Modest Needs' Privacy Policy for Donors and Applicants
We value the support that the public provides for the mission of Modest Needs Foundation by visiting our organization's website, giving what they are able, and telling others about it. So that we may better assist you, you may be asked to list your name, address, and other information if you wish to participate in Modest Needs or apply for available financial aid. Our policy with regard to your personal information is listed below.
Information we collect about our Donors and Applicants
Modest Needs asks persons who wish to interact with the Modest Needs website to register with the organization. During the voluntary registration process, persons are required to provide their names, physical addresses, e-mail addresses, and telephone numbers.
Additionally, as a part of our application process, we may request that applicants provide us with a series of documents in support of their applications for assistance. These documents will vary from case to case but generally will include, at minimum, a copy of a state-issued photo ID, proof of income, proof of employment, proof of housing cost, or other types of documentation as deemed necessary to verify the details of a particular application for assistance.
Federal and state laws regarding the retention of documents by non-profit organizations require that we keep any documentation submitted to us by an applicant during the application process for a period of six years.
Modest Needs collects, encrypts and securely stores this information for the sole purposes of a) contacting those people whom the organization believes it can assist; b) controlling against fraudulent activity, both against registered users of the Modest Needs website and against the organization itself; and c) communicating with both our donors and our applicants, as necessary and appropriate, unless an individual has specifically requested that he or she receive no correspondence from the organization.
Modest Needs does not use other software or hardware techniques to collect other information that could be used to personally identify visitors to Modest Needs without their knowledge.
Protecting Your Personal Information
Modest Needs has a strict policy of protecting your personal information.
Modest Needs will take all reasonable steps to protect its users' personal information and to protect them from unwanted correspondence/solicitation made as a result of a visit to or decision to register with Modest Needs. Our website and database are secured with state-of-the-art digital certificates and can be accessed only from certain authorized computers physically located in our office. For this reason, any personal data that you submit to Modest Needs is maintained as securely as current technology will allow. However, it is important to remember that, by their very nature, transmissions made via the Internet can never be absolutely secure.
With regard to our donors, Modest Needs will not sell, rent, share or disclose personally identifiable information regarding our donors to any commercial entities, marketing firms or non-profit entities.
With regard to our applicants, Modest Needs will not sell, rent, share or disclose personally identifiable information regarding our applicants to any commercial entities, marketing firms or non-profit entities except a) in the event that such information is formally requested from us by a legal entity or law enforcement agency; or b) it is necessary to share such information in order to fund a request for assistance. In the event that it is necessary to share an applicant's personal information with a third party in order to fund an application for assistance, we will do so only with the explicit, written consent of the parties involved.
Publicly Sharing Your Comments
Modest Needs receives thousands of requests for help every month, along with many letters asking general questions, commenting on Modest Needs, or with information from persons who have received assistance from the organization. The details of these requests for help and other comments and questions may be shared freely among Modest Needs' staff as necessary and appropriate.
In addition, Modest Needs makes it possible for persons who request help from the organization to make the details of their request (exclusive of their personally identifiable information) available to other registered users of Modest Needs. Modest Needs likewise makes it possible for persons who have received help from Modest Needs to post a short note to Modest Needs' testimonials page.
However, the choice to make the details of an application for help public or to post a testimonial is made on an individual basis by our applicants themselves. Modest Needs will not post or permit the posting of information in any way that specifically identifies the sender(s) of that information under any circumstances.
Contacting Us Regarding Your Personal Information
If you have any questions or concerns regarding Modest Needs Foundation's Privacy Policy or would like either to review or request an update to your personal information on file with Modest Needs, please contact us either via email or by telephone at (844) 667-3766. We will promptly respond to your request.
Disclosure of your Personal Information to Other Entities
Please note that as a matter of policy, Modest Needs does not, under any circumstances, share, rent, sell, or otherwise disclose personal information related to the identities of our donors or our applicants with entities - commercial or non-profit - outside of the organization, except as noted above.
