Gift Acceptance Policy
Cash or Checks
Checks should be made payable to the LifeQuest Foundation. Whenever possible, individuals making a donation should provide a check or credit card, rather than cash contributions.
Publicly Traded Securities
The LifeQuest Foundation will accept readily marketable securities, such as those traded on a stock exchange. Gift securities are to be sold immediately. For gift crediting and accounting purposes, the value of the securities is the average of the high and low on the date of the gift. The LifeQuest Foundation reserves the right to refuse such gifts if the cost of administering the gifts is greater than the benefit.
Real Estate
The LifeQuest Foundation Board of Directors will review all gifts of real estate before acceptance. The donor will be responsible for obtaining and paying for an appraisal of the fair market value and an environmental audit of the property. Prior to the presentation to the LifeQuest Foundation Board of Directors, a visual inspection of the property must be conducted by at least one Board member. If the property is located in a geographically isolated area, a local real estate broker can substitute for a Board member.
Tangible Personal Property
The LifeQuest Foundation may accept any gift of jewelry, artwork, collections, equipment, software or other tangible pieces of property with an estimated market value of less than $10,000. The donor will be responsible for obtaining and paying for an appraisal of the fair market value. Such gifts of tangible personal property defined above shall be used by or sold for the benefit of the LifeQuest Foundation. The LifeQuest Foundation Board of Directors will review any gift of tangible personal property with an estimated market value of more than $10,000. The LifeQuest Foundation reserves the right to refuse such gifts if the cost of administering the gifts is greater than the benefit.
Life Insurance
The LifeQuest Foundation will accept a life insurance policy as a gift when it is named as the owner and beneficiary of the policy. Due to the complexity involved with establishing and administering charitable gift annuities, deferred gift annuities, charitable trusts and pooled income funds, such gifts are subject to review by the LifeQuest Foundation Board of Directors before acceptance. The LifeQuest Foundation reserves the right to refuse such gifts if the cost of administering the gifts is greater than the benefit.
Bequests
Cash and securities can be used to fund a bequest. Non-cash bequests with an estimated market value of over $10,000 that is funded by closely held securities, encumbered and unencumbered real estate, and tangible personal property will be reviewed by the LifeQuest Foundation Board of Directors before acceptance. The LifeQuest Foundation may refuse (i.e., will disclaim) any bequest that might prove to be more of a cost than a benefit.
Special Projects
The LifeQuest Foundation Board of Directors, prior to accepting the funding, must approve all special projects. All special projects must have a written agreement signed by representatives of the LifeQuest Foundation and the donor, spelling out the conditions of the project. The LifeQuest Foundation reserves the right to refuse to accept funding for any project that is deemed inappropriate to its mission or whose cost of administration will be greater than the benefit.
