> back to the home page

Gift Policies

IF THE SECURITIES ARE IN CERTIFICATE FORM:

The donor may mail the unendorsed certificates, or deliver them by hand to the Development Office of Reaching Souls. He/she should enclose a letter describing the stock that is being donated and special instructions for the gift, if any.

By Hand

1.  The unendorsed stock or bond certificate(s) should be taken to:

            Reaching Souls International

            Development Office

            4401 NW 4^th St, Suite 121

            Oklahoma City, OK  73107

2.  A stock power should be signed – one power for each certificate, complete the signature block only. For publicly traded securities the signature must be guaranteed by a broker or bank. Stock power forms are available from the Development Office as well as from most stockbrokers.

By Mail

1.  The unendorsed stock certificate(s) should be sent by registered mail to Reaching Souls.

            Enclose: A brief note identifying the donor’s name, address, phone number and a description of the number of shares, the name(s) of the stock(s), and a statement regarding the purpose of the gift and any instructions intended. 

2.  In a separate envelope, by regular mail, send to the same address (see above) a signed stock power – one power for each certificate. The donor should sign the power exactly as his/her name appears on the certificate. Do not complete any other section of the stock/bond power.

Please note that for security reasons it is very important to send the unendorsed stock certificates and the signed stock powers in separate envelopes.

If held in certificate form, the date of gift is the date postmarked on the envelope containing the certificates or date of hand delivery to Reaching Souls.

If transferred electronically to Reaching Souls' brokerage account, the date of gift for valuation purposes is the date the stock is actually transferred into Reaching Souls' account.

Reporting Policy/Valuation of Securities:

Gifts of securities are recorded at the fair market value on the date of the gift. In the publicly traded securities, the fair market value is the mean between the high and the low prices on the date of the gift. Mutual fund shares are valued using the public redemption price on the date of the gift. 

DISPOSITION OF SECURITIES

Only designated corporate officers at Reaching Souls are authorized to issue instructions for the sale of donated securities and execute the documents required to transfer the stock to the purchaser. Brokers, unauthorized staff or any other persons who issue or accept instructions not authorized by Reaching Souls thereby engage in unlawful transactions and violate the rules of the principal of stock exchanges. 

DISPOSITION OF TRANSFER/SALE COSTS

All transfer costs will be considered costs of doing business by Reaching Souls.

A complete record of all securities given to Reaching Souls is kept in both the accounting office and in the development office.

The information to be maintained shall include:

  Name of donor             Certificate number and a photocopy of certificates

  Date gift received         High and low market value on date of receipt

  Number of shares        Gross and net sale value

  Name of stock             Name of transfer agent

  Photocopy of letter of transfer

GIFTS-IN-KIND

Currently, the donor may claim as a tax deduction any gift of inventory based on the lower of the donor’s cost or fair market value. Examples: merchandise, vehicles, building materials, equipment, printing and so forth. Such gifts should be usable by Reaching Souls.

At the time of printing, if the claimed value of the property exceeds $500.00, the donor must complete IRS Form 8283 “Non-Cash Charitable Contributions” and attach it to his or her tax return. Note: Also refer to the section on “Gifts of Real Estate and Other Property” later in this policy.

GIFTS OF REAL ESTATE AND OTHER PROPERTY

REAL ESTATE

Gifts of real estate will be accepted on an individual basis and will not be accepted without prior approval of the Board of Directors after a review of the following:

•           Environmental study, which should include, but not be limited to, review of

            potential hazardous materials and endangered species on the site,

•           Usefulness of the property for Reaching Souls' purposes,

•           Marketability of the property,

•           Market value of the property as determined by a qualified appraisal,

•           Existence of any costs associated with the property such as fees, taxes, and

            insurance, and

•           Existence of or potential for any encumbrances such as mortgages, restrictions

            or easements.

Gifts of real estate will not be accepted until a checklist (available in the Development Office) has been completed and an appraisal received from a qualified independent appraiser. Reaching Souls reserves the right to accept an independent appraisal presented by the donor or by a qualified appraiser selected by the ministry as long as the appraiser has no business or other relationship to the donor.