If you wish for your information never to be shared with any entity, you may elect this option during the registration process by selecting the 'Give Anonymously' option. Information related to persons who have elected this option will never be shared by Modest Needs Foundation under any circumstances.
Policy Revisions
Modest Needs reserves the right to amend this privacy policy from time to time. If we make any substantial changes in the way we use your personally identifiable information, we will notify you by posting an announcement on our pages, and we will provide you with an opportunity to request that such information not be used in that manner. Personally identifiable information will be subject to the protections of the privacy policy in place at the time the information is obtained.
Terms of Use and Service
Modest Needs Foundation operates primarily as an online entity but is physically based in New York, NY. Modest Needs Foundation is a not-for-profit, charitable organization, exempt from federal income tax in the United States under section 501(c)(3) of the United States Tax Code. Modest Needs Foundation is duly registered with the Tennessee State Charitable Solicitations Board, the Office of the Attorney General of New York State, the Office of the Attorney General of Arkansas, and with such entities as Guidestar.org.
Use of Modest Needs Foundation's resources, including (but not limited to) the Modest Needs website (hereafter 'the site') is subject to the following terms and conditions. By registering with or otherwise interacting with Modest Needs Foundation or its website, you agree to be bound by the following terms and conditions.
Purpose of Organization
Modest Needs Foundation exists primarily to offer short-term financial assistance to eligible persons who apply for grants by a) duly registering with Modest Needs and b) requesting such assistance in accordance with the terms and conditions set forth on the Modest Needs website itself. Modest Needs also exists to encourage personal philanthropy, to provide a forum where duly registered users of Modest Needs can correspond with one another, both in public and in private, and to provide various types of information about Modest Needs Foundation to persons who visit Modest Needs.
Registration with Modest Needs
While all persons with access to the Internet may browse the Modest Needs website, persons who wish to interact with the Modest Needs website are required to register with Modest Needs Foundation. Registrants are asked to provide their names, physical address, e-mail addresses, and telephone numbers. This information is collected solely for the purposes of a) contacting those people whom we believe Modest Needs can assist; b) controlling against fraudulent activity, both against registered users of Modest Needs and against the organization itself; and c) communicating with both our donors and our applicants, as necessary and appropriate, unless an individual has specifically requested that he or she receive no correspondence from the organization.
Only one registration per household / physical mailing address is allowed. To protect against the potential for fraud, the Modest Needs' software and website is programmed such that it will not permit multiple user accounts to be created by persons living at the same physical location. Should our software detect a potential duplicate during the registration process, the system will halt and prompt the user to contact technical support for assistance.
Registration with Modest Needs Foundation is completely free of charge, and registrants will not ever be asked to pay any fee, in kind or otherwise, in exchange for registration with Modest Needs.
Eligibility for the Receipt of Grants
Any duly registered user of the Modest Needs Foundation website with a short-term financial need that can be met in full with a small grant from Modest Needs Foundation is eligible to receive financial assistance from Modest Needs. In addition, other persons who are unable to register with Modest Needs may be deemed eligible to receive a grant from Modest Needs Foundation. Any such determination shall be made at the sole discretion of the President and/or Board of Directors of Modest Needs Foundation.
Modest Needs does not request or collect information with respect to the age, gender, or ethnic background of registrants and does not discriminate with respect to any person's age, ethnic background, gender, religion, or sexual preference in the awarding of financial assistance.
Awarding of Grants
Modest Needs Foundation awards grants on a regular basis to eligible persons who have requested financial or other assistance from Modest Needs. Such awards are made at such times as the President and/or Board of Directors of Modest Needs foundation see fit and at the sole discretion of the President and/or Board of Directors of Modest Needs Foundation. The amounts of such awards are subject to available funding and likewise are at the sole discretion of the President and/or Board of Directors of Modest Needs Foundation.
