ACCEPTABLE GIFTS POLICIES by 793pEZS

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									ORANGE CATHOLIC FOUNDATION
  GIFT ACCEPTANCE POLICIES
                                                           GIFT ACCEPTANCE POLICIES
                                                                    OF THE
                                                          ORANGE CATHOLIC FOUNDATION



TABLE OF CONTENTS

                                                                                                                                             Page
I. INTRODUCTION ........................................................................................................................3
II. PURPOSE …………………………………………………….………………….…………...1
III. UNDERLYING CONSIDERATIONS ......................................................................................1
IV. GIFT ACCEPTANCE COMMITTEE ......................................................................................2
V. GENERAL CONSIDERATIONS ..............................................................................................4
5.1. Donative Intent and Acceptance .............................................................................................. 4
5.2. Counseling and Identifying the Donor ..................................................................................... 2
5.3. Unacceptable Gifts ................................................................................................................... 2
5.4. Preferred Gift Forms ................................................................................................................ 3
5.5 Marketability………………………………………………………………………………….3
VI. IMMEDIATE GIFTS ................................................................................................................4
6.1. Cash.......................................................................................................................................... 4
6.2. Publicly Traded Securities ....................................................................................................... 4
6.3. Closely Held Securities ............................................................................................................ 4
6.4. Promissory Notes ..................................................................................................................... 4
6.5. Real Property ........................................................................................................................... 4
6.6. Tangible Personal Property ...................................................................................................... 5
6.7. Other Property.......................................................................................................................... 6
6.8. Goods and Services Letter…………………………………………………………………….7
VII. DEFERRED GIFTS .................................................................................................................7
7.1. Bequests ................................................................................................................................... 7
7.2. Charitable Remainder Trusts ................................................................................................... 8
7.3. Charitable Gift Annuities ......................................................................................................... 8
7.4. Life Estate Gifts ....................................................................................................................... 8
7.5. Gifts of Life Insurance ............................................................................................................. 9
VIII. CHARITABLE LEAD TRUSTS ............................................................................................9
IX. EXCEPTIONS ........................................................................................................................9
X. FINDERS' FEES AND COMMISSIONS ............................................................................10
XI. ATTORNEYS' FEES ............................................................................................................10
XII. EFFECTIVE DATE, AMENDMENT AND REPEAL……………………………………..10




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                                   GIFT ACCEPTANCE POLICIES
                                            OF THE
                                 ORANGE CATHOLIC FOUNDATION
I.    INTRODUCTION

These policies are adopted by the Orange Catholic Foundation (the “Foundation”) as guidelines in determining and
handling acceptable gifts to the Foundation. These policies focus on current and deferred gifts, with special emphasis on
various types of deferred gifts and gifts of non-cash property. For the reasons set forth below and for the information of
the clergy and faithful of the Diocese, it is appropriate that the Foundation make known the policies that will guide it in its
solicitation and acceptance of charitable contributions.

II. PURPOSE and Mission

The purpose of this policy is to ensure that the best interests of both the donor and the Orange Catholic Foundation are
served.

The Foundation’s Mission is to work in collaboration with members of the diocese to raise, manage, grow and grant
entrusted funds supporting all aspects of our Catholic faith following donors’ intents and to encourage endowments for
perpetual giving, all under the authority of the Bishop of Orange

III. UNDERLYING CONSIDERATIONS

3.1     The Foundation’s mission is “To carry on the work of Christ by fostering philanthropy”.

3.2     The Foundation is a tax exempt organization existing as such under applicable state and federal law and has an
        obligation to assure that its procedures in soliciting and accepting contributions are consistent with applicable law
        and regulations, including regulations of the Internal Revenue Service (“IRS”) governing the tax exempt status of
        the Foundation and the treatment of contributions made to it.

3.3      It is important to encourage donations to the Foundation without encumbering it with gifts that may generate
         more cost than benefit or that are restricted in ways not consistent with the mission, goals, policies and best
         interests of the Foundation.

3.4      The Foundation must be capable of responding quickly, and in the affirmative where appropriate, to all gifts
         offered by prospective donors. Predictability is important.

3.5      Procedures should be reasonably designed to assure that all gifts to the Foundation are structured to provide
         optimum benefits under applicable law to both the donors and the Foundation.

