Gift Acceptance Policy of the Richard Nixon Foundation
Mission Statement and Purpose of Gift Acceptance Policy
The mission of the Richard Nixon Foundation, (the “Foundation”) is to actively encourage and support scholarship and sponsor programs that engage the public with the Richard Nixon Library, promote educational programs and exhibits, and foster discussion and debate relating to the legacy of America’s thirty-seventh president, Richard Nixon. The purpose of the Foundation’s Gift Acceptance Policy (the “Policy”) is to govern the acceptance of proposed gifts and to provide guidance to potential donors and their professional advisers.
Use of Legal Counsel
Use of tax and/or legal counsel by the donor and the Foundation is advantageous to both parties. The Foundation cannot serve as both the donor’s adviser and the recipient of the donor’s gift. Therefore, potential donors are advised to consult independent tax and/or legal counsel before making gifts to the Foundation. It is the donor’s responsibility to retain appropriate independent tax and legal counsel in certain transactions. Before signing life income gift agreements, such as charitable gift annuities, charitable remainder trusts, and charitable lead trusts, the Foundation recommends that counsel for the donor review all proposed agreements.
Foundation Gift Definition
A gift is defined as a voluntary transfer of assets from a person or an organization to the Foundation. Gifts are usually in the form of, but are not limited to, cash, securities, and real estate. The Foundation may accept or decline any gift.
The following criteria generally identify a gift:
• A gift is motivated by charitable intent; and
• Gifts are irrevocable transfers of assets
Gifts are not generally subject to an exchange of consideration or other contractual obligations between the Foundation and the donor, except for life income agreements. Donors are not provided formal financial accountings. Depending on the gift amount, a stewardship report to the donor stating the impact of the gift may be provided, at the Foundation’s discretion.
Reports may be provided on endowments or transactions which may require formal financial accounting and/or tax reporting to the donor when the Foundation is named as trustee. Generally, funds received from individuals and foundations will be classified as gifts. A gift will not be deemed made until it has been accepted by the Foundation. The Foundation reserves the right to decline any proposed gift.
When received without donor designation, all gifts will be classified as unrestricted with use at the discretion of the Foundation.
Membership in the Foundation is tax-deductible. For more specifics about membership visit www.nixonfoundation.org/membership.
Corporate Matching Gifts
Many corporations offer gift matching programs. Consult your Human Resources department for a gift matching form. Donor contributions can be forwarded directly to the Foundation. Please provide a copy of the completed match form from your organization to the Foundation.
Types of Acceptable Gifts
An outright gift involves the donor’s voluntary and intentional transfer of money or assets to the Foundation without expectation of receiving a benefit related to the value of the transfer. Although the donor may place restrictions on the use of the gift, the donor may not retain control over the money or property transferred to the Foundation. Examples of outright gifts include cash and cash equivalents, and some real estate gifts.
Cash and Cash Equivalents
Cash and Checks — Cash and checks may be accepted regardless of the amount. The value of any cash or check is its face value. Checks must be made payable to the Richard Nixon Foundation.
Electronic Funds Transfers — Funds may be transferred electronically to the Richard Nixon Foundation. Donors should consult a representative of their financial institution to make contributions via electronic transfer. Donors should also notify the Foundation when such transfers are initiated, in order to ensure that proper electronic transfer information, appropriate and timely gift acknowledgment, and correct gift credit are given. Instructions for electronic funds transfers are available upon request.
Credit Card Contributions — Funds may be transferred to the Foundation via credit card. Secure credit contributions may be made at www.nixonfoundation.org.
Securities that are actively traded on U.S. stock exchanges will be accepted as gifts to the Foundation in accordance with the policies described below. Securities given to the Foundation will typically be liquidated as soon as possible.
Publicly Traded Securities
The value of a gift of securities is the average of the high and low of the stock(s) or bond(s) on the day the securities are received in the Foundation’s gifted securities brokerage account. The donor will notify the Foundation in advance about the securities being transferred, the number of shares, the intended gift date, and the designation of the gift (Centennial Campaign, Membership, or Foundation Operating).
Donation of securities via electronic transfer:
Securities may be transferred directly to the Foundation’s brokerage account. Below is the Foundation’s transfer information:
Account Name: Richard Nixon Foundation
Account Number: 7071-9817
Firm DTC Number: 0141
Firm Name: First Clearing
Donation of securities via U.S. mail:
If the donor has physical custody of stock certificates, they should be sent, unsigned, by certified mail to the Richard Nixon Foundation. (Addressee information is located on page six of this memorandum)
Mutual Fund Shares
Mutual fund shares may be accepted by the Foundation. In most cases, the Foundation’s gifted securities brokerage accounts can accept and liquidate mutual fund shares. Donors are advised to allow at least two to three weeks for the transaction to be completed. To initiate a gift of mutual fund shares, the following information must be provided:
• The name of the institution at which the shares are held;
• The mutual fund shares being given;
• The number of shares, the donor transacted gift date, and the intended use of the gift; and
• If the shares are held at a mutual fund company, the donor and the Foundation must follow the steps that company requires for transfer of ownership of the shares. In all cases, the shares will be liquidated as soon as possible
Legacy Gifts (Bequests)
A legacy gift to the Foundation is a gift made in the donor’s will, irrevocable trust, or a similar estate planning document that effects a transfer at death. Designations that benefit the Foundation include a gift of a specific amount, a percentage of the estate, or the remainder of an estate.
Donor Advised Fund (“DAF”)
A DAF is a charitable giving vehicle that offers individuals and groups a tax-deductible donation with the ability to direct the donation among several different charities. The Accounting Department of the Foundation gladly accepts gifts from a donor’s DAF. The donation receipt is issued by the DAF to the donor.
Gifts-in-kind are tangible assets donated to the Foundation. The Foundation will include the fair market value of such gifts on the donor’s gift receipt.
Charitable IRA Rollover
An IRA charitable rollover allows taxpayers aged 70½ or older to donate up to $100,000 from their individual retirement accounts (IRAs) directly to the Foundation. The advantage to the donor of the IRA rollover is that the donor can transfer the IRA directly and does not pay income tax on the transfer to the Foundation. The donor may exclude the amount distributed directly to an eligible charity from the donor’s gross income.
Donors will receive a gift receipt from the Foundation and an acknowledgement letter and/or stewardship report.
The Foundation headquarters and mailing address is: 18001 Yorba Linda Boulevard, Yorba Linda, CA 92886. The Foundation’s IRS Tax ID number is 57-1278303