The President and Board of Directors of Modest Needs Foundation do not imply, guarantee or otherwise warrant that Modest Needs Foundation will be able to assist every eligible person who requests financial assistance from Modest Needs. Likewise, the President and/or Board of Directors of Modest Needs Foundation reserve the right to reject requests for assistance that are not submitted in accordance with the guidelines of Modest Needs Foundation or that, in the judgment of the President and/or Board of Directors of Modest Needs Foundation, is in any way fraudulent or misleading. Further, the President and/or Board of Directors of Modest Needs Foundation reserve the right to withdraw any offer made by Modest Needs to provide financial assistance to any otherwise eligible individual at any time and for any reason.
Likewise, if you are an applicant for assistance from Modest Needs Foundation, you acknowledge that by submitting an application for assistance from Modest Needs, you irrevocably grant your consent to any duly authorized representative of Modest Needs Foundation to take, without limitation, any and all reasonable steps that Modest Needs Foundation deems necessary in order to perform appropriate due diligence on your application for assistance.
User Content
We make all reasonable efforts to provide a safe and accurate site but cannot make any guaranties or warranties regarding the content of the site. As such we reserve the right to restrict the use of the site in any manner deemed appropriate.
YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF THIS SITE, THE CONTENT, AND THE TECHNOLOGY IS AT YOUR SOLE RISK. MODEST NEEDS EXPRESSLY DISCLAIMS ALL WARRANTIES AND CONDITIONS OF ANY KIND, EXPRESSED AND IMPLIED, AND MAKES NO WARRANTY THAT 1. CONTENT AND SOFTWARE WILL BE ACCURATE, UNINTERRUPTED, VIRUS-FREE OR ERROR-FREE.
MODEST NEEDS, ITS EMPLOYEES, AGENTS, AFFILITATES, DIRECTORS, OFFICERS, REPRESENTATIVES, SUBCONTRACTORS, ADVISORS AND VOLUNTEERS OR ANYONE ELSE INVOVELD IN THE CREATING, PRODUCTION AND CARRYING OUT OF THE SITE ARE NOT LIABLE FOR ANY DAMAGES WHATSOEVER, INLCUDING BUT NOT LIMITED TO: DIRECT, INDIRECT, INCIDENTIAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, DAMAGES OR LOSS OF PRODUCTS OR ANY OTHER DAMAGES OR LOSSES RELATED TO THE USE OF THE SITE AND USER CONTENT.
In creating your application, you are able to post your own user content, and all user content is your sole responsibility. Modest Needs has created secure servers and takes all reasonable measures to protect user content but cannot guarantee that other users will not misuse the user content that you share. If you have any user content that you wish to keep private do not post it to this service. If you post information about a third party under our Generosity Grant or Community Grant, then please secure permission from the third party to do so and do not post any information the third party has requested be kept confidential. Under no circumstances is Modest Needs responsible or liable for any user content, including but not limited to: errors or omissions in content, loss or damage to content, or any other use of content posted, emailed or otherwise stored, hosted or transmitted by Modest Needs. MODEST NEEDS IS NOT RESPONSIBLE OR LIABLE IN ANY WAY FOR THE MISUSE OR MISAPPROPRIATION OF ANY USER CONTENT YOU POST TO THE SITE.
You understand that any and all decisions made by you with respect to the website, programs, donations and content are yours alone. While Modest Needs reasonably vets and verifies all information, Modest Needs does not assume any responsibility for information presented by applicants, donors, or any other 3rd party users, and therefore, is not liable for any loss, damage, harm, expense or other injury experienced through the use of our services or user content.
You understand by posting any user content to the site, photos, videos, written language etc. you are in no way guaranteed funding or any other benefit from Modest Needs. Modest Needs is under no obligation, and will in no way, pay or otherwise confer compensation, a benefit, consideration or anything at all in return for user content.
