Non-Cash Gifts Acceptance Procedures

Many times donors choose to make all or part of their commitment to a campaign in the form of a non-cash gift.  The acceptance and disposition of such gifts can be troublesome, especially without predetermined guidelines.The purpose of these guidelines is to help the Central Church of Christ in its acceptance and disposition of non-cash gifts as appropriate for their setting. Accordingly, Central Church of Christ (“Central” or the “church”) adopts the following policies and

1. Unrestricted cash gifts will be accepted and acknowledged through the normal finance and accounting procedures of Central.

2. Acceptance of non-cash gifts will be the responsibility of the elders of Central. The elders reserve the right, in their sole discretion, to return any gift that   they determine to be unacceptable because of value issues, marketability, or any other reason deemed problematic to Central.

3. All non-cash gifts (except for real estate) will be expeditiously liquidated by Central upon receipt and acceptance by the elders. Gifts of marketable stock  and other securities, insurance products, automobiles, jewelry and other items of value must be unencumbered and given outright and without liquidation restrictions to Central.

4. If the gift is determined to be acceptable by the elders, the gift will be expeditiously sold in a manner deemed most appropriate by the elders.

5.Gifts of real estate must be given with an appropriate title search, environmental evaluation, survey and appraisal. All costs of transferring will be born by the donor. Gifts of real estate must also be unencumbered by liens, judgments, pending litigation or any other potential liability to Central.

6. For non-cash gifts accepted by Central that are not readily marketable (excluding real estate), Central will assume ownership only at the closing of the transaction between donor and a third party willing and able buyer at fair market value. Before title is accepted by Central, the elders reserve the right to decline any gift.

7. All non-cash gifts will be acknowledged in a dated letter from the elders (or other designated person), which will include a description of the gift and
appropriate IRS documentation.

8. Questions concerning this policy should be referred to the Central elders.