JELF is committed to furthering its mission and serving its beneficiaries with integrity, transparency, and accountability. As part of our dedication to our supporters, we have established this Gift Acceptance Policy to ensure that all gifts received align with our organizational values and priorities. We appreciate all contributions that help us fulfill our mission.
The following gifts are generally accepted by JELF without approval by the Board or Executive Board:
- Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a gift 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.
- 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 JELF’s Investment and Finance Committee. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Board or Executive Board.
- Donors are encouraged to make bequests to JELF in their wills, and to name JELF as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
- JELF will accept designation as a remainder beneficiary of charitable remainder trusts.
- JELF will accept designation as an income beneficiary of charitable lead trusts.
The following gifts are generally accepted subject to prior approval by the Board and/or Executive Board, although certain forms of gifts or donated properties may be subject to review prior to acceptance:
- Tangible personal property including but not limited to the following considerations: does the property further the organization’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 organization may be responsible? Is the title/provenance of the property clear?
- Life insurance where JELF 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.
- Prior to acceptance of any gift of real estate other than a personal residence, JELF shall require an initial environmental review by a qualified environmental firm at the donor’s expense. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. Criteria for acceptance of gifts of real estate include but are not limited to: Is the property useful for the organization’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?
JELF (Jewish Educational Loan Fund) solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. JELF requests that all prospective donors seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. JELF does not provide legal or tax advice regarding such gifts. The following policies and guidelines govern acceptance of gifts made to JELF for the benefit of any of its operations, programs or services.
JELF will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
A. Gifts of securities that are subject to restrictions or buy-sell agreements.
B. Documents naming JELF as trustee or requiring JELF to act in any fiduciary capacity.
C. Gifts requiring JELF to assume financial or other obligations.
D. Transactions with potential conflicts of interest.
E. Gifts of property which may be subject to environmental or other regulatory restrictions.
F. Any other transaction in which JELF deems necessary.
Restrictions on Gifts
JELF will not accept gifts that
(a) would result in JELF losing its status as an IRS 501(c)(3) not-for-profit organization,
(b) are too difficult or too expensive to administer in relation to their value, (c) would result in any unacceptable consequences for JELF, or
(e) are for purposes outside JELF’s mission.
Gifts made for the benefit of programs, services or administrative functions not already in existence will not be accepted without the approval of the Board. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board or Executive Board in combination with the Chief Executive Officer, Chief Operations Officer and Chief Development Officer when required. No provision hereof shall be construed as requiring either that any particular proposed gift be accepted or that any particular proposed gift be rejected.
All non-cash gifts that are not immediately sellable must be properly substantiated and appraised at fair value by the donor and at the donor’s expense.