By posting any user content to our site, you hereby grant Modest Needs the irrevocable, perpetual, non-exclusive, and fully sublicensable right and license to use, reproduce, modify, adapt, publish, translate, combine with other works, distribute, perform, edit and display such user content in any form, medium or technology now known or later developed. By agreeing to our terms of use you guarantee that you own all of the content and information you submit, or that you have the necessary permission to grant the rights of our terms of use in the content you post on behalf of a 3rd party, and that the posting of your user content does not violate the rights (privacy, public, contract etc.,) of any other person. You agree that you have received the necessary aforementioned rights and that you will be held liable for any royalties, fees and other monies owing any person by reason of any user content you post via our site.
You agree that Modest Needs may disclose user content if required to do so in order to comply with the law or under a good faith belief that doing so is necessary to comply with a law, to respond to a claim that user content violates the rights of a 3rd party, or to protect the rights, safety, and wellbeing of Modest Needs, its staff, users, and the public.
All of these conditions apply into perpetuity, are non-revocable, apply broadly, and without reservation.
You agree that you will not use this service to:
Transmit or otherwise upload, post, send, email, any user content that is unlawful, harmful, abusive, threatening, defamatory, vulgar, obscene, pornographic, libelous, invasive of another’s privacy, hateful, or racially, ethnically or otherwise unlawful or objectionable
Misrepresent your identity or situation in any way or the identity of a 3rd party or entity
Harm others, including soliciting personal information from a minor
Disguise harmful content under misleading headers
Transmit or otherwise upload, post, send, email any content that you do not have the right to transmit under law or that infringes on any patent, trademark, trade secrete, copy right or other protected property right
Transmit or otherwise upload, post, send any spam, junk mail, chain letters, pyramid schemes, or any other form of unwanted solicitation
Transmit or otherwise upload, post, send, email anything harmful to the site, other users, the programming and systems operations, or that would interrupt the functioning of the organization in any way
Harass, stalk or otherwise communicate to other users in an unwanted, hostile, harassing, disrespectful, or otherwise harmful manner
You understand that while Modest Needs will take all reasonable measures to ensure that user content is in line with our guidelines and terms of use, by using this site you may be subject to user content created by others that is offensive, indecent or objectionable. Modest Needs does not endorse, encourage, tolerate or support this kind of content in any way, and will do our best to remove the content as quickly as is reasonable. Modest Needs is not in any way liable for the content posted by a user and makes no warranties express or implied, as to the user content, its accuracy, reliability, or appropriateness. Modest Needs retains the right at its sole discretion to remove, ban, block, or otherwise modify content it deems inappropriate at any time, without notice and for any reason. You agree that you bear all risks associated with the use and creation of user content and acknowledge that any reliance you make on user content is done so at your own discretion and risk.
Modest Needs reserves the right, but is under no obligation to, monitor disputes between users and to terminate your access to our services and site. User access can be terminated at the sole discretion of Modest Needs, without notice, and without reason. You are solely responsible for all of your interactions with other users and bear all liability that comes from your use, interaction and participation with the site.
Termination of Registration
The President and/or Board of Directors hold the use of Modest Needs Foundation's resources to be a privilege rather than a right. The President and/or Board of Directors of Modest Needs Foundation reserve the right to terminate said privileges of any duly registered user at any time and for any reason including (but not limited to):
the provision of false or misleading information on the part of any site user during the registration process;
the provision of false or misleading information in any part of a request for financial assistance from Modest Needs Foundation; and
the use of site resources for any purpose advertising a product or online resource or otherwise soliciting the business of other visitors to the Modest Needs website.
Use of Financial Gifts to Modest Needs Foundation
Modest Needs encourages personal giving and is happy to accept any gift of any amount to Modest Needs. Any gifts made to Modest Needs, financial, in-kind or otherwise, are greatly appreciated and shall be used by the President and/or Board of Directors of Modest Needs Foundation and in accordance with the guidelines set forth by the Internal Revenue Service and the State of Tennessee exclusively for the following purposes:
to provide financial assistance to persons who have requested help from Modest Needs Foundation; and
to remit payment for any such reasonable expenses related to the operation of Modest Needs Foundation as the President and/or Board of Directors of Modest Needs Foundation deem appropriate, and at their sole discretion.
