Brookfield Unitarian Universalist Church (BUUC) Stewardship and Gift Policy
Mission and Vision Statement
Our mission is to support and promote the principles of Unitarian Universalism. By nurturing spirituality, intellectual growth, diversity of belief, and our ties to one another, we seek to inspire lives of passion, compassion and community. We do this for ourselves and the larger community.
To extend and enhance the BUUC’s capacity to fulfill its mission, the BUUC solicits and encourages current and deferred gifts from individuals to support our mission and to fund our programs, operations, capital improvements, and future growth. This policy sets forth general principles for the BUUC’s acceptance of gifts. When considering a gift to the BUUC, prospective donors and their advisors are encouraged to confer with our Minister, President, and the members of the Executive Committee.
Generally Acceptable Gifts
The BUUC accepts unrestricted gifts as well as gifts for specific programs and purposes consistent with its mission, priorities, and current needs. These gifts may include cash and publicly traded securities; tangible personal property, real property, or closely held securities; donations to reduce the principal on any building or construction loans; funding for additions or changes to the BUUC’s buildings, landscape, or hardscape; and deferred gifts.
A. Cash and Publicly Traded (Marketable) Securities
Cash and publicly traded securities intended as legacy gifts will be invested at the direction of the Trustees according to the BUUC’s bylaws. Publicly traded securities not intended as legacy gifts may be sold as soon as reasonably practical after they are received. Internal Revenue Service regulations define publicly traded securities as securities, including mutual funds, for which market quotations are readily available on an established securities market. However, securities that would otherwise be considered publicly traded are excluded if they are subject to restrictions.
B. Tangible Personal Property, Real Property, and Closely Held Securities
Gifts of tangible personal property, real property, or closely held securities may be accepted only after an analysis by the BUUC President, Minister, and Executive Committee. For this analysis, the BUUC Minister, President, and Executive Committee will, as appropriate, consult with the BUUC’s staff, legal counsel, independent CPA, or others to determine marketability, tax consequences to the BUUC, legal issues, and other matters deemed appropriate, including prospective costs or other risks or concerns. Donors must acknowledge that any personal or real property or closely held securities may be sold or otherwise disposed of. The BUUC Minister, President, and Executive Committee may decline gifts that expose the BUUC to financial risk, that require management expertise not easily available to the BUUC, or that do not support the BUUC’s mission or current needs.
C. Donations to Reduce the Principal on Existing Building or Construction Loans
Donations to pay down the principal on building or construction loans, if any, are welcomed.
D. Funding for Maintenance, Additions or Changes to the BUUC Property
Funding for maintenance, additions or changes to the BUUC property may be accepted, with the proviso that such maintenance, changes or additions to the BUUC’s buildings, landscape, or grounds must support the BUUC’s current needs and must be in harmony with the BUUC’s existing interior, architectural, and landscape design. Proposals to fund changes on BUUC property will be reviewed, evaluated, and approved by the Executive Committee, President, and Minister in consultation with the BUUC’s staff and Building Committee, as appropriate.
Deferred Gifts
A. Bequests
The BUUC actively encourages bequests. The BUUC’s Minister, President, and Executive Committee will work with all appropriate parties to ensure that bequests conform to the donor’s wishes and the BUUC’s mission.
B. Life Insurance
The BUUC will accept being named as a beneficiary of a life insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
C. Retirement Plan Assets
The BUUC will accept being named as beneficiary of all or a portion of a 401(k), 403(b), 457b, IRA, Keogh, or similar retirement plan.
D. Trusts
The BUUC will accept beneficial interests in trusts, including charitable lead trusts and charitable remainder trusts. However, the BUUC generally will not accept appointment as trustee of a charitable lead trust or charitable remainder trust.
E. Charitable Gift Annuities
The BUUC will accept being named a beneficiary of a Unitarian Universalist Association charitable gift annuity.
F. Other Financial Instruments
Other financial instruments, such as assignable annuities or other assets, may be accepted provided they meet the criteria established in this policy.
Generally Unacceptable Gifts
The BUUC will not accept gifts that are too restrictive in purpose, including gifts that would violate the terms of the Articles of Incorporation or Bylaws, would incur administrative costs exceeding the value of the gift, would be excessively burdensome to administer, would inhibit procurement of gifts from other donors, or would be designated for purposes inconsistent with the BUUC’s mission or current needs. Decisions to accept or reject a gift will be made by the Minister, President, and Executive Committee.
Confidentiality
If confidentiality is requested by a donor or prospective donor, access to information about the donor, the prospective donor, and the amount or nature of the gift will be limited to those with a need to know.
Conflict of Interest
The BUUC urges prospective donors to seek assistance from their own legal and financial advisors in matters relating to their gifts and the resulting tax and estate-planning consequences.
In the event that the prospective donor is the Minister, President, or a member of the Executive Committee, that individual will recuse him or herself from the decision making process regarding the donation.
Miscellaneous Provisions
No gift will be accepted if there is a material question as to whether the donor has legal right, power, or competency to effectuate the proposed transfer. Donors will be responsible for their own legal fees, appraisal costs, and personal tax liabilities. If a cash pledge is not fulfilled, the donor will be credited only with actual amounts received.