Reaching Souls does not accept gifts of undivided interests in real estate or other property. Reaching Souls will accept gifts of retained life estates provided that the property meets all other requirements of the ministry.

No gift of real estate will be accepted without first complying with an environmental review by a qualified individual or firm approved by the Board of Directors. Donors are encouraged to pay for any assessments, reviews and audits.

GIFTS OF OTHER PERSONAL PROPERTY

Gifts of personal property such as valuable artwork, collections of jewelry that cannot be used in the ministry’s program, shall only be considered if:

• A qualified independent appraiser shows the items are valued in excess of $5,000.

• There is an orderly method for selling such items in the near term,

• Acceptance of the gift has been approved by the Executive Committee of the Board of Directors.

• There are no restrictions as to its disposition.

A donor should declare, in writing, any restrictions before Reaching Souls will accept it. Any property that has been accepted must be able to be disposed of immediately. No gift that requires special security or facilities will be accepted without prior approval of the CEO and Board of Directors.

Donors will be notified after acceptance of a gift of personal property if Reaching Souls intends to hold the property for a period of time, hold the property for use in its program, or dispose of the property. Should Reaching Souls decide to sell, exchange or otherwise dispose of the property within two years of receipt, Reaching Souls will complete Form 8282 as required by the Internal Revenue Service. Property will be sold as it best fits the needs of Reaching Souls.

Exceptions to the above policy may be made on a case-by-case basis.

REPORTING POLICY:  Once a gift of personal property has been received, the donor will be recognized based on the appraised value of his or her gift.

LIFE INSURANCE

It is possible for one to make a commitment to Reaching Souls through a life insurance gift. Through relatively modest annual gifts, one can create a potentially major gift. Under current tax laws the donor’s annual premiums are deductible for income tax purposes.

If one owns an insurance policy that is no longer needed for its original purpose, it can be given to Reaching Souls, naming Reaching Souls as both the owner and beneficiary of the policy. In general, the donor will be entitled to an income tax deduction for the cash surrender value and can deduct the amount of future premiums paid on the policy.

REPORTING POLICY:  In order to be officially credited and entered in the ministry’s records, ownership of the insurance policy must be transferred irrevocably by the donor to Reaching Souls, with Reaching Souls as the sole beneficiary.

BEQUESTS

It is not unusual for gift opportunities to develop in which individuals wish to make a significant gift by way of a bequest rather than through an outright gift.

Gifts through wills are actively encouraged. Whenever possible, intended bequests other than cash or securities should be brought to the attention of the Director of Development so that attempts may be made to encourage the donor to conform his or her plans to Reaching Souls policies. The same conditions apply to the acceptance of bequests as would apply if the donations had been made in life. Should the Executive Committee of the Board of Directors consider a bequest unacceptable, the ministry’s legal counsel will notify the representatives of the estate as quickly as possible.

GIFTS OF FOREIGN ASSETS

Gifts of foreign currency, securities and real estate will be considered on a case-by-case basis by the Executive Committee of the Board of Directors.

COUNSEL OF TAX ADVISER SUGGESTED

As noted above, there are a wide variety of ways in which a donor may make a gift. Because each individual’s financial and tax-planning circumstances can vary widely, donors are encouraged to seek the counsel of their tax adviser, when appropriate.

RECOGNITION AND ACKNOWLEDGMENT OF CONTRIBUTIONS

Every contribution to the program should be promptly acknowledged with a personal letter (and receipt, if appropriate) within 3 business days of the day received.

For tax purposes and in accordance with IRS regulations, all donors of gifts of $250 are given a written receipt with a statement of the value of services requested, if any.

ANONYMOUS GIFTS

Careful provisions will be made for honoring the wishes of anyone who may desire to contribute to Reaching Souls and yet remain anonymous. Inquiries should be encouraged through a third party or directly with the staff of Reaching Souls.