Adopted on 11-4-2025
Section 1. Purpose. The purpose of this Gift Acceptance Policy (the “Policy”) is to provide guidance to the Board of Directors, officers, and staff of The Westmorelite Foundation, Inc. (the “Foundation”) in evaluating proposed gifts to the Foundation, ensuring that all gifts further the Foundation’s charitable mission and comply with applicable laws and ethical standards. The Foundation is committed to transparency, integrity, and stewardship in all fundraising and gift-acceptance activities. This Policy is designed to protect both the interests of the Foundation and the intent of its donors.
Section 2. Scope. This Policy applies to all charitable contributions offered to the Foundation, including cash and non-cash gifts, whether solicited or unsolicited. It applies to all Foundation representatives involved in the solicitation, acceptance, acknowledgment, or management of gifts.
Section 3. Mission Alignment. All gifts must support or be consistent with the Foundation’s mission. The Foundation reserves the right to decline any gift that does not further its mission or that could create actual or perceived conflicts of interest, financial or reputational risk, or administrative burdens inconsistent with the Foundation’s capacity or values.
Section 4. Types of Acceptable Gifts. The Foundation may accept the following types of gifts, subject to the approval process outlined in Section 6: i) cash and cash equivalents, ii) checks and electronic transfers (ACH, wire, etc.), iii) publicly traded securities, iv) bequests and beneficiary designations under wills, trusts, or life insurance policies, v) tangible personal property if useful to the Foundation’s charitable purposes or readily convertible to cash, vi) in-kind contributions, such as supplies, equipment, or professional services that directly support the Foundation’s programs, and vii) real property or closely held securities, only after appropriate due diligence, appraisal, and Board approval.
Section 5. Restricted Gifts. The Foundation may accept restricted gifts provided that the restrictions are i) consistent with the Foundation’s charitable purposes, ii) administratively feasible, and iii) approved by the Board or an authorized committee.
Section 6. Gift Review and Approval.
6.1. Routine Gifts. Unrestricted cash gifts, checks, and publicly traded securities may be accepted by Foundation officers or designated staff without prior Board approval.
6.2. Non-Routine or Conditional Gifts. The following gifts require prior review and approval by the Board of Directors or its designee: i) gifts involving significant ongoing obligations (e.g., property maintenance), ii) gifts of real estate, closely held stock, or other illiquid assets, iii) gifts with donor-imposed conditions, restrictions, or naming rights, iv) gifts exceeding $50,000 or any amount deemed material by the Board.
6.3. Legal and Financial Review. The Foundation may, at its discretion, seek independent legal, financial, or environmental review prior to acceptance of any non-cash gift.
Section 7. Valuation of Gifts. The Foundation will issue charitable receipts for gifts in compliance with Internal Revenue Service requirements. Donors are responsible for obtaining independent appraisals for non-cash contributions exceeding IRS thresholds. The Foundation will not assign or certify valuations for tax purposes.
Section 8. Gift Acknowledgement. All gifts will be acknowledged in writing within a reasonable period following receipt. Acknowledgments will state that Foundation is a nonprofit corporation organized under the laws of the State of Georgia and that its application for recognition of tax-exempt status under Section 501(c)(3) of the Internal Revenue Code is pending with the Internal Revenue Service. Until such determination is received, contributions may not be treated as tax-deductible. Once the Foundation’s exemption is granted, the determination is expected to be retroactive to the date of incorporation. No goods or services will be provided in exchange for any contribution, unless otherwise noted.
Section 9. Donor Intent and Stewardship. The Foundation will honor the intent of donors relating to gifts for restricted purposes and those relating to the desire for anonymity. The Foundation maintains strict confidentiality regarding all donor information, in accordance with its Donor Privacy Policy.
Section 10. Authority and Administration. The Board of Directors has ultimate authority over the acceptance of all gifts. The Board may delegate authority to the President or other officers to accept certain categories of gifts, as defined by Board resolution.
Section 11. Authority and Administration. This Policy shall be interpreted in accordance with applicable federal and state laws, including Internal Revenue Code Section 170 and related Treasury Regulations, as well as the Georgia Nonprofit Corporation Code.
Section 12. Policy Review and Amendments. This Policy shall be reviewed periodically by the Board of Directors and may be amended at any time by a majority vote of the Board.