Internal Gift Acceptance and Recognition Policy

INTERNAL GIFT ACCEPTANCE AND RECOGNITION POLICIES

The following policies are set forth: (a) to define the working rules for the acceptance of gifts and pledges to the TKE Educational Foundation ("TEF"); (b) to protect TEF and its staff and volunteers from inappropriate or undesirable gifts and pledges; and (c) to ensure compliance, consistency and the fair and equitable disposition of donor recognition. In an effort to be donor- centered, the application of these guidelines to a proposed gift can be reviewed on a case-by-case basis if warranted. As such, these policies are to be used by TEF staff and volunteers as guides for discussions with prospective donors and not fixed procedures for TEF and its donors.

GENERAL INFORMATION

    1. General Policies, Guidelines and Definitions
      1. The following definitions are used in this document:
        1. Counting is the numeric summary of activity, results and progress towards a goal.
        2. Internal Reporting is the process of conveying to TEF Board of Directors, other volunteers, staff, donors, members and peer fraternities what has happened during a specific timeframe.
        3. External Reporting is the process of conveying results to government agencies, including the IRS, in accordance with 501(c)3 regulations.
        4. Recognizing is the system for establishing when and at what level donors are publically acknowledged for their gifts.
      2. No solicitations for the benefit of TEF shall be made by anyone without the prior knowledge and approval of the Foundation President or his/her designated representatives.
      3. TEF will use the applicable guidance provided in IRS publications (and accounting rules) where necessary to determine the fair market value of gifts, including the present value of future gifts.
      4. All financial statements prepared by TEF will be in accordance with Generally Accepted Accounting Principals (GAAP), consistently applied from period to period.

 

    1. The Donor Bill of Rights. In accordance with the standards established by the Association of Fundraising Professionals, TEF adheres to the following Donor Bill of Rights which provide that a donor has the following rights:
      1. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.
      2. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
      3. To have access to the organization’s most recent financial statements. D) To be assured their gifts will be used for the purposes for which they were given.
      4. To receive appropriate acknowledgement and recognition.
      5. To be assured that information about their donation is handled with respect and with confidentiality to the extent provided by law.
      6. To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
      7. To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
      8. To have the opportunity for their names to be deleted from TEF mailing lists.
      9. To ask questions when making a donation and to receive prompt, truthful and forthright answers.

 

ACCEPTANCE POLICIES

    1. General Gift Acceptance Policies
      1. While gifts of cash or publicly traded securities are the forms of donor commitment that will have the greatest impact on TEF and its plans for the immediate future, all gift and pledge commitments, regardless of size, designation, or gift type will be respectfully considered, gratefully accepted and acknowledged except in the very rare instance where a gift may be contrary to TEF's best interests. Notwithstanding the foregoing, TEF reserves the right to accept (or, in cases where absolutely necessary, to decline) any commitment that is offered to it. TEF will endeavor to provide all reasonably available staff and volunteer assistance to potential donors to discuss the organization's funding priorities, the donor's interests, and the various ways to give.
      2. Gifts may be considered contrary to TEF's best interests when they involve: (i) burdensome financial or other obligations, (ii) significant additional expense for their present or future use, display, maintenance, or administration or (iii) gifts of tangible personal property (such as books, paintings, etc.) made on the condition, understanding, or expectation that the gifted items will be loaned to the donor or to persons designated by the donor for life or for an extended period of time as determined by the donor.
      3. TEF accepts both restricted and unrestricted gifts provided that donor restrictions do not significantly diminish the value of the gift and are not unduly burdensome.
      4. All gifts that will, or may, require significant expenditure of funds either at the time of the gift or at some future date (e.g., non-performing assets gifted to fund a charitable trust or charitable gift annuity, bargain sales, or outright gifts such as real estate that may impose present obligations on TEF) shall require the prior approval of the Board of Directors.
      5. Gifts to TEF should be made in the name of TEF and will be received, held and administered under the oversight of the Board of Directors. All gifts and pledge commitments to TEF should be directed to the Foundation Office where they will be processed and administered in accordance with these policies.
      6. Pledge commitments should be made in writing and should commit to a specific dollar amount that will be paid according to a fixed time schedule. The recommended maximum pledge period is five years. All pledge commitments shall be drafted and executed in a manner that is mutually agreed upon by TEF and the donor.
      7. Subject to the specific requirements in Section IV, below, the Foundation President shall have the authority to sign planned gift agreements on behalf of TEF. Any such agreement which does not meet the requirements of the current guidelines shall require the prior approval of the Board of Directors.

