Gift Acceptance Policy
Palm Beach County Food Bank solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. Palm Beach County Food Bank urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences.
The following policies and guidelines govern acceptance of gifts made to Palm Beach County Food Bank for the benefit of any of its operations, programs or services.
Use of Legal Counsel: Palm Beach County Food Bank will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
1. Gifts of securities that are subject to restrictions or buy-sell agreements.
2. Documents naming Palm Beach County Food Bank as trustee or requiring Palm Beach County Food Bank to act in any fiduciary capacity.
3. Gifts requiring Palm Beach County Food Bank to assume financial or other obligations.
4. Transactions with potential conflicts of interest.
5. Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts: Palm Beach County Food Bank will not accept gifts that would result in:
1. Palm Beach County Food Bank losing its status as a 501c(3) not-for-profit organization
2. Too difficult or too expensive administration in relation to their value
3. Any unacceptable consequences for Palm Beach County Food Bank
4. Are for purposes outside the mission of Palm Beach County Food Bank
Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Executive Committee of the Board of Trustees, in consultation with the Chief Executive Officer.
Gifts Generally Accepted Without Review:
1. Cash: Cash gifts are acceptable in any form, including by check, money order, credit card or on-line. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date and name of the card holder as it appears on the credit card.
Palm Beach County Food Bank’s Finance Committee. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Executive Committee.
Once accepted, the donated item(s) become the property of the PBCFB, which retains the right to dispose of a gift-in-kind as it sees fit, unless another arrangement has been made with the donor.
Gifts Accepted Subject to Prior Review – Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
1. Tangible Personal Property: The Finance Committee shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations:
1. Does the property further the organization’s mission?
2. Is the property marketable?
3. Are there any unacceptable restrictions imposed on the property?
4. Are there any carrying costs for the property for which the organization may be responsible?
5. Is the title/provenance of the property clear?
1. Is the property useful for the organization’s purposes?
2. Is the property readily marketable?
3. Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property?
4. Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
5. Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?