Adopted by the Brookfield Unitarian Universalist Executive Committee on 05/09/06.
Mission and Vision Statement
Our mission is to support and promote the principles of Unitarian Universalism. By nurturing spirituality, intellectual growth, diversity of belief, and our ties to one another, we seek to inspire lives of passion, compassion and community. We do this for ourselves and the larger community.
To extend and enhance the BUUC’s capacity to fulfill its mission, the BUUC solicits and encourages current and deferred gifts from individuals to support our mission and to fund our programs, operations, capital improvements, and future growth. This policy sets forth general principles for the BUUC’s acceptance of gifts. When considering a gift to the BUUC, prospective donors and their advisors are encouraged to confer with our Minister, President, and the members of the Executive Committee.
Generally Acceptable Gifts
The BUUC accepts unrestricted gifts as well as gifts for specific programs and purposes consistent with its mission, priorities, and current needs. These gifts may include cash and publicly traded securities; tangible personal property, real property, or closely held securities; donations to reduce the principal on any building or construction loans; funding for additions or changes to the BUUC’s buildings, landscape, or hardscape; and deferred gifts.
A. Cash and Publicly Traded (Marketable) Securities
Cash and publicly traded securities intended as legacy gifts will be invested at the direction of the Trustees according to the BUUC’s bylaws. Publicly traded securities not intended as legacy gifts may be sold as soon as reasonably practical after they are received. Internal Revenue Service regulations define publicly traded securities as securities, including mutual funds, for which market quotations are readily available on an established securities market. However, securities that would otherwise be considered publicly traded are excluded if they are subject to restrictions.
B. Tangible Personal Property, Real Property, and Closely Held Securities
Gifts of tangible personal property, real property, or closely held securities may be accepted only after an analysis by the BUUC President, Minister, and Executive Committee. For this analysis, the BUUC Minister, President, and Executive Committee will, as appropriate, consult with the BUUC’s staff, legal counsel, independent CPA, or others to determine marketability, tax consequences to the BUUC, legal issues, and other matters deemed appropriate, including prospective costs or other risks or concerns. Donors must acknowledge that any personal or real property or closely held securities may be sold or otherwise disposed of. The BUUC Minister, President, and Executive Committee may decline gifts that expose the BUUC to financial risk, that require management expertise not easily available to the BUUC, or that do not support the BUUC’s mission or current needs.
C. Donations to Reduce the Principal on Existing Building or Construction Loans
Donations to pay down the principal on building or construction loans, if any, are welcomed.
D. Funding for Maintenance, Additions or Changes to the BUUC Property
Funding for maintenance, additions or changes to the BUUC property may be accepted, with the proviso that such maintenance, changes or additions to the BUUC’s buildings, landscape, or grounds must support the BUUC’s current needs and must be in harmony with the BUUC’s existing interior, architectural, and landscape design. Proposals to fund changes on BUUC property will be reviewed, evaluated, and approved by the Executive Committee, President, and Minister in consultation with the BUUC’s staff and Building Committee, as appropriate.
Deferred Gifts
A. Bequests
The BUUC actively encourages bequests. The BUUC’s Minister, President, and Executive Committee will work with all appropriate parties to ensure that bequests conform to the donor’s wishes and the BUUC’s mission.
B. Life Insurance
The BUUC will accept being named as a beneficiary of a life insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
C. Retirement Plan Assets
The BUUC will accept being named as beneficiary of all or a portion of a 401(k), 403(b), 457b, IRA, Keogh, or similar retirement plan.
D. Trusts
The BUUC will accept beneficial interests in trusts, including charitable lead trusts and charitable remainder trusts. However, the BUUC generally will not accept appointment as trustee of a charitable lead trust or charitable remainder trust.
E. Charitable Gift Annuities
The BUUC will accept being named a beneficiary of a Unitarian Universalist Association charitable gift annuity.
F. Other Financial Instruments
Other financial instruments, such as assignable annuities or other assets, may be accepted provided they meet the criteria established in this policy.
Generally Unacceptable Gifts
The BUUC will not accept gifts that are too restrictive in purpose, including gifts that would violate the terms of the Articles of Incorporation or Bylaws, would incur administrative costs exceeding the value of the gift, would be excessively burdensome to administer, would inhibit procurement of gifts from other donors, or would be designated for purposes inconsistent with the BUUC’s mission or current needs. Decisions to accept or reject a gift will be made by the Minister, President, and Executive Committee.
Confidentiality
If confidentiality is requested by a donor or prospective donor, access to information about the donor, the prospective donor, and the amount or nature of the gift will be limited to those with a need to know.
Conflict of Interest
The BUUC urges prospective donors to seek assistance from their own legal and financial advisors in matters relating to their gifts and the resulting tax and estate-planning consequences.
In the event that the prospective donor is the Minister, President, or a member of the Executive Committee, that individual will recuse him or herself from the decision making process regarding the donation.
Miscellaneous Provisions
No gift will be accepted if there is a material question as to whether the donor has legal right, power, or competency to effectuate the proposed transfer. Donors will be responsible for their own legal fees, appraisal costs, and personal tax liabilities. If a cash pledge is not fulfilled, the donor will be credited only with actual amounts received.
Adopted by the Brookfield Unitarian Universalist Executive Committee on 05/09/06.