GIFT ACCEPTANCE AND REFUND POLICY
The Vermont Workers’ Center solicits and accepts gifts that are consistent with its mission and that support its core programs, as well as special projects. Donations and other forms of support will generally be accepted from individuals, partnerships, foundations, government agencies, or other entities. Gifts of Real Property or Personal Property may only be accepted upon approval of the Coordinating Committee.
The Vermont Workers’ Center 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.
Restrictions on Gifts
The Vermont Workers’ Center will not accept gifts that (a) would result in the Vermont Workers’ Center violating its corporate charter, (b) would result in the Vermont Workers’ Center losing its status as an 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for the Vermont Workers’ Center, or (e) are for purposes outside the Vermont Workers’ Center’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Coordinating Committee, in consultation with the Executive Director.
Gifts Generally Accepted Without Review
- Cash. Cash gifts are acceptable in any form, including by check, money order, bank draft, credit card, or on-line. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, Discover), card number, expiration date, and name of the cardholder as it appears on the credit card.
- 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. 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 Coordinating Committee.
- Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to the Vermont Workers’ Center under their wills, and to name the Vermont Workers’ Center as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
- Charitable Remainder Trusts. The Vermont Workers’ Center will accept designation as a remainder beneficiary of charitable remainder trusts.
- Charitable Lead Trusts. The Vermont Workers’ Center will accept designation as an income beneficiary of charitable lead trusts.
Gifts Accepted Subject to Prior Review
Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
- Tangible Personal Property. The Coordinating Committee shall review and determine whether to accept any gifts of tangible personal property in light of 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. The Vermont Workers’ Center will accept gifts of life insurance where the Vermont Workers’ Center 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.
- Real Estate. All gifts of real estate are subject to review by the Coordinating Committee. Prior to acceptance of any gift of real estate, the Vermont Workers’ Center shall require a building and/or environmental review by qualified firms. Criteria for acceptance of gifts of real estate include: 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?
All gifts to the Vermont Workers’ Center are voluntary. If you have made an error in making your donation or you have changed your mind about contributing to the Vermont Workers’ Center, we will honor all requests for a refund that are made within 30 days of the donation. If you identify an error in the amount of payment, or to report unauthorized usage of your credit or debit card, or to request a refund please send an email within 30 days to firstname.lastname@example.org. Refunds are returned using the original method of payment. If you made your donation by credit card, your refund will be credited to that same credit card.