 

    1. Specific Acceptance Policies for Certain Planned Gifts
      1. Life Income Agreements
        1. If TEF serves as the trustee, charitable remainder trusts should be funded initially with assets of at least $100,000. Trusts may be established for lesser amounts if it can be determined that the charitable remainder portion of the gift is sufficient to cover the administrative costs (including third party custody and administration fees) and provide a substantial future gift to TEF.
          1. Trusts should be limited to one or two income beneficiaries and to beneficiaries over 40 years of age (unless a generous outright gift is combined with the trust, in which case trusts can include younger beneficiaries, to be determined by the Board of Directors on a case-by-case basis).
          2. The interest rate used in preparing life income agreements will be as follows:
            1. For charitable gift annuities, no higher than the rate established by the National Committee on Gift Annuities.
            2. For unitrusts and annuity trusts, the law mandates a rate of at least 5 percent. Higher rates may be approved by TEF, based on:(1) the ages of the donor and any beneficiaries; and (2) beneficiary income needs vs. donor tax relief.
        2. Funds received for annuities and trust agreements will be administered by a financial institution approved by the TEF Board of Directors. Separate accounting is provided to the donor for each life income agreement. Annuity or trust payments shall be made at the donor's choice: monthly, quarterly, semi-annually or annually. In order to control the cost of trust and annuity administration, TEF prefers to make payments quarterly or semi-annually.
      2. Retained Life Estates. Gifts of primary residences, vacation homes or farms with retained life interest on the part of the donor shall be evaluated by the Foundation President and Board of Directors on a case by case basis. Such gifts must have a minimum appraised value of $250,000 for consideration and will be arranged without a trust agreement. The donor will deed the property to TEF immediately and a contractual agreement shall be made between TEF and the donor to determine appropriate maintenance of the gifted property. The gift is booked at the appraised fair market value, less any encumbrances, at the time of the gift agreement.

      RECOGNITION POLICIES

    2. General Gift Recognition Policies. TEF intends to recognize gifts appropriately according to the recognition policies and procedures contained herein and in a manner that is mutually agreed upon by TEF and the donor.
      1. Gifts received in full will be recognized for the value received at the time of receipt. Gifts pledged over a period of five years or less will be recognized at the full commitment value upon receipt of appropriate gift documentation. Other types of commitments will be recognized at the value determined pursuant to Section VII of these policies. Exceptions will be approved on a case-by-case basis by the Foundation President.
      2. Gifts from a group of family members may be recognized for the combined total of gifts from the individual family members. In this instance, the individual(s) who will receive recognition will be mutually agreed upon by TEF and the donors. Individuals will be recognized for gifts received from corporations to match their personal contribution; similarly, gifts received from other private sources due to the control, discretion and direction of an individual may be included in that individual’s recognition. This may include a gift from a privately held company owned by the individual or from a family foundation. In cases where a gift is received from an organization composed of numerous individuals, recognition will be given to the organization rather than the individuals in the organization.
      3. Gifts received from donor-advised funds are counted and internally and externally reported as coming from an organization, not an individual. However, the donor, not the organization, who made the original gift to the fund (and that person’s spouse or partner, if applicable) will receive recognition for the full amount of the gift received by TEF.
      4. The wording on physical recognition (such as plaques or signage) will be developed collaboratively by the TEF President or his designee and each respective donor to ensure consistency.
      5. Corporate and foundation logos may be used as appropriate, as determined by the TEF President in consultation with the Board of Directors, in the physical recognition for funding of programs, facilities or endowment.
      6. Donors of revocable future gifts will be recognized separately from donors of current gifts and irrevocable gifts.
      7. Due to the unique nature of donor relationships, exceptions to the stated recognition policy may be appropriate and may be approved by the Foundation President in consultation with TEF’s Board of Directors.
      8. Requests for donor anonymity will be honored.

