Gift Acceptance Policy
Introduction
The goal of this policy is to encourage giving to Love and Care Ministries International. Inc (hereinafter referred to as "Love and Care International" or the "Love and Care Organization") without encumbering the Organization with gifts that cost more rather than benefit the Organization. The goal is also to avoid gifts that the donor restricts in a manner inconsistent with the goals of the Organization.
To protect the interests of the Organization and the persons and entities who support its causes, these policies are designed to assure that all gifts to, or for the use of, charitable causes are structured to provide maximum benefit to all parties involved.
Love and Care Ministries International solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. Love and Care Ministries International 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 Love and Care Ministries International for the benefit of any of its operations, programs or services.
Use of Legal Counsel
Love and Care Ministries International will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
Gifts of securities that are subject to restrictions or buy-sell agreements.
Documents naming Love and Care Ministries International as trustee or requiring Love and Care Ministries International to act in any fiduciary capacity.
Gifts requiring Love and Care Ministries International to assume financial or other obligations.
Transactions with potential conflicts of interest.
Gifts of property which may be subject to environmental or other regulatory restrictions.
Gifts Generally Accepted Without Review
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.
Marketable Securities
Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor's endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by Love and Care Ministries International ’s Investment 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.
Bequests and Beneficiary Designations
Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to Love and Care Ministries International under their wills, and to name Love and Care Ministries International as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
Charitable Remainder Trusts
Love and Care Ministries International will accept designation as a remainder beneficiary of charitable remainder trusts. Charitable Lead Trusts. Love and Care Ministries International will accept designation as an income beneficiary of charitable lead trusts.
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:
Tangible Personal Property
The Executive Committee shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: does the property further the organization’s mission? Is the property marketable? Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear?
Life Insurance
Love and Care Ministries International will accept gifts of life insurance where Love and Care Ministries International is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
Real Estate
All gifts of real estate are subject to review by the Executive Committee. Prior to acceptance of any gift of real estate other than a personal residence, Love and Care Ministries International shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. Criteria for acceptance of gifts of real estate include: Is the property useful for the organization’s purposes? Is the property readily marketable? Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property? Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property? Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
Donation Refund Policy
All donations to Love and Care Ministries International. Inc are gifts made voluntarily to the 501(c)(3) charity, with no conditions. Donors will receive a tax receipt from at the time of donation.
Refunds are only granted in exceptional circumstances, and only when the funds have not been granted to a charity. Some circumstances in which refunds might be granted include:
• The donation was made in error, had an incorrect amount, or the selected charity was not that intended by the donor
• The donation was not authorized by the donor
• The donor’s circumstances have changed materially, for instance if the donation was made from the proceeds of a sale that was later cancelled or refunded.
Donors with exceptional circumstances such as these may contact us to request a refund.
There are no fees associated with refunds.
Donors who request refunds are not be eligible for tax deductions on their refunded donations.
Restrictions on Gifts
Love and Care Ministries International will not accept gifts that (a) would result in Love and Care Ministries International violating its corporate charter, (b) would result in Love and Care Ministries International losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for Love and Care Ministries International, or (e) are for purposes outside Love and Care’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Executive Committee, in consultation with the Executive Director.
Sponsoring children in Love and Care homes
Love and Care homes sponsorship program’s role is to provide Western Christians the opportunity to donate toward the physical well-being of the children, as well as to provide a conduit through which communication and relationship building can take place.
By sponsoring a child you will not only be entering into a relationship with a child, but you will also enable Love and Care Ministries International to provide life-changing assistance to your child, as well as to thousands of children throughout India. We provide children with a place to stay (if needed), quality education, nutritious meals and medical care, all the while allowing them to daily experience the love of Jesus.
Often your gift will open a door that allows Love and Care Ministries International to minister to the children's families, and often to the entire community as well. By God's grace we have currently able to help meet the needs of more than 5000 orphaned and abandoned children.
By sponsoring, you can become personally involved in the life of one or more of these precious children. As a sponsor, you will receive a packet that includes the name, picture, personal and family information for each child you desire to sponsor. You will be given the opportunity to write to your child and personally share information about you and your family, which will help to build a lasting relationship. Your child will write back to you on a regular basis.
Donors often wish to provide special gifts to the child they sponsor. While Love and Care Ministries International encourages correspondence with sponsored children, we ask that any special gift be limited to those gifts that can be mailed as a flat item, such as stickers, pages of coloring books or pictures, as there are many difficulties associated with importation of packages in overseas locations. Given the difficulties of shipping to some overseas locations, we cannot guarantee donors that gifts sent will always be received by the child. Also, given the fact that many children live in difficult financial conditions, large or expensive gifts may not be in the best interest of that child or those around him or her, and may be better utilized by spreading those gifts for the benefit of the entire community. For that reason, it is our policy that special financial gifts will be used for the benefit of the entire home rather than a specific child.