Donations Policy
The following Donations Policy governs acceptance of donations made to Jew’els of Spain for the benefit of any of its operations, programs or services.
As a tax-exempt Public Charity as described in Section 501(c)(3) of the Internal Revenue Code (IRC), administered by the Internal Revenue Service (IRS), Jew’els of Spain rely on charitable contributions to fulfill its mission. Jew’els of Spain shall always disclose to potential donors important and relevant information. Every donation will be promptly acknowledged, and donors will be informed of how the donation will be recognized. We will honor specific requests about acknowledgment consistent with Jew’els of Spain’s practices and policies. Jew’els of Spain reserves the right to refuse a donation if it is determined to be in conflict with the Corporation’s mission.
Updated by Jew’els of Spain’s Legal Team on April 2, 2024
Jew’els of Spain will seek the advice of legal counsel in matters relating to acceptance of donations when appropriate. Review by counsel is recommended for:
A. Donations of securities that are subject to restrictions or buy-sell agreements.
B. Documents naming Jew’els of Spain as trustee or requiring Jew’els of Spain to act in any fiduciary capacity.
C. Donations requiring Jew’els of Spain to assume financial or other obligations.
D. Transactions with potential conflicts of interest.
E. Donations of property which may be subject to environmental or other regulatory restrictions.
Jew’els of Spain will not accept donations that:
A. Would result in Jew’els of Spain violating its corporate charter.
B. Would result in Jew’els of Spain losing its status as an IRS § 501(c)(3) not-for-profit corporation.
C. Are too difficult or too expensive to administer in relation to their value.
D. Would result in any unacceptable consequences for Jew’els of Spain, or
E. Are for purposes outside Jew’els of Spain’s mission.
Decisions on the restrictive nature of a donation, and its acceptance or refusal, shall be made by the Board of Directors in consultation with the Executive Director.
For restricted and endowed funds, if future circumstances change, or the donor fails to fulfill his pledge obligation, or the purpose for which the fund is established becomes illegal, impractical, or no longer meets the needs of the Corporation, Jew’els of Spain may designate an alternative use in the spirit of the donor’s original intent for the donation to further the objectives of Corporation.
A. Cash. Cash donations are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a donation by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the card holder as it appears on the credit card.
B. Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by Board of Directors. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed donation; in such instances the decision whether to accept the restricted securities shall be made by the Board of Directors.
C. Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to Jew’els of Spain under their wills, and to name Jew’els of Spain as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
D. Charitable Remainder Trusts. Jew’els of Spain will accept designation as a remainder beneficiary of charitable remainder trusts.
E. Charitable Lead Trusts. Jew’els of Spain will accept designation as an income beneficiary of charitable lead trusts.
Certain forms of donations or donated properties may be subject to review prior to acceptance. Examples of donations subject to prior review include, but are not limited to:
A. Tangible Personal Property. The Board of Directors shall review and determine whether to accept any donations of tangible personal property in light of the following considerations:
- Does the property further the corporation’s mission?
- Is the property marketable?
- Are there any unacceptable restrictions imposed on the property?
- Are there any carrying costs for the property for which the corporation may be responsible? Is the title/provenance of the property clear?
B. Life Insurance. Jew’els of Spain will accept donations of life insurance where Jew’els of Spain is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.
C. Real Estate. All donations of real estate are subject to review by the Board of Directors. Prior to acceptance of any donation of real estate other than a personal residence, Jew’els of Spain shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the corporation may retain a qualified environmental firm to conduct an environmental audit. Criteria for acceptance of donations of real estate include:
- Is the property useful for the corporation’s purposes?
- Is the property readily marketable?
- Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property?
- Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
- Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
If there are any questions regarding this Donations Policy you may contact us with the information on our contact page.
Jew’els of Spain | Los Angeles, CA – USA