3.6      These policies are intended only as guidelines. Flexibility must be maintained. Some gift situations are complex
         and informed decisions may only be made after careful consideration of a number of interrelated factors.
         Nonetheless, these policies should be followed in most instances and deviation from them should occur only
         upon consultation with the Gift Acceptance Committee of the Foundation.

IV. GIFT ACCEPTANCE COMMITTEE

4.1 There is created by these policies, and approved by the Foundation’s Board of Directors, a Gift Acceptance
    Committee of the Foundation. This Committee will be made up of the members of the Foundation’s Finance and
    Investment Committee and the members of the Legacy Building Committee. (From time to time, the Committee
    may call on other individuals to contribute their expertise in service to this Committee.) As used in these policies,
    the term “Committee” refers to the Gift Acceptance Committee of the Foundation and persons designated by it.
4.2 In some instances, these policies require that the merits of a particular gift be considered by the Committee and
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      reserve final decision to it. In those cases, the decision of the Committee is final.

4.3 Wherever these policies require approval of the Committee, that approval must be specific, prior and written.

V.    GENERAL CONSIDERATIONS

The following general considerations apply to all gifts, whether of cash, securities, real or personal properties:

5.1 Donor’s Intent and Acceptance

     a. In all cases, the donor, or if incapacitated, the donor through an authorized conservator, agent under a valid
        power of attorney or trustee of a trust, must intend to make the gift to or for the benefit of the Foundation, must
        understand the nature and extent of the gift, must be free of undue influence and competent to make the gift, and
        must make the gift in accordance with applicable requirements of law. If the donor is incapacitated and making
        this gift through a conservator, agent or trustee, the donor or its legal representative must make available to the
        Foundation a copy of the document authorizing this action.

     b. In all cases where the Foundation accepts a gift, it must do so freely and without any undertaking or agreement
        not expressly set forth or referred to in the instrument transferring the gift. Quid pro quo gifts are not gifts but
        contracts and must not be characterized as gifts.

     c. In all cases where the Foundation accepts a gift, it must acknowledge its receipt in an appropriate manner. Under
        current IRS regulations, all gifts of Two Hundred Fifty Dollars ($250) or more must be acknowledged in writing.
        The writing shall be on official stationery of the Foundation or upon another approved form of receipt, shall
        identify the donor, the date of receipt, the amount and form of the gift and be signed by a designated employee of
        the Foundation. Smaller gifts may be similarly acknowledged. Substantially larger gifts should be specially
        acknowledged in each Donor Agreement under separate cover.

     d. The Foundation does not assign values to donated properties for tax or gift valuation purposes and it does not
        provide appraisals for donated property

5.2 Counseling and Identifying the Donor

     a. Donors to the Foundation should be respectfully counseled that contributions are a continuing need and obligation
        and that they may expect to be invited to renew their gifts from time to time.

     b. The officer or employee accepting a gift should make a reasonable effort to determine the identity of the donor,
        the donor’s intent, and the donor’s reasonable capacity for future gifts

     c. Anonymous gifts are acceptable if the officer or employee receiving them is reasonably certain that the gift is a
        voluntary contribution, the anonymous donor is competent to give and that the gift is not stolen, misappropriated
        or otherwise tainted. The Foundation will acknowledge these gifts with a written statement to be signed by both
        parties.

5.3 Unacceptable Gifts

     a. Otherwise acceptable gifts are not acceptable if they are given for illegal or improper purposes or will have
        inappropriate consequences. Examples include gifts given to deprive or defraud a spouse, minor children or
        creditors, gifts that will leave the donor destitute or dependent upon public assistance, superstitious gifts, and gifts
        made pursuant to a scheme that promises the donor’s receipt of future tangible wealth because of the gift. .

     b. Gifts are not acceptable if they are made for the purpose, or will have the primary effect of embarrassing the
        Foundation. Obvious examples include gifts that would make the Foundation the landlord of a pornographic
        theater or the holder of copyrights in pornographic literature.

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    c. The Diocese, Foundation, its parishes and schools do not accept motor vehicles or boats (no matter the value) that
       will not be used in the regular conduct of parochial ministry.

    d. Wherever these policies provide that a gift is not acceptable, that policy may be waived in appropriate
       circumstances by the Committee.

