Glendale College Foundation (GCF) solicits and accepts gifts for purposes that will
help the organization fulfill its mission.
GCF 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 and guidelines govern acceptance of
gifts made to the Foundation for the benefit of any of its operations, programs or
services.
AUTHORITY TO ACCEPT GIFTS
- The Executive Director, or members of the Board of Directors may accept an outright,
unrestricted or restricted cash gift of any amount, subject to review and approval
by the Board of Directors. Cash gifts are those defined as made by check or electronic
transfer.
- A non-cash gift (including real property, stock, or a planned gift vehicle) may be
accepted by the Executive Director, or members of the Board of Directors subject to
a review by a committee designated by the Foundation Board of Directors under the
terms and conditions of this document.
TYPES OF GIFTS ACCEPTED
GIFTS OF CASH
Cash gifts by check or money order should be made payable to the Glendale College
Foundation (or GCF) and mailed to:
Glendale College Foundation
1500 N. Verdugo Road
Glendale, CA 91208
Cash always should be hand-delivered to the Foundation, rather than sent through the
mail.
GIFTS OF SECURITIES
- Donation to Designated/General Funds
When a donation is received a donor is credited for the market value of stock. Any
brokers commission and/or SEC fees are paid by the Foundation and charged to Bank
Charges and Fees.
- Donation to Endowment Funds
When a donation is received, a donor is credited for the market value of stock. Any
broker’s commission and/or SEC fees are paid by the Foundation and charged to Administrative Endowment Fund.
The Foundation works with Morgan Stanley in the selling of stocks. Donors should contact
the Foundation Executive Director prior to transfer so that updated directions can
be given.
Shares in certificate form:
- Have all registered owners sign the back of certificate or stock power.
- Have all registered owners sign the security release form.
- Deliver or mail shares to Morgan Stanley office, 55 S Lake Avenue, Suite 700, Pasadena,
CA 91101
Shares are in brokerage account:
- Have client complete letter of instruction to brokerage firm and submit directly to
their firm.
- Client should use our DTC #0015, Glendale College Foundation, Account number 255-
123496-568
When shares are received into the Foundation account, inform gifting party of date
and value of securities on date of transfer (which can be provided by Morgan Stanley).
GIFTS OF REAL ESTATE
(As approved by Board on April 20, 1999) GCF only accepts properties that can be used
by the College or are highly marketable. It is not the intent of the Foundation to
hold real estate. All proposed gifts of real estate should be evaluated against the
following:
Determine the marketability of the site. Can the site be sold quickly, and if so,
the process can continue. A complete title search should be performed that verifies
title, taxes, assessed value, liens and encumbrances. A property must be free of liens
and encumbrances and determined to not have any toxic or soil contamination issues.
Do a visual inspection of the property. If there is any reason to hold the property,
perform an analysis, which determines the projected costs for holding the property.
All property should be tested against this policy. However, there may be case-by-case
issues that will come into consideration of the gift's acceptance or rejection.
Governance of Real Estate Acceptance:
The Finance Committee has the responsibility to research the offer, consider the options
and recommend a course of action to the Executive Committee, providing any documentation
that may be required for an informed decision. The Executive Committee has the authority
to accept or reject the recommendations of the Finance Committee. Or, as an alternative,
the Executive Committee may refer the matter back to the Finance Committee for additional
study and a new recommendation. Once a final decision has been made, the Executive
Committee will inform the Board of Directors at the next regularly scheduled meeting
of that decision and of the actions that have been taken.
DEFFERED OR PLANNED GIFTS
The Foundation will accept gifts/assets from Charitable Gift Annuities, Charitable
Remainder Trusts, Charitable Lead Trusts and Pooled Income Funds, but at this time,
the Foundation does not administer/manage these types of funds and will not act in
the capacity of trustee for charitable trusts in which the Foundation is named as
remainder beneficiary.
Acceptable deferred gifts include:
Bequests - A bequest to the Foundation is made in the donor's will, revocable or irrevocable
trust. The donor can designate a specific amount, a percentage, or the remainder of
an estate to the Foundation.
Retirement Plan Beneficiary Designations - When donors name Glendale College Foundation as beneficiary of their retirement
plans, such designations will not be recorded as gifts to the Foundation until the
gift is realized.
Life Insurance Beneficiary Designations - When donors name the Foundation as beneficiary or contingent beneficiary of their
life insurance policies, such designations shall not be recorded as gifts to the Foundation
until such time as the gift is realized.
Life Insurance Policies - The Foundation can be named as both beneficiary and owner of an insurance policy.
ANNUAL REVIEW
This policy shall be reviewed at least annually and whenever it becomes inconsistent
with Treasury regulations or other applicable state or federal laws. The Foundation
Board of Directors must approve any changes to, or deviations from, these policies.