The President and/or Board of Directors of Modest Needs Foundation will make all reasonable efforts to honor the requests of donors to Modest Needs Foundation with respect to the use of their donations, subject to the guidelines of the Internal Revenue Service and the state of Tennessee. However, neither the President nor the Board of Directors of Modest Needs Foundation absolutely guarantees that they will be able to honor said requests.
Relationship of Giving to the Grant Making Process
Because Modest Needs is not a resource for the truly indigent, Modest Needs Foundation encourages and makes it possible for all interested persons who visit Modest Needs' website or who otherwise learn of Modest Needs Foundation to give to Modest Needs Foundation, including those persons who request assistance from Modest Needs.
Giving and receiving at Modest Needs are related only in as much as the organization is able to award more (and occasionally larger) amounts of financial assistance as gifts to Modest Needs increase. However, the fact that an applicant for financial assistance from Modest Needs Foundation has made a gift, financial, in kind, or otherwise to the foundation does not entitle said applicant to any kind of special consideration in the grant making process and does not guarantee that the applicant will receive any kind of financial assistance from Modest Needs. Persons inclined to give to Modest Needs only because they believe that, in so doing, they will better their chances of receiving financial assistance from Modest Needs Foundation should not give to Modest Needs Foundation.
Correspondence and Communication with Modest Needs Foundation
Modest Needs Foundation receives a large number of letters, telephone calls, e-mails, and other types of correspondence. The President and his duly appointed representatives attempt to respond to all such correspondence as appropriate but cannot guarantee that they will be able to answer all such correspondence sent to Modest Needs Foundation.
All correspondence sent to Modest Needs Foundation or any of its representatives by mail, fax, e-mail, electronic transmission or by any other means becomes immediately and irrevocably the sole property of Modest Needs Foundation and may be used for any purpose related to Modest Needs Foundation at the sole discretion of the President and/or Board of Directors of Modest Needs Foundation without further notice or compensation.
Additionally, Modest Needs Foundation requires that all communication with Modest Needs Foundation and Modest Needs Foundation's staff - written, verbal, electronic and otherwise - be conducted in a reasonable and respectful manner. Respectful communication allows us to best serve our applicants and ensures that all communication results in a productive outcome for Modest Needs Foundation, the organization's staff members, and - most importantly - for our applicants.
Because we find that unreasonable and disrespectful communication does not foster results that align with the goals and principles of Modest Needs Foundation, such communication will be deemed a violation of our Terms of Service and will result in the immediate and permanent closure of the offending person's account with Modest Needs Foundation.
Reproduction of Modest Needs Foundation Materials
The content of the Modest Needs Foundation website, as well as all correspondence, electronic or otherwise, from the President, Board of Directors, or any of their duly appointed representatives on behalf of Modest Needs Foundation is copyright Modest Needs Foundation, and all rights are reserved. No part of the website or the aforementioned correspondence from the President, Board of Directors, or any of their duly appointed representatives shall be reproduced in any medium, in whole or in part, without the express written consent of the President of Modest Needs Foundation.
Limitation of Liability
The use of any Internet resource involves certain inherent risks. Though the President, Board of Directors, and duly appointed representatives of Modest Needs Foundation will take every reasonable step to safeguard the information of the persons who visit or otherwise interact with the Modest Needs website, duly registered users of and other visitors to the Modest Needs Foundation website agree to absolve and otherwise hold blameless the President, the members of the Modest Needs Foundation Board of Directors, and all of their duly appointed representatives from any liability arising from the use of the Modest Needs Foundation website or any of its resources, subject to the limitations set forth in public charter of Modest Needs Foundation.
Policy Revisions
Modestneeds.org reserves the right to amend these terms of use from time to time. If we make any substantial changes in the way we use your personally identifiable information, we will notify you by posting an announcement on our pages and we will provide you with an opportunity to request that such information not be used in that manner. Personally identifiable information will be subject to the protections of the privacy policy in place at the time the information is obtained.