REPORTING POLICIES

    1. General Reporting Policies. All gifts and pledge commitments that fall under the basic principles listed above will be reported to all internal and external constituencies of TEF on an on-going basis according to the gift policies herein. All reports should be based on the following:
      1. The total of outright gifts and written pledge commitments received will be internally and externally reported at face value. A signed pledge card or letter of intent must be filed with the Foundation Office before a pledge commitment is reflected on reports except as noted below in item B.
      2. Verbal pledges made by telephone as part of the annual fund will be internally reported only. No other verbal pledge commitments will be included in report totals.
      3. The total of deferred (future) irrevocable commitments counted at face value, which will be received at an undetermined time in the future, will be internally reported separately.
      4. Revocable future gifts may also be reported internally either at the face value disclosed by the donor or, if no value is indicated, at a minimum value assigned by TEF. Revocable gifts will not be externally reported as gift income.
      5. The value of any canceled or unfulfilled pledges must be subtracted from totals when it is determined they will not be realized.

ADDITIONAL DETAIL CONCERNING GIFT ACCEPTANCE, REPORTING AND RECOGNITION

    1. Policies Pertaining to Certain Types of Gifts. In cases where gifts are made with assets other than cash, the decision on when to liquidate, internally or externally report, and recognize these assets will be made on a case-by-case basis. The following guidelines will be observed:
      1. Publically Traded Securities. There are several issues pertaining to the reporting and recognizing of publically traded securities.
        1. Internally Reporting. Gifts of publically traded securities will be internally reported to the donor in the form of number of shares transferred. As a courtesy, TEF may provide the donor with the average of the high and low market value of the securities on the day of the transfer, but the official TEF gift receipt and the letter acknowledgment to the donor will show only the transfer of the number of shares and the date of transfer. Therefore, it will be the responsibility of the donor to determine the dollar value of the gift.
        2. Recognizing the Donor. TEF will recognize the dollar value of the publically traded security gift as the average of the high and low market value on the day of transfer, regardless of when the securities are actually sold. This figure, to be used after securing the donor’s permission, may be used to recognize the donor publically in a “donor honor roll roster” or other form of recognition.
        3. Externally Reporting. Gifts of publically traded securities will generally be sold immediately, and the value of the sale will be externally reported to the IRS. Generally, the donor recognition value and the externally reported value will be the same. However, TEF has the sole discretion to determine the appropriate time to sell publically traded securities. Therefore, in some instances the donor recognition value may differ from the externally reported value.
      2. Closely Held Stock. Gifts of closely-held stock will be internally and externally reported and recognized at the per-share cash purchase price of the most recent transaction or current valuation information from the company if there is a buy-back transaction with the company. If no buy-back is consummated, a gift of closely-held stock may be internally reported and recognized at the value determined by a qualified independent appraiser employed by the donor. Typically, shares of closely-held stock will be liquidated as soon as possible. However, TEF has the sole discretion to determine the appropriate time to liquidate such stock.
      3. Real Estate. Outright gifts of real estate and/or bargain sales (real estate sold at a discounted price) will be internally and externally reported and recognized at fair market value, less any encumbrances, at the time it is transferred to TEF. A qualified independent appraiser employed by the donor shall determine the fair market value of the property.
      4. Hard-to-Value Assets. Outright gifts of hard-to-value assets, such as mineral rights or limited partnerships, initially will be internally reported and recognized at $1, to be increased as the proceeds are received.
      5. Tangible Personal Property/Gift in Kind. Outright gifts of tangible personal property/gifts in kind for which donors qualify for a charitable gift deduction under current IRS rules will be internally and externally reported and recognized as follows:
        1. Gifts of property that have been held by the donor for more than one year and that have a use related to the exempt purposes of TEF:(a) for gifts exceeding $5,000 in value, at the fair market value placed on them by an independent, expert appraiser (employed by the donor) at the time it is transferred to TEF, less any encumbrances and (b) for gifts of under $5,000 in value, at the value declared in writing by the donor.
        2. Gifts of property that have been held for less than one year and have a use that is unrelated to the exempt purpose of TEF will be internally and externally reported and recognized at the level of their cost basis only.
      6. Charitable Lead Trusts.Charitable Lead Trusts will be counted, internally and externally reported and recognized at the face value of all annuity payments to be received during the campaign period.
      7. Deferred Gifts
        1. Revocable Deferred Gifts. Bequest intentions and other revocable deferred gifts will not be externally reported or officially “booked” as income in a donor’s file, but will be recognized, subject to the donor’s approval, as "future" expectancies of TEF.
          1. Such future expectancies will generally be tracked at the value established in writing by the donor through a bequest intention form, a deferred pledge agreement, a contract to make a will, a letter, or a copy of appropriate sections of the will or of the insurance or trust document, etc.
          2. Bequest intentions for which the donor does not indicate a specific gift value and/or does not provide an estimate of a residuary bequest will be recognized and tracked internally as future expectancies at a minimum value level of $10,001 which will clearly identify it as a bequest.
        2. Irrevocable Deferred Gifts. Bequest commitments and other forms of irrevocable deferred gifts that have “matured” will be internally and externally reported at the value established at the time of probate and/or at the fair market value on the date of the transfer of the asset(s). If any portion of the total amount was previously tracked internally as a "future" expectancy, this amount shall be subtracted from the total value of these expectancies.
      8. Whole Life Insurance. Gifts of whole life insurance to TEF will be made by either designating TEF as the beneficiary of the policy or as both owner and beneficiary.

