ARCHDIOCESAN GIFT ACCEPTANCE POLICY

Purpose

This Gift Acceptance Policy is intended to establish and provide appropriate guidelines and protocols to the staff of the Archdiocese, to its parishes, missions, and congregations, and to the Metropolitan Council, Archdiocesan Finance Council, and Archdiocesan General Council who may be involved in the acceptance of gifts to the Archdiocese, its parishes, missions, congregations, institutions, organizations, and other dependent and affiliated entities. It is also intended as a guide and counsel to outside advisors who may assist donors and benefactors in the gift-giving process and to any individual, corporation, or other entity who may wish to make a donation or bequest to the Archdiocese; to one or more of its ministries, programs, and services; to one or more of its parishes, missions, congregations, institutions, organizations, or other dependent or affiliated entity.

The policy, while intended to be primarily a guide and which offers some flexibility, is nevertheless to be followed and adhered to as closely as possible. Flexibility in accepting gifts may only be exercised after consultation with and approval by the appropriate Archdiocesan authorities (i.e., Chief Financial Officer, Archdiocesan Finance Council, Archdiocesan General Counsel, etc.). In all instances, the final decision is to be made by the Metropolitan upon consultation with and the recommendation of the aforementioned Councils and persons.

Beneficial Impact

The Italo-Greek Orthodox Holy Metropolitan Archdiocese of the Americas and Canada (hereafter referred to as “the Italo-Greek Orthodox Archdiocese”), encourages and accepts gifts that benefit the Archdiocese and are consistent with our Orthodox Catholic values and the mission and vision of the Archdiocese, while also meeting the needs and intentions of donors. This policy, together with implementation procedures developed by archdiocesan staff and approved by the Gift Review and Acceptance Committee, provides guidance as to the considerations in determining whether to accept a specific gift. It is the policy of the Italo-Greek Orthodox Archdiocese to accept gifts that provide a net positive benefit to the Archdiocese, its parishes, missions, and congregations, and their parishioners and ministries considering the gift’s value, intended use, and any associated encumbrances, complexities or donor restrictions.

The Italo-Greek Orthodox Archdiocese will not accept gifts that:

1. do not provide a net positive benefit to the Archdiocese;
2. are for purposes outside of the Archdiocese’s mission of supporting its parishes, missions, and congregations and their parishioners and ministries;
3. would compromise the Archdiocese’s tax-exempt status;
4. would result in unacceptable consequences for the Archdiocese or its parishes, missions, congregations, and their parishioners or ministries.

Factors to be considered in evaluating the consequences of a gift include:

1. consistency with the Archdiocese’s Orthodox Catholic values and interests;
2. compatibility between donor intent and the use of the gift;
3. risk to the Archdiocese’s assets;
4. effect on the reputation of the Italo-Greek Orthodox Archdiocese or its parishes, missions, and congregations, and their parishioners or ministries and upon future giving;
5. administrative difficulty or expense in relation to value;
6. alignment with prior practice; and
7. conformity with existing legal regulations and tax laws.

Legal and Ethical Considerations

In accordance with the Donor Bill of Rights (Created by the Association of Fundraising Professionals), the Italo-Greek Orthodox Archdiocese of the Americas and Canada is committed to treating donors in a professional, ethical, and fair manner, and endeavors to provide materials that educate and inform prospective donors and their advisors about ways to give.

Where advisors or counsel is employed or retained by the Italo-Greek Orthodox Archdiocese of the Americas and Canada to prepare documents or render advice regarding a donation, they are acting on behalf of the Italo-Greek Orthodox Archdiocese, and not the donor. The donor remains responsible for obtaining advice from his/her own legal and financial counsel for the protection of his/her interests, including tax and estate planning implications; the Italo-Greek Orthodox Archdiocese of the Americas and Canada strongly encourages donors to do so.

The Italo-Greek Orthodox Archdiocese of the Americas and Canada does not pay fees or commissions to any person as consideration for directing a gift to the Archdiocese, does not compensate any fundraiser based directly on a percentage of funds raised or on a contingent basis, and does not endorse any professional or fiduciary services.

Gift Review and Acceptance Committee

The Gift Review and Acceptance Committee of the Archdiocesan Office of Ethical Standards, Compliance, and Audits is responsible for answering any questions which may arise regarding the suitability of potential or actual gifts, donations, and bequests to the Archdiocese, or any of its parishes, missions, congregations, institutions, organizations, or any other dependent or affiliated entity.

The Gift Review and Acceptance Committee shall be comprised of the Director of the Office of Ethical Standards, Compliance, and Audits; the Chief Operating Officer of the Archdiocese, the Chief Financial Officer of the Archdiocese, the Archdiocesan General Council, the President of the Metropolitan Council, the President of the Archdiocesan Finance Council, the Vicar General of the Archdiocese, and the Archbishop’s Confidential Personal Executive Assistant.

