Overview
The following provides information on the Grandview Children’s Foundation gift acceptance procedures in accordance with Canada Revenue Agency regulations and guidelines.
Purpose
To ensure the proper steps are taken when accepting gifts in accordance with Grandview Children’s Foundation policies, maintaining the organization’s high level of commitment to donor stewardship. Donations of any kind may be only directed towards a program(s)/project(s) of Grandview Children’s Foundation to the vision and mission of the organization, and never to benefit a particular client/family and/or individual(s). Donations by definition may be only made without expectation of benefit in return.
Glossary of Terms
Gift
A voluntary transfer of cash and kind, from individuals, industry, foundations and other sources to Grandview Children’s Foundation for either unrestricted or restricted utilization in the operation of the organization for its charitable purposes. Gifts are made without expectation of return; no consideration - no benefit of any kind - to the donor or to anyone designated by the donor, may result from the payment. Gifts may be monetary (cash, cheques) or non-monetary e.g. securities, real property, or personal property).
Private Grants
Revenues received by Grandview Children’s Foundation from individuals, industry, foundations, governments, and other sources, for the support of the organization’s programs/projects. Such grants are like gifts – they represent donations, where they are bestowed voluntarily without expectation of any tangible benefit in return.
Official Charitable Receipt
The official charitable receipt is a statement issued by Grandview Children’s Foundation to donors that includes the business number issued to Grandview Children’s Foundation (89105 8547 RR0001) by Canada Customs and Revenue Agency, a declaration as to the value of the gift, date of the gift and name of the donor. Receipts are normally accepted by the Canada Customs and Revenue Agency to support the calculation of the allowable "non-refundable tax credits".
Gift-in-Kind
Donated tangible and intangible assets and property such as real estate, notes, mortgages, limited partnership interests, royalty or copyright interests, art, books, equipment, automobiles, inventory, personal property, securities, and other physical assets or materials, which represent value to Grandview Children’s Foundation.
Expendable gifts
Gifts or grants given to Grandview Children’s Foundation, which the donor has directed are to be immediately used in support of various programs or projects.
Retained gifts
Gifts or bequests, given to Grandview Children’s Foundation, to be held permanently for the income derived, as part of Grandview Children’s Foundation endowment fund.
Designated gifts
Gifts, given to Grandview Children’s Foundation, where the donor has specified where in the organization the support is to be directed. Gifts may be “designated”, for instance, to a particular recreation camp.
Undesignated gifts
Gifts, given to the Grandview Children’s Foundation, where the donor has not specified where in the organization the support is to be directed.
Restricted gifts
Gifts, given to Grandview Children’s Foundation, where the donor has specified that the gift is to be used to support a particular purpose.
Note
For instance, a gift may be “designated” by a donor to a Recreation Summer Camp and restricted as to purpose for program supplies. Or, a gift may be “designated” to Recreation Summer Camp, but unrestricted as to use at the camp. Also, a gift may be unrestricted and undesignated, and the Foundation will assign the funds to the area of greatest current need.
Gift Pledges
Gift contributions to Grandview Children’s Foundation, which are "pledged" over a period of time (normally to a maximum of 5 years, depending on the size of the gift and the nature of the appeal).
Gifts Eligible for Acceptance
- Cash Donations
- Gifts in Kind
- Gift of Securities
- Planned Giving
- Bequests by Will
- Gifts of Securities
- Life Insurance
- Real Estate
- Charitable Remainder Trust
- Residual Interest
- Charitable Gift Annuity
- Endowment and Trust