         

        1. Irrevocable Gift Transfer. When the gift is irrevocable because TEF is the owner and beneficiary and the policy is either paid up or not, the donor shall be recognized for the cash surrender value or replacement value. Because the unrealized death benefit is a “future” expectancy, when the TEF is both the owner and the beneficiary, and the policy is fully paid up, the donor will recognized at the death benefit level of the policy.
        2. Revocable Gift Transfer. Where the gift is revocable because the donor still owns the policy or the policy is not paid up, premium payments made directly to the insurance company will be recognized if the donor sends evidence to TEF of the payment. The gift will be tracked internally like revocable bequests. No gift income will be internally or externally reported unless TEF owns the policy and it is paid in full and therefore becomes irrevocable.
        3. If the donor elects to transfer ownership of the policy that is not paid up in full, and the donor does not intend to make additional payments, the donor will be recognized for the cash value of the policy.
      9. Term Life Insurance. Gifts of term life insurance will be tracked internally like revocable bequests, however no gift income will be internally or externally reported or recognized unless the policy matures during the term period.
      10. Irrevocable Trust Gifts. Irrevocable charitable gift annuities, charitable remainder trusts, charitable lead trusts and pooled income funds (whether administered by TEF or by others on behalf of TEF) will be internally and externally reported and recognized as follows:
        1. In the case of charitable remainder unitrusts, net-income unitrusts (which obligate the trustee to pay only the lower of a specified percent of fair market value or actual income) and annuity trusts, charitable gift annuities or pooled income funds, at their face value, or
        2. In the case of charitable lead trusts, at the total anticipated payout over the pledge payment period.
      11. Contingent Future Gifts. Future gifts that specify TEF as a contingent beneficiary will be reviewed by the TEF President and Board of Directors on a case by case basis.
      12. Matching Gifts. Individuals making gifts and pledges that are eligible for matching gifts are encouraged to utilize these programs to maximize the value of their gift or pledge to TEF. However, a matching gift cannot be counted towards fulfilling a pledge commitment as the donor has no control over whether that match will be made nor can they legally obligate the company or entity to honor that pledge.
        1. Matching gifts will be internally and externally reported as gift income when the matching gift check is received. Matching gifts will only be internally and externally reported as pledges if and when an intent-to pay/ acknowledgement letter is received from the corporation prior to receiving a matching gift check. Gift income reports for each group of constituents will include personal gifts only. The associated matching gifts will be reported separately in the matching gift category.
        2. An individual donor whose gift is matched by a company will be recognized for the total amount of their individual gift plus that amount of the company's matching gift that is attributable to such individual's gift. However, the individual will receive recognition benefits accruing only to the value of their personal gift. TEF will recognize an individual donor for the matching gift associated with their personal gift at the time a gift or letter of intent to pay the gift is received from the corporation. At this time the corporation will also be recognized with the matching gift.

 

    1. Exclusions. The following types of funds will be accepted by TEF but will not be internally or externally reported as gift revenue by TEF:
      1. Contract revenue, including sponsored research funds.
      2. Advertising revenue.
      3. Contributed services, unless the services received: (i) create or enhance non-financial assets or; (ii) require specialized skills, and are provided by individuals possessing those skills that would typically need to be purchased if not provided by donation.
      4. Contributions and/or revenue from cities and regional governments, even though those entities may be incorporated; government funds whether local, state, or federal (including state matching grants).
      5. Earned income such as ticket income and event fees.
      6. Gifts or pledges, outright and deferred, that have previously been counted.
      7. Sale of merchandise.
      8. Tuition payments.
      9. Investment earnings.