If a gift, donation, or bequest is deemed to be questionable by the Committee, the Committee shall decide that the gift is either not to be accepted or that it should be returned. Decisions of the Committee are final and not appealable to the Metropolitan and are to be received as if made and given by the Metropolitan personally.

Gifts of Cash

1. The Archdiocese shall not accept any cash donations under any circumstances. All donations of money must be made by check payable to the “Italo-Greek Orthodox Archdiocese of the Americas and Canada” or simply “Italo-Greek Orthodox Archdiocese”.
2. Parishes, missions, and congregations may receive and accept cash donations. Such gifts must be evidenced by the issuance of a receipt to the donor or benefactor and must be entered in the parish’s, mission’s, or congregation’s daily income report and donation register. Even if the donor or benefactor does not wish his/her identity to be known, the gift or donation must nevertheless be entered as a cash donation, and a receipt issued to the donor/benefactor.
3. The Metropolitan and any member of the clergy may personally receive single cash gifts in any amount of up to $3,000 without having to disclose the gift. Any single personal gift (other than stipends or honorariums received from performing baptisms, weddings, and funerals, etc.) over $3,000 must be reported to the Office of Ethical Standards, Compliance, and Audit. The reason or purpose of the gift, as well as the name of the donor, must also be reported.

Gifts by Check

1. All checks shall be made payable to the Archdiocese; the receiving parish, mission, or congregation; or the organization, institution, or other entity to which it is being given. In no event shall a check be made payable to any individual who represents the Archdiocese or any of its parishes, missions, congregations, institutions, or organizations. The only exception to this rule is that checks may be made out to the Metropolitan in his name personally or in the name of the “Italo-Greek Orthodox Metropolitan of the Americas and Canada” as a corporation sole.
2. Personal gifts of any amount to the Metropolitan or any member of the clergy that is not ministry or Church related do not need to be disclosed.

Gifts of Publicly Traded Securities 

1. Readily marketable securities, such as those traded on a stock exchange, can be accepted by the Archdiocese or any of its parishes, missions, congregations, institutions, agencies, or organizations. (Refer to Appendix C got guidance on the transfer and processing of gifts of securities).
2. For gift crediting and accounting purposes, the value of a gift of securities is the average of the high and low prices on the date of the gift.
3. Gifts of marketable securities to the Archdiocese or any of its parishes, missions, congregations, institutions, agencies, organizations, or other entities normally would be immediately liquidated immediately. However, if the form or designation of the gift allows the possibility that it will be directed to the Italo-Greek Heritage Fund, the Christ the Light Foundation, the Archbishop Gennadios Fund, or the Cathedral Perpetual Endowment Fund, a decision regarding the liquidation will be made the Investment Committee of the Archdiocesan Finance Council. If the Investment Committee decides not to liquidate any given securities that are directed to any of the aforementioned funds, the certificates will be given to the individual fund's investment manager who then will act on the Investment Committee’s decision on whether to sell or hold the securities, which will be made based on portfolio considerations.

Gifts of Closely Held Securities

1. Non-publicly traded securities may be accepted after consultation with the Gift Review and Acceptance Committee.
2. Prior to acceptance, the Gift Review and Acceptance Committee will explore methods and timing of liquidation of securities through redemption or sale. The Gift Review and Acceptance Committee will try to determine:
3. An estimate of the fair market value
4. Any restrictions on the transfer
5. Whether and when an initial public offering might be anticipated.
6. No commitment for the repurchase of closely held securities shall be made prior to the completion of the gift of securities.

Gifts of Real Estate

1. Any gift of real estate must be reviewed by the Gift Review Committee.
2. The donor is normally responsible for obtaining and paying for an appraisal of the property. The appraisal will be performed by an independent and professional agent.
3. The appraisal must be based upon a personal visitation and internal and external inspection of the property by the appraiser. Also, whenever possible, the appraisal must show the documented valuation of comparable properties located in the same area.
4. The formal appraisal should contain photographs of the property, the tax map number, the assessed value, the current asking price, a legal description of the property, the zoning status, and all complete information regarding all mortgages, liens, litigation, or title disputes.
5. The Archdiocese requires, both for itself and all its parishes, missions, and congregations, as well as any other dependent or affiliated entity, an environmental assessment of any potential real estate.
6. The property must be transferred to the Archdiocese or any of its parishes, missions, or congregations, or other dependent or affiliated entities prior to any formal or informal offer or contract for purchase being made.
7. The donor may be asked to pay for all or a portion of the following: Maintenance costs, real estate taxes, insurance, real estate broker’s commission, and other costs of sale, and appraisal costs.
8. For gift crediting and accounting purposes, the value of the gift is the appraised value of the real estate, however, this value may be reduced by costs of maintenance, insurance, real estate taxes, broker’s commission, and other expenses of the sale.

