall be made by the Gift Acceptance Committee of GAI.

    If potential problems arise on initial review of the security, further review and recommendation by an outside professional may be sought before making a final decision on acceptance of the gift. The final determination on the acceptance of closely held securities shall be made by the Gift Acceptance Committee of GAI and General Counsel when necessary. Every effort will be made to sell non-marketable securities as quickly as possible.

  3. In-Kind Donations: A Gift-In-Kind is a voluntary contribution of goods or services that can be used to advance the mission of GAI. It is the sole responsibility of the donor to determine the value of a contributed item; the receiver cannot assign a value to the donated item(s).

  4. Personal Property Donation for Charitable Cause: Donations used as auction items may qualify as a charitable deduction for the person(s) making the gift. It is the sole responsibility of the donor to determine the value of a contributed item; the receiver cannot assign a value to the donated item(s). In the case that the item is deemed “priceless,” the amount that was bid and won becomes the fair market value of the item.

  5. Other Gifts: The Gift Acceptance Committee shall consider the acceptance of other gifts not mentioned above, including, but not limited, to memorials, honorariums and intangible property.

VI. Use of Legal Counsel

GAI reserves the right to consult with and/or seek the advice of legal counsel in any and all matters relating to acceptance of gifts when appropriate. Specifically, review by the GAI General Counsel is recommended for:

  1. Closely held stock transfers that are subject to restrictions or buy-sell agreements

  2. Documents naming GAI as Trustee

  3. Gifts involving contracts, such as bargain sales or other documents requiring the GAI to assume an obligation

  4. Transactions with potential conflict of interest that may invoke IRS sanctions

  5. Other instances in which use of counsel is deemed appropriate by the Gift Acceptance Committee.

VII. Miscellaneous Provisions

A. Ethical Standards and Compliance: GAI shall administer gifts properly, shall comply with all applicable laws and regulations, including those governing reporting and retention, and shall provide formal acknowledgments for gifts. GAI shall not furnish property appraisals or gift valuations to donors for tax purposes. GAI acknowledgment letters may acknowledge the value of a gift in the case of a cash, check or other monetary donation or if required by applicable law. Otherwise, the donor is solely responsible for determining gift valuations for his or her own tax purposes. GAI shall consult with independent advisors where it deems such action to be appropriate. GAI shall strive to consider the interests of the donor and disclose to the donor all essential information, including any fees, prior to acceptance of the donor’s gift. Donors may be advised to consult with legal or tax counsel or other appropriate advisors.

B. Securing appraisals and legal fees for gifts to GAI: It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to GAI.

C. Valuation of gifts for development purposes: GAI will record a gift received by GAI at its valuation for gift purposes on the date of gift.

D. Responsibility for IRS Filings upon sale of gift items: The Gift Acceptance Committee of GAI is responsible for causing IRS Form 8282 to be filed upon the sale or disposition of any asset sold within two years of receipt by GAI when the charitable deduction value of the item is more than $10,000. GAI must file this form within 125 days of the date of sale or disposition of the asset.

E. Acknowledgements: Acknowledgement of all gifts made to GAI and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of GAI’s Development Department.

VIII. Changes to Gift Acceptance Policies

This Policy and guidelines have been reviewed and accepted by the Gift Acceptance Committee of GAI. The Gift Acceptance Committee of GAI shall conduct periodic reviews of this policy and must approve any changes to or deviations from this Policy.

This Gift Acceptance Policy was approved by the GAI Development Committee on May 28, 2019 and the GAI Board of Directors on May 28, 2019.