ENDOWMENTS

  1. Policies Pertaining to Named Endowment Funds.
    1. For the purposes of this policy statement, "endowment fund" shall refer to any fund, or any part thereof, not wholly expendable by TEF on a current basis under the terms of the applicable gift instrument with TEF.
    2. Endowment gifts may be used to establish a new endowment fund or may be added to an existing endowment fund.
    3. When establishing an endowed fund, a formal Letter of Agreement should be used to specify the name of the donor(s) and the amount of the gift, the name of the fund and the donor’s purpose for use of the earnings. This Agreement shall be dated and executed with the signature of the Foundation President and the donor(s).
    4. In designating an endowment gift for a specific purpose, the donor is encouraged: (a) to describe that purpose as broadly as possible; (b) to avoid detailed limitations and restrictions.
    5. Gifts to establish a named endowment fund for specific purposes must meet the minimum dollar requirement of $100,000 as established by TEF. The principal amount of the original gift need not meet the minimum dollar requirement if the donor agrees to fully fund the endowment at the minimum dollar requirement within a specified and reasonable period of time.
    6. The minimum dollar requirements established for a named endowment fund shall not apply to any named endowment fund(s) already established at the time these policies are adopted.
    7. TEF reserves the right to review the minimum amounts required for named endowments periodically and to amend the minimum amount required so as to ensure that endowment proceeds are sufficient to fund the intended purpose(s) of the endowment. If, and when, TEF acts to increase the minimum amount required to establish a particular named endowment fund, such action shall not be retroactive to funds already established and named.
    8. For under-endowed named programs (e.g. those for which designated endowment support does not cover the annual maintenance costs of the program), TEF will first seek endowment support from the original donor, where possible. TEF reserves the right to secure additional endowment support from other donors. In such instances, the original donor’s name will remain on the space or program, but additional donors’ names may also be recognized. For example, “the Smith Leadership Conference, generously supported by the Brown family.”
  2. Specific Types of Recognition
    1. Heritage Society. All documented planned gift donors will be recognized as part of the Heritage Society. Recognition may include honor roll listings in print and online publications, acknowledgement on a centralized donor display at TKE Headquarters and invitations to attend special gatherings that honor all planned gift/bequest intention donors.
    2. Honor Roll of the Chapter Eternal. All realized planned gifts above $10,000 will be recognized as part of the Honor Roll of the Chapter Eternal. Recognition may include honor roll listings in print and online publications.
    3. Site-Specific Space and Program Recognition.
      1. Gifts may be recognized in appropriate locations, as determined by TEF and in conjunction with the donor, as well as on a centralized donor recognition display at the TKE Headquarters. TEF will have final decision making authority on the design and installation of all site-specific space and program recognition. Other forms of physical recognition may be developed as deemed appropriate by TEF’s staff and Board of Directors based on extraordinary support.
      2. Gift level requirements are based on size of space and/or program, visibility, public usage and “market value” as determined by the Foundation President and Board of Directors. In general, a minimum cash gift or irrevocable deferred gift in the amount of $10,000 is required to name spaces in facilities or programs.
      3. In general, the period of time a donor’s name will be attached to a space or program will be the donor’s lifetime plus ten years. TEF staff and Board of Directors may extend or reduce this time period due to extenuating circumstances which may include the type/size of the gift, the age of the donor, the donor’s past giving and involvement with TEF, or the nature of the space or program to be named.
    4. Facility Naming Requirements.
      1. Factors used to determine gift requirements to name new or renovated facilities will be determined by TEF and evaluated on a case-by-case basis. These may include but not be limited to facility size, location, use and visibility. In general, a cash gift or irrevocable deferred gift is required to name TEF facilities.
      2. The physical display of name recognition for a new or renovated facility will be developed in concert with the donor and subject to final approval by the TEF President and Board of Directors.
      3. In general, the period of time a donor’s name will be attached to a facility will be the longer of: (i) the donor’s lifetime plus ten years; and (ii) the useful life of the facility. TEF staff and Board of Directors may extend or reduce this time period due to extenuating circumstances which may include the type/size of the gift, the age of the donor, the donor’s past giving and involvement with TEF, or the nature of the facility to be named.
    5. Renovating or Relocating a Named Space, Program or Facility.
      1. When TEF renovates or relocates a space or facility or substantially changes a program that has been previously named – and this need falls within ten years of the initial recognition – the original donor's name will remain associated with that space, program or facility following the renovation or relocation along with the name of the new donor(s).
        1. Should TEF renovate or relocate a space or facility or substantially change a program that has been previously named – and this action occurs after ten years of the initial recognition – TEF will provide the original donor(s) with the following options:
          1. The right of first refusal to make an additional gift to TEF to name the new space, program or facility; or
          2. The opportunity to have the original gift recognized on a plaque within or near the location of their original named space, program or facility as appropriate; or
          3. The opportunity to name another space, program or facility comparably priced at the value of the original gift.
      2. If TEF is unable to contact the donors or their heirs, TEF will acknowledge the original donor in an appropriate and meaningful manner. TEF retains the right to seek additional donors in cases where further support from the original donor is not possible, and associate the name(s) of the new donor to the renovated or relocated space, program or facility along with the name of the original donors.