5.4 Preferred Gift Forms

    a. Gifts that may be readily converted to cash or cash equivalents generally are preferable to gifts that are not so
       convertible. It is important that the Foundation retain the ability to organize and manage its investment portfolio
       and convertible gifts are more easily brought into the Foundation’s overall investment program. Convertibility
       does not mean that the donor’s gift must lose its identity, however. In appropriate circumstances, the gift may be
       traced even though the asset is blended with other endowments. It is important to distinguish a gift the
       Foundation may be required to hold for an indefinite period from a gift the Foundation may agree to segregate for
       accounting purposes. In general the Foundation will not accept gifts that it is required to hold for a period of
       time; however, the Foundation may agree to track individual gifts for accounting purposes.

    b. Prospective donors of substantial gifts should be informed and encouraged to make gifts unrestricted to fund
       established priorities of the Foundation, its existing operations, including grants to parishes, schools and
       ministries, its existing charities, trusts and endowments. Donors insistent upon restrictions (and donor wishes are
       always honored) should be encouraged to provide for alternative uses if the original purpose becomes outdated or
       impractical. Individually named donor advised funds with separate accounting and annual reporting must be
       established with a minimum $100,000 gift

5.5 Marketability The Foundation will accept no gifts of property unless there is reason to believe the property can be
    readily marketed or put to immediate charitable use.

5.6 The Foundation reserves the right to decline any gift that presents a current or future liability.

VI. IMMEDIATE GIFTS

6.1 Cash

    a. Gifts in the form of cash and checks are acceptable regardless of amount.

    b. All checks should be made payable to the Orange Catholic Foundation. Checks should not be made
        payable to cash. In no event should checks be made payable to an individual employee, agent or
        volunteer of the Foundation.

6.2 Publicly Traded Securities

    a. Gifts of securities traded on established stock exchanges such as the New York and Nasdaq Stock Exchanges and
       regularly traded local stocks and bonds are readily convertible and are acceptable.

    b. Such securities will be immediately converted by the Foundation to cash or other investments. Donors shall not
       be told that a gifted security will be held by the Foundation for any particular period of time.

    c. Because of negotiability requirements of the stock exchanges, securities should always be endorsed to the
       Foundation. Securities otherwise endorsed (including to a parish or unincorporated fund) may not be readily
       convertible.

    d. Special care needs to be taken in timing of delivery, mailing, and transferring securities to protect tax advantages
       that a donor may gain by making a gift of securities to the Foundation. The Foundation should discourage
       mailing of securities Transfers will be done via wire transfer to a Foundation account upon which all securities

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        will be transferred. If mailed a signed stock power is sent in one envelope and the unsigned securities in another.
        All postmarked envelopes for shares delivered through the mail are retained.

6.3 Closely Held Securities

   a. Securities that are not publicly traded on recognized stock exchanges or locally are more likely to have to be held
      indefinitely and may be accepted only with the recommendation of the Committee.

   b. Such securities have less certain market values and may be disposed of only with the recommendation of the
      Committee.

6.4 Promissory Notes

   a. Promissory notes are not acceptable gifts. If the note is made by the donor, it is a pledge of future payments and
      may cause misunderstandings between the donor and the Foundation If the note was made by another in favor of
      the donor, it may be of questionable value, may be subject to offsets and defenses and may be transferred to the
      Foundation with improper motivation. Collection may be expensive or impracticable.

6.5 Real Property

   a. No gift of real property shall be accepted without the recommendation by the Committee, and after consultation
      with the Land Advisory Board of the Diocese of Orange. The Development Officer with proper training is allowed
      to accept gifts of up to $250,000 and no raw land without review.

   b. Most proposed gifts of real property shall be first appraised by an independent appraiser chosen (mutually
      agreed upon with the donor) by the Foundation and paid for by the donor.

   c. A current search of title by a professional examiner of titles shall be obtained prior to the acceptance of all gifts of
      real property. This examination of title shall be either an examiner’s report or full title insurance. Based on this
      examination, the Committee shall always purchase title insurance and will pay for this service.

   d. All deeds and other instruments conveying real property to the Foundation shall be reviewed by the Committee or
      the Committee’s designee prior to acceptance.

   e. Where real property is subject to existing tenancies or leases, the donor must provide copies of all leases and
      tenancy agreements, an accounting of all security deposits and a satisfactory accounting of rents and other tenant
      obligations.

   f.   In general, California single-family residential real property, free of mortgage debt, delinquent taxes,
        environmental hazards (such as asbestos), with an appropriate Environmental Hazard Review on file, and real
        property assessments of any kind will be accepted.

