Gift Acceptance Policy

Amazon Offsets Inc., a registered 501(c)(3) non-profit organization under the laws of the Commonwealth of Pennsylvania, encourages the solicitation and acceptance of gifts to Amazon Offsets for purposes that will help Amazon Offsets to further and fulfill its mission. The following policy governs acceptance of gifts made to Amazon Offsets or for the benefit of any of its programs.

Purpose of Policy

The Board of Directors of Amazon Offsets and its staff solicit current and deferred gifts from individuals and corporations to secure the future growth and missions of Amazon Offsets. The policy governs the acceptance of gifts by Amazon Offsets and provide guidance to prospective donors and their advisors when making gifts to Amazon Offsets. The provision of this policy shall apply to all gifts received by Amazon Offsets for any of its programs or services.

Use of Legal Counsel

Amazon Offsets shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:

  1. Closely held stock transfers that are subject to restrictions or buy-sell agreements.
  2. Documents naming Amazon Offsets as Trustee.
  3. Gifts involving contracts, such as bargain sales or other documents requiring Amazon Offsets to assume an obligation.
  4. Transactions with potential conflicts of interest that may invoke IRS sanctions.
  5. Other instances in which use of counsel is deemed appropriate by the Executive Committee.

Conflict of Interest

Amazon Offsets will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences. Amazon Offsets will comply with the Modest Standards of Practice for the Charitable Gift Planner promulgated by the National Committee on Planned Giving.

Restrictions on Gifts

Amazon Offsets will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. Amazon Offsets will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate the terms of the corporate charter, gifts that are too difficult to administer, or gifts that are for purposes outside the mission of Amazon Offsets.

Additionally, donors to Amazon Offsets may not, under any circumstances, request that their contribution be restricted to a specific individual named by the donor; Amazon Offsets cannot accept contributions carrying this restriction.

 

With regard to other types of restrictions, the Executive Committee shall make all final decisions on the restrictive nature of a gift, and its acceptance or refusal.

Types of Gifts

The following gifts are acceptable:

  • Cash
  • Bequests
  • Retirement Plan
  • Beneficiary Designations
  • Life Insurance and Life
  • Insurance Beneficiary Designations
  • Securities or qualified appreciated stock
  • Real Estate
  • Tangible Personal Property
  • Charitable Remainder
  • Trusts
  • Charitable Lead Trusts

The following criteria govern the acceptance of each gift type.

Cash. Cash is acceptable in any form. All credit card donations are made online via our website. Checks shall be made payable to 'Amazon Offsets' and shall be delivered to 4010 Rabbittown Rd, Muncy PA 17756, Amazon Offsets' headquarters.

Bequests. Donors and supporters of Amazon Offsets will be encouraged to make bequests to Amazon Offsets through their wills and trusts. Such bequests will not be recorded as gifts to Amazon Offsets until such time as the gift is irrevocable and Amazon Offsets has knowledge of such bequest. When the gift is irrevocable but is not due until a future date, the present value of that gift may be recorded at the time the gift becomes irrevocable.

Retirement Plan Beneficiary Designations. Donors and supporters of Amazon Offsets will be encouraged to name Amazon Offsets as beneficiary of their retirement plans. Such designations will not be recorded as gifts to Amazon Offsets until such time as the gift is irrevocable and Amazon Offsets has knowledge of such designation. When the gift is irrevocable, but is not due until a future date, the present value of that gift may be recorded at the time the gift becomes irrevocable.

Life Insurance. Donors and supporters of Amazon Offsets will be encouraged to name Amazon Offsets as beneficiary or contingent beneficiary of their life insurance policies. Such designations shall not be recorded as gifts to Amazon Offsets until such time as the gift is irrevocable and Amazon Offsets has knowledge of such designation. Where the gift is irrevocable but is not due until a future date, the present value of that gift may be recorded at the time the gift becomes irrevocable.

Securities. Amazon Offsets can accept both publicly traded securities and closely held securities.

  • Publicly Traded Securities. Marketable securities may be transferred to an account maintained at one or more brokerage firms or trust companies, commercial banks or delivered physically with the transferor’s stock power attached. As a general rule, all marketable securities will be sold upon receipt unless otherwise directed by the Executive Committee. In some cases applicable securities laws may restrict marketable securities. In such instances the Executive Committee shall make the final determination on the acceptance of the restricted securities.
  • Closely Held Securities. Closely held securities, which include not only debt and equity positions in non-publicly traded companies but also interests in limited partnerships and limited liability companies or other ownership forms, can be accepted subject to the approval of the Executive Committee. However, gifts must be reviewed prior to acceptance to determine: (1) There are no restrictions on the security that would prevent Amazon Offsets from ultimately converting those assets to cash; (2) The security is marketable; and (3) The security will not generate any undesirable tax consequences for Amazon Offsets.
  • To be accepted, closely held securities must have a qualified appraisal performed by an independent professional appraiser generally at the expense of the Donor. If potential problems arise on initial review of the security, further review and recommendation by an outside professional may be sought before making a final decision on acceptance of the gift. Following advice by legal counsel, the Executive Team shall make the final determination on the acceptance of closely held securities. Every effort will be made to sell closely held securities as quickly as possible. If not immediately marketable, the stock will be kept in the safe deposit box until they can be redeemed.

