Visalia Wesley
Foundation, Inc.
Gift Acceptance Policy
We encourage the solicitation and acceptance of gifts to the Visalia Wesley Foundation for purposes that will help the Visalia United Methodist Church to further and fulfill its mission, as well as other Christian projects. The following policies and guidelines govern acceptance of gifts made to the Foundation. The provisions of these policies shall apply to all gifts received by the Foundation.
Unrestricted Use Gifts
A donor may wish to donate to the unrestricted Opportunity Fund. The Foundation Board will then allocate the funds through the established procedures to ultimately use the funds in the areas of “greatest need”. Until the funds are expended, they will be pooled with other unrestricted funds and invested as a pooled account. All gains and losses will be allocated to the Opportunity Fund.
Restricted Use Gifts
A donor may wish to donate funds to a particular project, department, or designated use within the Visalia United Methodist Church, and in some cases, other Christian projects. Funds will be held in the appropriate account within the Foundation’s pooled income fund. All appropriate income/loss associated with the respective percentage of the overall fund will be allocated to each of the accounts.
The Foundation might not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate the bylaws, gifts that are too difficult to administer, or gifts that are for purposes outside the mission of the Foundation. In addition, the administration of small restricted use gifts is not practical so the Board has set a minimum of $500 for restricted use gifts.
Harry Wood Endowment Fund
A donor may wish to donate to the Harry Wood Endowment Fund. These funds are separately invested and only the income will be used to meet needs of future approved projects. The initial gifts of principal are to be held and invested with only earnings to be expended. Anticipated uses include funding for current needs of the church not provided for in the regular budget and large capital programs.
Gifts of Securities
The Foundation will accept gifts of both marketable and non-publicly traded securities, subject to Board approval. Upon the Foundation receiving a gift of marketable securities, the securities will be liquidated and invested into the pooled income fund. In some cases applicable securities laws may restrict the liquidation of marketable securities. Exceptions to the general rule will be at the consent of the Foundation Board. Closely held securities, which include not only debt and equity positions in non-publicly traded companies but also interests in LLP’s and LLC’s or other forms of ownership, can be accepted subject to the approval of the Foundation Board.
Gifts of Personal Property
The Foundation may accept gifts of personal property. These gifts must receive approval from the Foundation Board. All of these types of gifts will be liquidated for cash with the appropriate fund (either a restricted account or the unrestricted account) being increased. Valuation of the gift will be determined by the amount of funds generated by the Foundation upon liquidation.
Gifts of Real Property
The Foundation may, upon appropriate approval from the Board, accept gifts of real property. In this case, the Foundation Board will require an environmental study and any other appropriate tests/studies on the property before acceptance of the property. Value of the gift will be determined by an appraisal acceptable to both parties.
Charitable Remainder, Lead or Annuity Trusts
Charitable Remainder, Lead, or Annuity trusts may be accepted by the Wesley Foundation, at the approval of the Board. The Foundation, however, will merely act as a final beneficiary. The Foundation will not pay for any of the costs associated with the setting-up or operating of such vehicle.
Life Insurance
The Foundation must be named as both beneficiary and irrevocable owner of an insurance policy before a life insurance policy can be recorded as a gift. The gift is valued at it’s interpolated terminal reserve value, or cash surrender value, upon receipt. If the donor contributes future premium payments, the Foundation will include the entire amount of the additional premium payment as a gift in the year that it is made.
Changes to Policy
These policies and guidelines have been reviewed and accepted by the Board of the Visalia Wesley Foundation, and the Board must approve any changes to or deviations from these policies.
Approved on the ___12th___ day of __November___, 2007.
559-627-1660