Gift acceptance policy
The Foundation can accept gifts for undesignated use or a donor may designate a gift to any one of the Foundation’s established programs. The Foundation can also accept a gift designated for a specific purpose for which no program has been established, as long as that purpose is within the scope of the Foundation’s mission and the gift is approved by the Gift Acceptance Committee.
Gifts the Foundation receives must not inhibit the Foundation from seeking gifts from other donors, be they similar or different, foreign or domestic. Gifts that may expose the Foundation or the SEG to adverse publicity, require expenditures beyond their resources, or involve them in unexpected responsibilities because of their source, conditions, or purposes will be referred to the Foundation’s Gift Acceptance Committee. The Committee may withhold approval of acceptance, pending a more complete review.
The Foundation cannot accept gifts that involve unlawful discrimination based upon race, religion, sex, age, national origin, handicap or any other basis prohibited by federal, state, and local laws and regulations. Nor can the Foundation accept gifts that obligate it to violate any other applicable law or regulation, or the Foundation's certificate of incorporation or bylaws.
Gift Acceptance Committee
The Executive Committee of the Foundation shall serve as the Gift Acceptance Committee for the Foundation. As such the Committee has the authority to handle inquiries, negotiate with donors, assemble documentation and execute agreements on behalf of the Foundation. Such activities must follow approved procedures and the Foundation’s legal counsel must advise on exceptions to established practice. If these prerequisites are fulfilled, no further review or approval of the Board is required. The Gift Acceptance Committee may delegate any and all aspects of the donor inquiry and agreement process to SEG Foundation staff. The Gift Acceptance Committee shall review any and all proposed gifts to the SEG Foundation which constitute an exception to the standards outlined in this policy. The committee shall also make recommendations to the Board on gift acceptance issues when appropriate.
Endowed Programs and Scholarships
Endowed program or scholarship donor agreements shall be completed with all donors who give the minimum required amount ($25,000) to an endowed scholarship or program and who apply limitations on the use of the donation.
Donor agreements shall be completed with all donors who give the minimum required amount ($1,000) for program support or scholarships and who apply limitations on the use of the donation.
Donation Forms or Letters of Intent shall be completed by all donors who give designated gifts to an existing endowed program or scholarship.
Major Gift Pledge (Approved January 19, 2006)
Donation Forms or Letters of Intent shall be completed by all donors who pledge to donate a minimum of $5,000 over a period of two to five years.
If a gift is received without a specific donor designation, the donation will be placed in the general unrestricted operating fund of the Foundation. Gifts to the unrestricted general operating fund are generally intended to support the day-to-day operations of the Foundation but may also be used for Program purposes. Undesignated gifts allow the Board of Directors to use contributions where they are most needed.
Types of Gifts
- Cash and cash equivalent gifts are accepted in any form.
- The value of any cash or check gift is its face value.
- Checks shall be made payable to the SEG Foundation and shall be mailed to:
Foundation Services Manager
8801 S. Yale Ave., Ste. 500
Tulsa, OK 74137
United States of America
- Funds may also be wire transferred to the Foundation. Donors should consult a representative of their financial institution to make contributions via wire transfer.
- Donors should also notify the Foundation (918-497-5538) prior to a wire transfer being initiated in order to obtain routing information. This notification also ensures that the gift is credited to the proper account and that appropriate and timely gift acknowledgement occurs.
Publicly Traded Securities
- Publicly traded securities, shares of stock in closely held companies, bonds, and government issues may be given to the Foundation.
- The Foundation shall sell such securities as soon as possible after the securities have been transferred to the Foundation.
- 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 transferred to the Foundation.
- Donors should notify the Foundation of the securities being gifted, the number of shares, the intended gift date and the intended use of the gift.
- The Foundation may from time to time accept gifts of real estate, including houses, condominiums and commercial properties, and undeveloped land. A thorough review of various factors including the usefulness of the property for SEG purposes and/or the marketability of the property must be taken into consideration prior to acceptance of the gift.
- Under applicable Treasury regulations, a donor must pay for any initial appraisal made on the property. It is the responsibility of the donor to pay all costs incurred in transfer of the property.
Tangible Personal Property
- The Foundation will consider gifts of tangible personal property, including but not limited to, historical objects, equipment, and materials related to geophysics, works of art, manuscripts, and computer hardware, only after a review indicates that the property is readily marketable, and free and clear of encumbrances or needed by the Foundation or the Society for use in a manner which is related to their mission.
- For tangible personal property with an estimated fair market value of less than $500, the donor must furnish the Foundation with the following information:
- Donor's name, address, and telephone number
- Contact person if the donor is a corporation
- Donor's social security number or federal tax identification number
- Brief physical description of the donated asset, including an explanation of the method used to determine the fair market value
- Prior to the donation of personal property with an estimated fair market value of between $500 and $5,000, the donor must furnish the Foundation, in addition to the items listed above, with an appraisal of the donated assets by a qualified party dated no earlier than 60 days prior to the date of the donation.
