San Francisco Opera Association, a not for profit organization organized under the laws of the State of California, encourages the solicitation and acceptance of gifts to San Francisco Opera Association (the “Association”) for purposes that will help the Association to further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to the Association or for the benefit of any of its programs. Any variances to this policy must be approved by the Gift Acceptance Committee (“GAC”), whose membership will be established by the President of the Association. The San Francisco Opera reserves the right to decline any gift if, in the view of the GAC, the gift is inappropriate.
I. Purpose of Policy and Associated Guidelines
The Association solicits current and deferred gifts from individuals, corporations, and foundations to secure the future growth and missions of the Association. This policy and associated guidelines govern the acceptance of gifts by the Association and provide guidance to prospective donors and their advisors when making gifts to the Association. The provisions of this policy apply to all gifts received by the Association for any of its programs or services.
II. Gifts: Presumed To Be Unrestricted
The Association will deem all gifts to be unrestricted unless the donor expressly restricts the gift for a purpose that is acceptable to the Association.
All final decisions on the restrictive nature of a gift or the acceptance of a gift of real estate or other illiquid property will be made by the GAC.
Endowment gifts shall be directed to San Francisco Opera’s “New Century Fund” unless the donor expressly restricts the gift to the Opera’s “Restricted Endowment Fund.” All gifts to the Restricted Endowment Fund are subject to review and acceptance by the GAC.
The Association reserves the right to make variations in use of a gift, regardless of restriction, should circumstances arise in which the original intent is unable to be fulfilled. In the event that the use or restriction of a gift is changed, the donor or his/her representatives will be informed by the Association prior to the change.
III. Independent Advice
San Francisco Opera Association encourages 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 Association will comply with the Model Standards of Practice for the Charitable Gift Planner promulgated by the Partnership for Philanthropic Planning.
IV. Miscellaneous Provisions
a. Securing appraisals and legal counsel for gifts to the Association: It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to the Association. This provision may be waived at the discretion of the GAC.
b. Valuation of gifts for development purposes: The Association will record a gift received by the Association at its valuation for gift purposes on the date of gift.
c. Responsibility for IRS filings upon sale of gift items: The Association is responsible for filing the IRS Form 8282 upon the sale or disposition of any asset sold within two years of receipt by the Association when the charitable deduction value of the item is more than $5,000. The Association will file this form within 125 days of the date of sale or disposition of the asset.
d. Acknowledgment. Acknowledgment of all gifts made to the Association and compliance with the current IRS requirements in acknowledgment of such gifts will be the responsibility of the Association.
Approved by the Board of the Association on the 8th day of November, 2012