Gift Acceptance Policy
The HFAA accepts gifts that will help the organization fulfill its mission. The HFAA urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences.
The following policies are guidelines for the acceptance of gifts made to the HFAA for the benefit of any of its operations, programs or services. All decisions on the nature of a gift and its acceptance or refusal shall be made by the HFAA Board.
Gifts Generally Accepted Without Review
Cash. Cash gifts can be accepted via check and PayPal. We regret that we do not offer the ability to accept payments via credit card at this time.
Bequests. We welcome donors to make bequests to the HFAA in their wills.
Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Bank Accounts/Retirement Funds. We welcome donors to name the HFAA as a beneficiary under trusts, life insurance policies, commercial annuities, bank accounts, and retirement funds (IRAs).
Hardanger Fiddles. The HFAA welcomes gifts and bequests of Hardanger fiddles.
Restrictions on Gifts
The HFAA will not accept gifts that:
A. Result in the HFAA violating its corporate charter
B. Result in the HFAA losing its status as an IRS § 501(c)(3) not-for-profit organization
C. Are too difficult or too expensive to administer in relation to their value
D. Result in any unacceptable consequences for the HFAA
E. Are for purposes outside the HFAA’s mission
Use of Legal Counsel
The HFAA will seek the advice of legal counsel relating to acceptance of gifts and bequests when appropriate. Review by counsel is recommended for:
A. Gifts of securities.
B. Gifts of life insurance policies.
C. Charitable Remainder Trusts and Charitable Lead Trusts.
D. Documents naming the HFAA as trustee or requiring the HFAA to act in any fiduciary capacity.
E. Gifts requiring the HFAA to assume financial or other obligations.
F. Transactions with potential conflicts of interest.
G. Gifts of real estate and gifts of tangible personal property (except Hardanger fiddles).
H. Other gifts or bequests as deemed prudent by the HFAA Board.