Contact Information
If you have any questions or concerns regarding Modest Needs Foundation's Terms of Use, please forward your question or concern to privacy.policy@modestneeds.org
Modest Needs Gift Acceptance Policies and Guidelines
Modest Needs Foundation, a registered 501(c)(3) non-profit organization under the laws of the State of Delaware, encourages the solicitation and acceptance of gifts to Modest Needs Foundation (hereinafter referred to as the "Foundation") for purposes that will help the Foundation to further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to the Foundation or for the benefit of any of its programs.
The Mission of Modest Needs Foundation is:
To prevent otherwise financially self-sufficient individuals and families from entering the cycle of poverty, when this might be avoided with a small amount of well-timed financial assistance;
To restore the financial self-sufficiency of individuals who are willing to work but are temporarily unable to do so because they do not have the means to remit payment for a work-related expense;
To empower permanently disadvantaged individuals who otherwise live within their limited means to continue to live independently, despite a temporary, unexpected financial set-back; and
To strengthen small non-profit organizations by providing a forum whereby such organizations can apply directly to the general public for the help they need to complete the relatively inexpensive projects that will allow them to better serve their clients and the communities they exist to serve.
I. Purpose of Policies and Guidelines
The Board of Directors of Foundation and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and missions of the Foundation. These policies and guidelines govern the acceptance of gifts by the Foundation and provide guidance to prospective donors and their advisors when making gifts to the Foundation. The provision of these policies shall apply to all gifts received by the Foundation for any of its programs or services.
II. Use of Legal Counsel
Foundation shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
Closely held stock transfers that are subject to restrictions or buy-sell agreements.
Documents naming Foundation as Trustee.
Gifts involving contracts, such as bargain sales or other documents requiring Foundation to assume an obligation.
Transactions with potential conflicts of interest that may invoke IRS sanctions.
Other instances in which use of counsel is deemed appropriate by the Executive Team.
III. Conflict of Interest
Modest Needs 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. The Foundation will comply with the Modest Standards of Practice for the Charitable Gift Planner promulgated by the National Committee on Planned Giving.
IV. Restrictions on Gifts
The Foundation 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. The Foundation 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 the Foundation.
Additionally, donors to Modest Needs may not, under any circumstances, request that their contribution be restricted to a specific individual named by the donor, or to a specific application for assistance visible on the Modest Needs website. Modest Needs cannot accept contributions carrying either of these types of restrictions.
With regard to other types of restrictions, the Executive Team shall make all final decisions on the restrictive nature of a gift, and its acceptance or refusal.
V. 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 'Modest Needs Foundation' and shall be delivered to 120 E 23rd St, Fl 5, New York, NY 10010, the Foundation’s headquarters.
Bequests. Donors and supporters of the Foundation will be encouraged to make bequests to the Foundation through their wills and trusts. Such bequests will not be recorded as gifts to the Foundation until such time as the gift is irrevocable and the Foundation 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 the Foundation will be encouraged to name the Foundation as beneficiary of their retirement plans. Such designations will not be recorded as gifts to the Foundation until such time as the gift is irrevocable and the Foundation 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 the Foundation will be encouraged to name the Foundation as beneficiary or contingent beneficiary of their life insurance policies. Such designations shall not be recorded as gifts to the Foundation until such time as the gift is irrevocable and the Foundation 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
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Securities. The Foundation 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 Team. In some cases applicable securities laws may restrict marketable securities. In such instances the Executive Team shall make the final determination on the acceptance of the restricted securities.
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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 Team. However, gifts must be reviewed prior to acceptance to determine:
There are no restrictions on the security that would prevent the Foundation from ultimately converting those assets to cash
The security is marketable; and
The security will not generate any undesirable tax consequences for the Foundation.