   g. In general, California residential and Commercial condominiums free of mortgage debt, delinquent taxes, real
      property assessments and liens for unpaid maintenance fees will be accepted (subject to review of CCR’s and
      review of audited financials of Condominium association) .

   h. In general, residential real property free of mortgage debt, delinquent taxes, environmental hazards (such as
      asbestos) and real property assessments located outside the State of California will not be accepted unless it
      appears to have a value in excess of Fifty Thousand Dollars ($50,000.00) and there is reason to believe it is highly
      marketable.

   i.   In general, residential mobile homes and/or time share arrangements are not acceptable, but can be considered by
        the Committee on a case by case basis.

   j.   Because of the potential for liability that may attach to any owner of real property contaminated by hazardous
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        wastes, industrial real property free of mortgage debt, delinquent taxes, environmental hazards (such as asbestos)
        and real property assessments is not acceptable unless a current environmental assessment shows the property to
        be free of such contamination.

   k. Because of the same potential for hazardous waste liability in the case of many commercial properties,
      commercial real property must be considered by the Committee on a case by case basis.

   l.   In general, leasehold real property will not be accepted unless it reasonably appears that the leasehold interest has
        a current market value in excess of Twenty Five Thousand Dollars ($25,000) and there is reason to believe it is
        highly marketable.

   m. In general, idle and unimproved real property in remote areas is not acceptable unless there is reason to believe it
      is highly marketable. The owner of such property is liable for real property taxes and may be liable for any
      unlawful uses of the property.

   n. Fractional or undivided interest in real property will be evaluated on a case by case basis.

   o. Real property shall not be accepted to fund a charitable gift annuity without first obtaining attorney’s or certified
      public accountant’s opinion as to the permissibility of this action under applicable law and subject to Committee
      approval.

   p. Special attention shall be given to the receipt of real property encumbered by a mortgage. The donation and
      acceptance of such property may have unacceptable consequences for the donor and the Foundation. In all cases,
      unless the mortgage instrument makes such consent unnecessary, the prior written consent of the mortgagee must
      be obtained.

   q. In appropriate circumstances, the Foundation may advance the costs of required appraisals, title searches and
      other reports incident to the donation of real property. Ordinarily, however, these should be borne by the donor.

   r.   When the property is transferred, the donor must pay the portion of the real estate taxes prorated to the date of the
        gift as well as any other expenses normally charged to a seller. All property must go through an escrow process.

   s. If the fair market value of the property is $5,000 or more, the donor will be required to file Form 8283 with the
      Internal Revenue Service. The Foundation must sign a “donor” acknowledgement” on Form 8283.

   t.   It is the policy of the Foundation not to give tax advice or assistance in connection with gifts or bargain sales of
        property to the Diocese, its parishes or schools.

6.6 Tangible Personal Property

   a. Gifts of tangible personal property with a value of less than $10,000 may be accepted by pastors of the item(s)
      being donated are readily marketable or “usable” Gifts of personal property with a value if greater than $10,000
      may be accepted with the permission of the Committee. Jewelry, artwork, collections and other personal property
      shall not be accepted unless first approved by the Committee or by such other person or persons authorized to do
      so by the Committee. Generally, such properties will not be accepted unless reasonably believed to have a current
      market value in excess of Ten Thousand Dollars ($10,000). Exceptions may be made in the case of personal
      property appropriate to disposition through charities such as the St. Vincent de Paul Society and parish thrift
      shops.

   b. Religious articles will be accepted by the Foundation if they are in reasonably good condition. The Foundation
      will determine whether to make use of them or to dispose of them appropriately and no commitments should be
      made to donors. Unless a religious article is of obviously high intrinsic value (gold, precious stones), no value
      shall be assigned to it nor any appraisal made of it.

   c. No personal property shall be accepted subject to any condition or restriction that obligates the Foundation or
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        others to retain or maintain it in perpetuity. Requests that gifted personal property be used or displayed in a
        specific church, school or other facility should be fully discussed with the Committee and with the pastor,
        principal or other administrator involved. If not honored, such requests may engender misunderstanding and ill
        will.

   d. No perishable property or personal property that will require special facilities or security to properly safeguard it
      will be accepted without the approval of the Committee.

   e. Notwithstanding the foregoing, if there is reason to believe the personal property has a value of Five Thousand
      Dollars ($5000) or more, it may only be accepted after review by the Committee and after an appraisal conducted
      in accordance with applicable requirements of the IRS. The cost of the appraisal is the responsibility of the donor.

   f.   Donors should be notified at the time of receipt of a gift that the Foundation will, as a matter of policy, cooperate
        fully in any IRS audit or investigation of non-cash charitable gifts.