Real Estate. Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest. The real estate being gifted must be titled to the donor(s). When appropriate, a title binder shall be obtained by Amazon Offsets prior to the acceptance of the real property gift. The cost of this title binder shall generally be an expense of the donor. Prior to the acceptance of real estate, the donor is requested to advise Amazon Offsets of any environmental issues that may be readily identified. Amazon Offsets may require an initial environmental review of the property to ensure that the property has no environmental damage. Amazon Offsets' Board of Directors may, at its own discretion, waive the environmental inspection requirement. In the event that the initial inspection reveals a potential problem, Amazon Offsets shall retain a qualified inspection firm to conduct an environmental audit. The cost of the environmental audit shall generally be an expense of the donor, although Amazon Offsets will consider such expense at the advice of the Executive Committee. Prior to acceptance of the real property, the gift shall be approved by the Executive Committee of Amazon Offsets and by Amazon Offsets’ Legal Counsel. The Board of Directors, at its discretion, may refuse any gift of real estate. Criteria for acceptance of the property shall include:

  • Is the property useful for the purposes of Amazon Offsets?
  • Is the property marketable?
  • Are there any restrictions, reservations, easements, or other limitations associated with the property?
  • Are there carrying costs, which may include insurance, property taxes, mortgages, or notes, etc., associated with the property?
  • Does the environmental audit, if required, reflect that the property is not damaged?

Tangible Personal Property. All other gifts of tangible personal property shall be examined in light of the following criteria:

  • Does the property fulfill the mission of Amazon Offsets?
  • Is the property marketable?
  • Are there any undue restrictions on the use, display, or sale of the property?
  • Are there any carrying costs for the property?
  • Can the property be sold easily?
  • Are there costs associated with transportation, storage, selling, maintenance and repair for the property?
  • The Executive Committee will make the final determination on the acceptance of other tangible property gifts.

Charitable Remainder Trusts. Amazon Offsets may accept designation as remainder beneficiary of a charitable remainder with the approval of the Executive Committee of Amazon Offsets. Amazon Offsets will not accept appointment as trustee of a charitable remainder trust.

Charitable Lead Trusts. Amazon Offsets may accept a designation as income beneficiary of a charitable lead trust. The board of Amazon Offsets will not accept an appointment as Trustee of a charitable lead trust.

Classification of Donations

A donor can establish any of the following types of funds within Amazon Offsets. Exceptions to these Types of Funds can be made only through the consent of the Executive Committee:

  • Unrestricted Funds – These funds are broadly discretionary to Amazon Offsets and are available to meet operating and program needs as determined by the Board of Directors.
  • Named Endowed Funds – These funds can be for a general or specific purpose at the request of the donor, or established as part of Amazon Offsets' general endowment. A minimum gift of $100,000.00 is required for the establishment of named funds.
  • Special Project Funds - These may include funds accepted for broad general purposes that enhance or support Amazon Offsets' mission in some manner. In some cases, groups requesting the creation of Special Project Funds may not previously have had a formal affiliation with Amazon Offsets. The Executive Committee must approve all proposed Special Project Funds. If the Committee approves such funds, they must operate strictly as component funds of Amazon Offsets. Thus, all fundraising conducted for such funds must be under the direct control of Amazon Offsets. For example, in advance of any fundraising, all proposals for events or efforts to raise money for such funds must be put in writing and approved by the Executive Committee of Amazon Offsets. Amazon Offsets’ name must be clearly prominent in all funds as the sponsor of the effort so that proper State and Federal solicitation guidelines can be clearly maintained. All invoices, payments for expenses and receipts must be directed to Amazon Offsets. Raffles and rummages are not permitted in any form. Auctions will be reviewed by Legal Counsel for Amazon Offsets on a case-by-case basis to determine their appropriateness and tax-deductibility.
  • Restricted Funds – These funds have a donor-placed restriction as to the purpose or timing of the use of the funds. Donors may restrict their contributions to Amazon Offsets in any number of ways - to fund programs, for example, or to assist persons living in a particular area (the state of Texas), or to fund applications for a particular type of help (rental assistance.) However, donors may not, under any circumstances, request that their contribution be restricted to a specific individual named by the donor; Amazon Offsets cannot accept contributions carrying this type of restriction.

Minimum Requirements to Create a New Fund

While all contributions may be accepted by Amazon Offsets, the Board of Directors of Amazon Offsets has designated the following amounts as minimums needed to create a Fund through Amazon Offsets:

  • Named Endowed Fund - $100,000.00
  • Special Project Fund – Minimums will be determined by the Executive Committee when such a fund is approved.

Donor Acknowledgement

All gifts to Amazon Offsets will be acknowledged, unless the donor has explicitly requested anonymity.

Confidentiality of Gifts

All information concerning donors and prospective donors shall be held in strict confidence by Amazon Offsets, subject to legally authorized and enforceable requests for information by government agencies and courts. Amazon Offsets will not disclose the amount of any gift through any publication or other public document without the permission of the donor, except as required by the IRS.

Miscellaneous Provisions

Securing appraisals and legal fees for gifts to Amazon Offsets. It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel and legal advice for all gifts made to Amazon Offsets.

Valuation of gifts for development purposes. Amazon Offsets will record a gift received by Amazon Offsets at its valuation for gift purposes on the date of gift.

Responsibility for IRS Filings upon sale of gift items. The Executive Team of Amazon Offsets is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold within two years of receipt by Amazon Offsets when the charitable deduction value of the item is more than $5,000. Amazon Offsets must file this form within 125 days of the date of sale or disposition of the asset. Acknowledgement of all gifts made to Amazon Offsets and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of the board of Amazon Offsets.

Conflict with Organizational Values. The Board of Directors retains the right to refuse a gift from any donor or organization that conflicts with organizational values.

Changes to Gift Acceptance Policy

This policy has been reviewed and accepted by the Board of Directors of Amazon Offsets. The Board of Directors of Amazon Offsets must approve any changes to, or deviations from, this policy.