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 the Foundation 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 the Foundation of any environmental issues that may be readily identified. The Foundation may require an initial environmental review of the property to ensure that the property has no environmental damage. Environmental inspection forms are attached as an appendix to this document. The Foundation’s Board of Directors may, at its own discretion, waive the environmental inspection requirement. In the event that the initial inspection reveals a potential problem, the Foundation 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 the Foundation will consider such expense at the advice of the Executive Team. Prior to acceptance of the real property, the gift shall be approved by the Executive Team of the Foundation and by the Foundation’s 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 the Foundation?
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?
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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 the Foundation?
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 Team will make the final determination on the acceptance of other tangible property gifts.
Charitable Remainder Trusts. The Foundation may accept designation as remainder beneficiary of a charitable remainder with the approval of the Executive Team of the Foundation. The Foundation will not accept appointment as trustee of a charitable remainder trust.
Charitable Lead Trusts. The Foundation may accept a designation as income beneficiary of a charitable lead trust. The board of Foundation will not accept an appointment as Trustee of a charitable lead trust.
VII. Classification of Donations
A donor can establish any of the following types of funds within Foundation. Exceptions to these Types of Funds can be made only through the consent of the Executive Team:
Unrestricted Funds – These funds are broadly discretionary to the Foundation 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 the Foundation’s general endowment. A minimum gift of $100,000.00 is required for the establishment of named funds.
Donor Advised Funds – These funds are created and are broadly discretionary to the Board of Directors of the Foundation, but the input and advice from donors is sought in the distribution of grants from the Fund. In many cases, the Foundation provides suggestions to donors on specific needs in the communities it serves. All suggestions from donors are investigated and the Foundation adheres to all procedures developed by the Internal Revenue Service in regard to the administration of donor advised funds. A minimum gift of $100,000.00 is required for establishing a donor advised fund.
Special Project Funds - These may include funds accepted for broad general purposes that enhance or support the Foundation’s mission in some manner. In some cases, groups requesting the creation of Special Project Funds may not previously have had a formal affiliation with the Foundation. The Executive Team must approve all proposed Special Project Funds. If the Team approves such funds, they must operate strictly as component funds of the Foundation. Thus, all fundraising conducted for such funds must be under the direct control of the Foundation. 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 Director of the Foundation. The Foundation’s 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 the Foundation. Raffles and rummages are not permitted in any form. Auctions will be reviewed by Legal Counsel for the Foundation 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 Modest Needs 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, or to a specific application for assistance visible on the Modest Needs website. Modest Needs cannot accept contributions carrying either of these types of restrictions.
VIII. Minimum Requirements to Create a New Fund
While all contributions may be accepted by the Foundation, the Board of Directors of the Foundation has designated the following amounts as minimums needed to create a Fund through the Foundation:
Named Endowed Fund - $100,000.00
Donor Advised Endowed Fund - $100,000.00
Special Project Fund – Minimums will be determined by the Executive Team when such a fund is approved.
IX. Donor Acknowledgement
All cash gifts in excess of $250 to the Foundation will be acknowledged. All other types of gifts to the Foundation will be acknowledged regardless of the amount of the gift. An ongoing master list of named gifts will be maintained by the Foundation.
X. Confidentiality of Gifts
All information concerning donors and prospective donors shall be held in strict confidence by the Foundation, subject to legally authorized and enforceable requests for information by government agencies and courts. The Foundation 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.
XI. Miscellaneous Provisions
Securing appraisals and legal fees for gifts to the Foundation. 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 for development purposes. The Foundation will record a gift received by the Foundation at its valuation for gift purposes on the date of gift.
Responsibility for IRS Filings upon sale of gift items. The Executive Team of the Foundation is responsible for filing IRS Form 8282 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 must file this form within 125 days of the date of sale or disposition of the asset.
Acknowledgement of all gifts made to the Foundation and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of the board of the Foundation.
VIII. Changes to Gift Acceptance Policies
These policies and guidelines have been reviewed and accepted by the Board of Directors of the Foundation. The Board of Directors of the Foundation must approve any changes to, or deviations from, these policies.
Approved on the 22nd day of March, 2009