6.7 Other Property

   a. Other property of any description, including mortgages, notes, copyrights, royalties and easements, whether real
      or personal, shall only be accepted by specific prior action of the Committee or persons duly acting on it behalf.

6.8 Goods and Services Letter

   a. The Foundation must send a goods and services letter to the donor to indicate the amount of fees paid on the
      donor’s behalf and that these are goods and services received by the donor in exchange for the gift.

VII. DEFERRED GIFTS

7.1 Bequests

   a. Gifts through Wills (bequests) shall be actively encouraged by the Foundation.

   b. In the event of an inquiry by a prospective donor, representations as to the future acceptability of property
      proposed to be given to the Foundation by Will, Trust or other deferred gift shall only be made in accordance
      with the terms and provisions of this Section concerning deferred gifts.

   c. A gift from the estate of a deceased donor, from a deceased donor’s trust or through a beneficiary deed shall be
      subject to the same review as it would have been if offered by the donor during the donor’s lifetime, including
      specifically, Committee approval of gifts requiring such approval.

   d. Because there are statutory deadlines within which a gift from an estate must be accepted or declined, the
      Committee shall be promptly informed of such gifts and shall expeditiously communicate the Foundation’s
      decision to the personal representative (formerly, the “executor”) of the estate. A special notice will be filed in all
      probate cases

   e. If the personal representative of the estate or any family member of the deceased donor is dissatisfied with the
      decision of the Committee, this fact shall be communicated to the Foundation as quickly as possible for possible
      reconsideration in the light of facts or circumstances not originally known to the Committee.

   f.   Attempts shall be made to discover bequest expectancies wherever possible in order to reveal situations
        that might lead to unpleasant donor relations in the future. Where possible, intended bequests of
        property other than cash or marketable securities should be brought to the attention of the Committee
        and every attempt shall be made to encourage the donor to conform his or her plans to these policies.


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7.2 Charitable Remainder Trusts

     a. Charitable remainder trusts are complex vehicles by which assets may benefit the donor and other natural persons
        during their lifetimes and, upon their deaths, the remainder is paid to one or more public charities such as the
        Foundation. There are many specific requirements of the IRS if a charitable remainder trust is to be accorded
        favorable tax treatment.

     b. In general, the Foundation will not serve as sole trustee of a charitable remainder trust for the benefit of the
        Foundation or its charities. This policy may only be waived by prior written recommendations of the Committee,
        and the approval of the Foundation’s Board of Directors.

     c. Fees for management of a charitable remainder trust will be paid by the trust assets upon approval of the
        Committee.

     d. The Committee and others acting on behalf of the Foundation should become familiar with the types of property
        generally accepted by corporate fiduciaries as suitable and appropriate contributions to charitable remainder
        trusts, and shall not encourage donors to make gifts of any unsuitable or inappropriate property to such trusts.

     e. No representations shall be made by any employee or other persons acting on behalf of the Foundation as to the
        manner in which the assets of a charitable remainder trust will be managed or invested by a corporate fiduciary
        who may be recommended by the Foundation. In appropriate circumstances, the Foundation may facilitate the
        distribution of information prepared by the corporate fiduciary, in which cases the Foundation shall state clearly
        that any representations are made by the fiduciary and not by the Foundation, its officers or employees.

     f.     Charitable remainder trusts and all other deferred gifts shall be encouraged as a method of making gifts to the
            Foundation whereby a donor may retain income needed by the donor for personal purposes or the income is
            retained for someone other than the donor. Such trusts shall not be marketed as tax avoidance devices or as
            investment vehicles. Such activity may violate state and federal tax and securities regulations.

