LifeWise, Inc. (and its subsidiaries, including LifeWise Academy, LLC), a nonprofit organization headquartered in Hilliard, Ohio, hereafter referred to as LW, encourages the solicitation and acceptance of gifts for purposes that will help further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to LW or for the benefit of any of its endowment or any of its programs.
I. Purpose of Policies and Procedures
The purpose of this document is to set forth the criteria that LW uses to determine that a proposed gift is acceptable and to inform prospective donors and their advisors of the types of gifts LW accepts. While these guidelines establish best practices, they are designed to provide flexibility as directed by the LW Board of Directors.
II. Types of Gifts
The following gifts may be considered for acceptance by LW:
III. Valuation of Gifts
LW will record gifts received at their valuation on the date of gift, except that, when a gift is irrevocable, but is not due until a future date, the gift may be recorded at the time the gift becomes irrevocable.
IV. Communications with Donors
V. Written Acknowledgement
LW will provide acknowledgement of all gifts made to LW in compliance with the current IRS requirements for acknowledgement of such gifts. This is the responsibility of the Secretary/General Counsel of LW or his/her designee.
VI. IRS Filings upon Sale of Gifts
To the extent applicable, LW shall file IRS Form 8282 upon the sale or disposition of any non-marketable asset sold within three years of receipt by LW when the charitable deduction value of the item is more than $5,000. SFT/LW shall file this form within 125 days of the date of sale or disposition of the asset in accordance with applicable IRS rules and regulations.
VII. Use of Legal Counsel
LW may seek the advice of outside legal counsel as appropriate on matters relating to acceptance of gifts. Review by legal counsel may be sought in connection with:
VIII. Conflict of Interest
LW does not provide personal legal, financial or other professional advice to donors or prospective donors. Donors and prospective donors are strongly urged to seek the assistance of their own professional advisors in matters relating to their gifts and the resulting tax and estate planning consequences. It will be the responsibility of the donor to secure the advice of independent legal, financial or other professional advisers as needed for all gifts made to LW.
IX. Changes to this Policy
This Policy has been reviewed and accepted by the LW Board of Directors, which has the sole authority and discretion to change this Policy. The Director of Advancement is responsible for reviewing this Policy at least annually or more often as needed to ensure that they remain consistent with applicable laws and the programs of LW.
LifeWise Academy | PO Box 1179 Hilliard, OH 43026 | Copyright 2023