         

    6. Donor Recognition Display. A donor recognition display will be placed in a centralized location at TKE's headquarters to maximize its public recognition. Individual, corporate, foundation, and other donors will be recognized according to the level of their respective support. The Donor Recognition Display will be updated annually, and the minimum gift levels included in the Display will be determined by the TEF President and Board of Directors.
    7. Print and Online Publications. TEF will recognize donors in its Annual Report. When appropriate, donors may be recognized in other publications, such as newsletters and brochures that feature information on programs, endowments, new initiatives and/or facilities they have supported. The minimum gift levels included in print and online publications will be determined by the TEF President and Board of Directors.
    8. Public Recognition. In agreement with the donor, gifts of particular significance may be recognized in publications and media such as newspaper, magazines, television, etc. Both the TEF President and the donor will approve press releases for gifts. TEF may organize and conduct recognition events to honor donors whose support is deemed extraordinary by the TEF President and/or Board of Directors.
    9. Awards & Gifts. Commemorative objects may be distributed to donors and volunteers to reflect appreciation for their support. The TEF President will determine the timing of such distributions. Where commemorative objects are distributed, the acknowledgment will conform with Part IX.D, below.
  3. Acknowledgment. TKE shall provide a contemporaneous written acknowledgement to donors for all contributions it receives no later than January 31st of the year following the year the contribution was received.
    1. For cash gifts of less than $200, the written acknowledgment shall contain: (i) the name of the foundation, (ii) the date of the contribution and (iii) the amount of the cash contribution.
    2. For cash gifts of $200 or more, the written acknowledgment shall contain: (i) the name of the foundation, (ii) the date of the contribution, (iii) the amount of the cash contribution and (iv) a statement that no goods or services were provided by TKE in return for the contribution, if that was the case.
    3. For gifts of property valued at $200 or more, the written acknowledgment shall contain: (i) the name of the foundation, (ii) the date of the contribution, (iii) a description (but not the value) of the property contributed and (iv) a statement that no goods or services were provided by TKE in return for the contribution, if that was the case.
      1. TKE shall file a Form 8282 with the IRS, for all non-cash gifts exceeding $5,000 in value that are sold or otherwise disposed of within three years of receipt from the donor.
    4. When donors make gifts of cash or property in excess of $75 partly as a contribution and partly for goods and services provided by TKE and the goods or services have a fair market value in excess of the IRS threshold for token gifts (for 2010 - 2% of gift total or $96, whichever is less), TKE shall provide a written disclosure to the donors containing the following information: (i) that the amount of the contribution that is deductible for federal income tax purposes is limited to the excess of money (and the fair market value of property other than money) contributed by the donor over the value of goods or services provided by TKE, and (ii) a good faith estimate of the fair market value of the goods or services provided to the donor by TKE.
  4. Donor Responsibilities
    1. The tax deductibility of gifts is the responsibility of the donor. These policies are meant to conform to the Internal Revenue Code, Treasury Regulations and GAAP standards, but are not intended to be legal or tax advice. TEF recommends that all donors consult with their legal tax counsel when planning all gifts especially non-cash gifts or future planned gifts.
    2. The donor shall be responsible for obtaining a qualified appraisal complying with IRS regulations for the purposes of establishing the value of a gift for federal income tax purposes, including the preparation of Form 8283 ("Noncash Charitable Contributions"), where required.