7.3 Charitable Gift Annuities should be available thru the Foundation after 2011
a.        No Gift Annuity shall be accepted which names an income beneficiary under fifty-five (55) years of age without
          approval of the Committee. Exception is provided for Deferred Gift Annuities.
b.        The minimum contribution for a Gift Annuity shall be Ten Thousand Dollars ($10,000).
c.        The Foundation will provide prospective donors with a full Qualified (Crescendo, Philanthropic, Gift Calc)
          illustration and the Disclosure Statement which is required by the Philanthropy Protection Act of 1
7.4 Life Estate Gifts
     a. A Donor’s personal residence, vacation home or farm may be given to the Foundation with the right of lifetime
            use reserved to the donor. Such a gift can result in the donor obtaining a current income tax deduction for the
            actuarial value of the remainder interest without disturbing the living arrangements. If the gift involves a
            residence, it must be a personal residence of the donor but need not be the principal residence; thus, the donor
            may use a vacation home to make the gift.
     b. Such gifts may be accepted only upon the recommendation of the Committee and generally will be limited to
            situations in which the gifted assets are a portion of the donor’s wealth, the Committee is satisfied that there has
            been full disclosure to the donor of the possible future ramifications of the transaction, and there is a written
            agreement concerning the sharing of future costs relating to the property.
7.5 Gifts of Life Insurance
     a. In appropriate circumstances, the Foundation will encourage donors to name the Foundation to receive all or
        portions of the benefits of life insurance policies the donors have purchased on their own lives.
     b. In appropriate circumstances, where permitted by law and with the Committee’s recommendation the Foundation
        will accept gifts of “paid up” life insurance policies whereby it will become the owner and beneficiary of the
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         policies.
     c. The Foundation will not, however, generally accept gifts from donors made so that the Foundation may purchase
        life insurance on the donor’s life. The Committee may recommend exceptions to this policy where permitted by
        applicable law in appropriate circumstances.
     d. No insurance products may be endorsed for use in funding gifts to the Foundation without the recommendation of
        the Committee.
     e. In no event shall lists of the Foundation’s donors be furnished to anyone for the purpose of marketing insurance
        for the benefit of donors or the Foundation. This is based on the perception that this practice presents a possible
        conflict of interest and may cause donor relations problems.
VIII. CHARITABLE LEAD TRUSTS
The charitable lead trust is the opposite of a charitable remainder trust or pooled income fund, in that the income from the
charitable lead trust is first paid to the designated charity, such as the Foundation, for a stipulated period of time and, after
that period expires, the assets in trust are returned to the donor or to a beneficiary named by the donor. This type of trust
is often quite advantageous to individuals who are currently in a relatively high income tax bracket but expect to be in a
lower income tax bracket in the future, such as at retirement, and wish to have the use of the assets at that time. The
charitable lead trust is an efficient way of passing assets to a future generation while making a significant contribution to
the Foundation. The tax advantages of this type of charitable trust should be considered with the donor’s personal
attorney and tax advisor.
IX. EXCEPTIONS
Any exceptions made to these policies, including the various thresholds for deferred gifts, must be reviewed by the
Committee. The Committee will then recommend action to the Foundation’s Board of Directors who will have final
approval. Such exceptions shall be based upon sound reasons such as the age of the donor(s), the amount of the gift and
the likelihood of additional gifts by the donor(s).
X.    FINDERS’ FEES AND COMMISSIONS

Generally, the Foundation will not pay a finder’s fee or commission to any person as consideration for directing a gift to
the Foundation. Such fees may not be legal and, in some cases, the payment of such fees may subject the Foundation to
federal and state securities regulation and undesirable tax consequences.

XI. ATTORNEYS’ FEES
The Foundation may pay or reimburse reasonable attorney’s fees incurred by donors in connection with gifts made to the
Foundation, including deferred gifts. Donors shall be counseled, however, that by paying the donor’s attorney’s fees,
the Foundation does not become responsible for the attorney’s advice or work product and that the attorney remains for all
purposes the donor’s attorney. Agreements to bear any attorney’s fees should be in writing and subject to agreed limits.
Before committing to make any payment, consideration should be given to the value and relative certainty of the gift. The
Foundation’s payment of attorney’s fees does not preclude the donor from making subsequent changes to a will or trust
that may eliminate the Foundation as a beneficiary. The donor’s attorney may not act in a dual capacity as attorney for the
Foundation in connection with the gift.
XII. EFFECTIVE DATE, AMENDMENT AND REPEAL

These Policies shall become effective upon approval by the Foundation’s Board of Directors. Thereafter, they may be
amended or repealed by the Foundation’s Board of Directors at any time.


Approved on ___________________________________________




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