Purpose
The purpose of this Gift Acceptance Policy is to provide guidelines for the acceptance and administration of gifts made to Bayan Islamic Graduate School (“Bayan”). This policy ensures all gifts are used to further Bayan’s mission while complying with applicable laws and ethical standards.
Scope
This policy applies to all donations, bequests, and other types of gifts received by Bayan, including but not limited to cash, securities, real estate, personal property, and other in-kind contributions.
General Policy
Bayan welcomes and encourages gifts that align with its mission and strategic objectives. Bayan reserves the right to decline any gift that:
- Does not support Bayan’s mission, vision or strategic goals.
- Might compromise the integrity or reputation of Bayan.
- Imposes conditions that are inconsistent with Bayan’s mission, policies or operations.
- Creates a financial or administrative burden on Bayan.
Acceptable Gifts
Cash Gifts
Bayan accepts cash gifts, including checks, money orders, credit/debit card transactions, and electronic transfers. These are preferred as they provide the most flexibility in addressing Bayan’s strategic priorities.
Securities
Gifts of marketable securities are accepted and will be sold as soon as practicable. The donor may transfer stocks, bonds, or other securities directly to Bayan’s brokerage account.
Real Estate
Gifts of real estate may be accepted after thorough evaluation, including considerations of environmental liabilities, marketability, and maintenance costs. Acceptance requires approval from the Bayan Board of Trustees.
Personal Property
Personal property, such as art, books, or equipment, may be accepted if it serves the Bayan’s mission or can be readily converted into cash. All non-cash gifts must be appraised, and the donor is responsible for securing the appraisal.
Planned Gifts
Bayan encourages planned gifts, including bequests, charitable remainder trusts, and life insurance policies. Donors are advised to consult with their financial or legal advisors when considering such gifts.
Gift Review and Acceptance Process
All gifts to Bayan are subject to review to ensure they align with the Bayan’s mission and do not pose any risks. The President and Chief Business Officer, in consultation with legal counsel, if necessary, will review and approve gifts.
The Board of Trustees must approve gifts that:
- Are valued at $1,000,000 or more
- Include real estate, closely held securities, or other non-liquid assets, with a valued more than $ 250,000.
Donor Recognition and Stewardship
Bayan values its donors and is committed to acknowledging gifts in a timely and appropriate manner. Donors may receive recognition through publications, naming opportunities, or other means unless they request anonymity.
Bayan will provide regular reports to donors on the use and impact of their gifts, ensuring transparency and accountability.
Gift Restrictions
Bayan will honor donor-imposed restrictions on gifts as long as they are consistent with the Bayan’s mission, policies, and legal requirements. All restricted gifts must be accompanied by a written agreement outlining the terms and conditions.
Ethical Considerations
Bayan adheres to the highest ethical standards in fundraising and gift acceptance. Bayan will not accept gifts that:
- Could result in undue influence over its operations.
- Are intended to gain influence or favors from Bayan.
- May jeopardize Bayan’s tax-exempt status.
Amendments
This policy may be amended by the Board of Trustees as needed to reflect changes in the law, ethical standards, or Bayan’s strategic objectives.