NAGT Gift Acceptance Policy
Approved by NAGT's Executive Committee on September 17, 2010
The National Association of Geoscience Teachers will accept the following types of gifts to further the mission of the organization:
- Tangible Personal Property
The following criteria govern the acceptance of each gift form.
- Cash. Cash is acceptable in any form. Checks shall be made payable to the National Association of Geoscience Teachers and shall be delivered to the Executive Director at the NAGT national office.
- Tangible Personal Property. The NAGT Executive Committee shall make the final determination on the acceptance of tangible property gifts. Decisions will be based on the following criteria:
- Is the property marketable?
- Are there any undue restrictions on the use, display, or sale of the property?
- Are there any costs associated with acceptance of the property?
- Securities. NAGT may accept publicly traded securities. Individuals wishing to donate publically traded securities should contact the NAGT Executive Director. As a general rule, all marketable securities will be sold upon receipt unless otherwise determined by the NAGT Investment Committee. In some cases marketable securities may be restricted by applicable securities laws; in such instance the final determination on the acceptance of the restricted securities shall be made by the NAGT Executive Committee.
It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all non-cash gifts made to NAGT. NAGT will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax consequences. NAGT will send an acknowledgement to the donor for all donations with a value of over $250 indicating the date and providing a description of the donation.
In conformity with Treasury Department regulations governing non-profit organizations, gifts to NAGT may not be directly or indirectly subjected by a donor to any material restriction or condition that would prevent NAGT from freely and effectively using the donated assets or the income derived from them to further its exempt purposes.
Gifts made to establish a named fund at NAGT must meet the minimum funding requirements set by the Executive Committee (currently $10,000). A donor may establish a fund in a single transaction, or agree to build to $10,000 over a period of time mutually acceptable to the donor and the NAGT Executive Committee.