- For donations of personal property with an estimated fair market value over $5,000, the donor must furnish the Foundation with the following, in addition to the information required for personal property donations of $5,000 or less:
- An independent evaluation from a qualified appraiser dated no earlier than 60 days prior to the date of donation; and
- Verification that the donor has met the reporting requirements for IRS Form 8283, "Non-Cash Charitable Contributions Appraisal Summary.
Corporate Matching Gifts (Approved January 19, 2006)
Donors of the SEG Foundation are encouraged to seek matching gifts from their employers. The corporate matching gift shall be utilized for the same purpose as the donor’s gift unless the corporate policy specifically prohibits this designation. In the case of prohibition, the donor will be advised of his or her company policy which prohibits the matching gift from following the donor designated gift.
A donor to the SEG Foundation whose gift is matched by his/her company will be credited for the total amount of his/her individual gift plus the matching portion on their gift record. However, the donor will not be recognized (in donor recognition levels) for the matching gift. The SEG Foundation will credit the individual donor for the matching gift associated with their personal gift at the time the matching gift form is signed by both the donor and an authorized officer of the SEG Foundation and is submitted to the corporation. At this time the corporation will also be credited with the matching gift so that it can be stewarded appropriately.
A matching gift cannot be used to fulfill a pledge commitment as the donor has no control over whether that match will be made nor can they legally obligate the company or entity to honor that pledge.
Matching gifts will be recorded as gift income when the matching gift check is received. Matching gifts will only be recorded as pledges if and when an intent to pay/acknowledgement letter is received from the corporation prior to receiving a matching gift check.
Pledges will only be accepted if they are accompanied by a written statement of intent and agreement. The maximum time for completion of a pledge is five years. A donor may accelerate the completion of a pledge at any time. Pledges existing as of June 30, 2005 will not be held to the five year completion requirement, but donors will be encouraged to accelerate payment of their pledges.
Matching Funds (Approved March 2, 2005)
Any matching funds should be limited to matching any individual (not corporate) contributions between $5,000 (minimum) and $50,000 (Maximum) that are donated in support of Foundation approved programs. Matching funds may not be used to pay the initial $5,000 for a Trustee Associate.
Unspent Funds and Matching SEG Contributions
The SEG Foundation will honor all limitations set by the donor on the use of his contribution. If the annual spending cannot be expended as the donor intended, then the donor will be provided with the option of holding the funds till the following year, adding the award (in the case of an endowment) to the endowment, or allowing the annual spending to be spent without limitation within the relevant program.
Securing Appraisals and Legal Fees
It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to the Foundation.
Valuation of Gifts
The Foundation will record a gift at its valuation for donation and tax purposes on the date of gift.
Responsibility for Filing IRS Forms
The Director of Finance and Operations and the SEG Business Office with oversight from the SEG Foundation Audit Committee are responsible for ensuring that appropriate IRS forms are filed upon the sale or disposition of any asset sold within two years of receipt by the Foundation when the charitable deduction value of the item is more than $5,000.
The Foundation Services Manager will acknowledge the receipt of all gifts in writing and in a manner which satisfies the IRS's substantiation requirements set forth in IRC Section 170(f) for the deduction of charitable gifts.
Public Information Policy
In an effort to better serve the members of the SEG and the Foundation’s generous benefactors, the SEG Foundation strives to operate in an environment of openness and accountability. Therefore a donor or interested individual may at any time, request the following documents from the Foundation
- Audited Financial Statements of the SEG Foundation
- IRS Form 990
- A list of the SEG Foundation Board of Directors
- Annual Program reports of the SEG Foundation
Gift Acceptance Policy
- Asset Allocation Policy
- SEG Foundation Articles of Incorporation
- SEG Foundation By-laws
Donor Rights and Confidentiality
The Foundation fully accepts and adopts the “Donor Bill of Rights” developed by the American Association of Fund Raising Counsel (AAFRC), the Association for Healthcare Philanthropy (AHP), the Council for Advancement and Support of Education (CASE), and the Association of Fundraising Professionals (AFP). Donors may be assured that information about their donations will always be handled with confidentiality to the extent provided by law.
Donor Benefits (Approved January 19, 2006)
Donors will be notified by the SEG Foundation if they receive any benefits in exchange for their gift that have a value of $75 or more. (See IRS Publication 1771.)
Policy Effective Date
Section 6: Gift Acceptance Policy was approved on July 23, 2005 by the Board of Directors for the SEG Foundation and became effective on that date. Approval dates for amendments may be found in parenthesis next to the amended policy section.