Use of Bequests

Adopted September 2016 

Reviewed Feb 1, 2018

Relevant Legislation: Not applicable to this policy

Policy

Unrestricted and undesignated gifts received as bequests are understood to be an expression of the donor’s commitment to the future of LOFT and its work, and as such will be added to the Investment Fund.

When receipt of an unrestricted or undesignated bequest coincides with a special or significant immediate need for funding, a recommendation may be made to the Board that the bequest donation be used as capital, project or operating funding rather than adding it to the Investment Fund.