Gifts of Life Insurance

1. A gift of a life insurance policy must be referred to the Gift Review Committee.
2. The Archdiocese or any of its parishes, missions, congregations, or any other archdiocesan entity may accept a life insurance policy as a gift only if the Archdiocese, or any of its parishes, missions, congregations, or any other archdiocesan entity is named as the owner and beneficiary of 100% of the policy.
3. If the gift is paid up policy, the value for gift crediting and accounting purposes is the policy’s replacement cost.
4. If the policy is partially paid up, the value for gift crediting and accounting purposes is the policy’s cash surrender value. (NOTE: For IRS purposes, the donor’s charitable income tax deduction is equal to the interpolated terminal reserve, which is an amount slightly in excess of the cash surrender value).

Gifts of Tangible Personal Property

1. Any gift of tangible property shall be reviewed to the Gift Review Committee prior to acceptance.
2. A gift of jewelry, artwork, collections, equipment, and other tangible property shall be assessed for its value to the Archdiocese, or any of its parishes, missions, or congregations, or to any other dependent or affiliated entity which may be realized either by being sold or by being used in connection with the entity’s exempt (non-profit) purpose.
3. Depending upon the anticipated value of the gift, a qualified outside appraiser may be asked to determine its value.
4. The Archdiocese, its parishes, missions, and congregations, and all its dependent and affiliated entities shall adhere to all IRS requirements relating to disposing of gifts of tangible personal property and will provide appropriate forms to the donor and IRS.

Deferred Gifts

1. The Archdiocese encourages deferred gifts to itself and any of its parishes, missions, and congregations, as well as to any of its dependent or affiliated entities through any of a variety of vehicles: Charitable gift annuity (or deferred gift annuity), Pooled Income Fund, Charitable Remainder Trust, Bequest, Retained Life Estate

General Information

1. The Archdiocese, nor any of its parishes, missions, congregations, or other dependent or affiliated entities shall act as an executor (personal representative) for a donor’s estate. A staff member or volunteer of the Archdiocese, of its parishes, missions, and congregations, or any of its dependent and affiliated entities serving as a personal representative for a member of any parish, mission, congregation or other dependent or affiliated entity of the Archdiocese does so in a personal capacity, and not as an agent of the Archdiocese, or any of its parishes, missions, and congregations or of any other dependent or affiliated entity.
2. The Archdiocese, its parishes, missions, congregations, and any other dependent or affiliated entity shall not act as a trustee of a charitable remainder trust.
3. When appropriate, the Archdiocese, any of its parishes, missions, and congregations, or its other dependent or affiliated entities may invite prospective donors to consider the gift vehicles offered by the Italo-Greek Heritage Foundations, the Christ Our Light Foundation, the Archbishop Gennadios Foundation, and the Cathedral Perpetual Endowment Fund (specifically, Charitable Remainder Trusts, Charitable Gift Annuities, and the Pooled Income Fund) as well as their investment services.
4. When donors are provided with planned gift illustrations or form documents, these will be provided free of charge. For any planned gift-related documents, materials, illustrations, letters, or other correspondence, the following disclaimer should be included: “We strongly urge that you consult with your attorney, financial and or tax advisor to review and approve this information provided to you without charge or obligation. This information in no way constitutes advice. We will gladly work with your independent advisors to assist in any way.”
5. All information obtained from or about donors/prospects shall be held in the strictest confidence by the Archdiocese, its parishes, missions, and congregations, and its other dependent and affiliated entities, including their staff and volunteers. Neither the name, the amount, nor the conditions of any gift shall be published without the express written approval of the donor and/or beneficiary.
6. The Archdiocese, its parishes, missions, congregations, and other dependent and affiliated entities will seek qualified professional counsel in the exploration and execution of all planned gift agreements. The Archdiocese, its parishes, missions, and congregations, and its other dependent and affiliated entities recognize the right of fair and just remuneration for professional services rendered.
7. The Metropolitan and the Metropolitan Council, upon the advice of the Gift Review and Acceptance Committee, either individually or jointly, reserve the right to decline any gift that does not further the mission and vision of the Archdiocese, its parishes, missions, and congregations, and other dependent and affiliated entities. Also, any gifts that would create an administrative burden or cause the Archdiocese, its parishes, missions, and congregations, and its other dependent and affiliated entities to incur excessive expenses are to be declined. Finally, any donation, gift, or bequest that would cause scandal among the faithful or which may damage the image and credibility of the Archdiocese, its parishes, missions, and congregations, and its other dependent and affiliated entities is to be declined.