Treatment of Restricted or Designated Gifts

Revised September 2016

Reviewed Feb 1, 2018

Relevant Legislation: Not applicable to this policy

 Intent

In accepting a restricted or designated gift, LOFT is making its commitment to use the gift in accordance with the donor’s wishes.

Definitions

A “restricted” or “designated” gift is considered to be a gift for which the donor has given specific directions on how it will be used.

Policy

LOFT accepts restricted or designated gifts provided such gifts are consistent with LOFT’s charitable mission and purposes and do not place any undue burden of administration or oversight on the organization.

Gifts that are restricted or designated for the general operation of a specific LOFT program will be accepted provided that program has need of charitable support, and if the program does not, Development staff will contact the donor to suggest an alternative use of the gift that is in keeping with the donor’s particular interest or motive in giving.

If the restriction or designation placed on a gift requires that LOFT undertake any new or additional program, project or activity, even though these may fall within LOFT’s mission and purposes, such a gift can only be accepted with approval of LOFT senior staff.

If the gift is a bequest, staff will have this conversation with the Estate Trustee or other appropriate representative.