GRANT AWARD AND GIFT ACCEPTANCE POLICY
The Karma Honey Project (KHP), a not-for-profit organization organized under the laws of the State of Florida and exempt as a public charity under Section 501(c)3 of the Internal Revenue Code, encourages the solicitation and acceptance of gifts for purposes that will assist Karma Honey Project to further and fulfill its mission. Karma Honey Project also awards grants after Requests for Proposals have been solicited and vetted and awarded through a standard panel assessment process.The following policies and guidelines govern the awarding of grants and the acceptance of gifts made to the Karma Honey Project or for the benefit of any of its programs.
GRANT AWARD POLICY
A Request for Proposals will be developed for each program for which awards will be granted. The standing policy for the Karma Honey Project as a 501(c)3 not-for-profit organization is to not pay overhead on funded research grants
GIFT ACCEPTANCE POLICY
Purpose of Policies and Guidelines
The Board of Directors of Karma Honey Project (KHP) and its Executive Director and staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and mission of Karma Honey Project (KHP). It is the purpose of these Policies and Guidelines to govern the acceptance of gifts (including grants) by Karma Honey Project (KHP) and to provide guidance to prospective donors and their advisors when making gifts to Karma Honey Project (KHP) The provisions of these Policies shall apply to all gifts received by Karma Honey Project (KHP) for any of its programs or services.
Restrictions on Gifts
Karma Honey Project (KHP) will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. Karma Honey Project (KHP) will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate the charitable trust of Karma Honey Project (KHP), gifts that are accompanied by an improper economic benefit to the donor such as a gift that is conditioned on a commercial preference to the donor or affiliated company, or gifts that vest the donor with inappropriate control such as a gift that requires Karma Honey Project (KHP) to hire a specific person or take some other unacceptable action. All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Directors.
III. Gift Vehicles
Karma Honey Projec (KHP) will accept gifts through the following gift vehicles:
- Outright donations
- Testamentary bequests
- Charitable remainder trusts
- Charitable lead trusts
Karma Honey Project (KHP) is authorized to accept the following assets, subject to these Policies and Guidelines.
Karma Honey Project (KHP) shall accept all bequests of real estate unless the Board of Directors determines otherwise. Karma Honey Project (KHP) shall review all proposed inter vivos gifts of real estate and shall consider such factors as sale and holding costs, current and expected future value, encumbrances, liabilities, title, restrictions, and any potential environmental issues prior to acceptance.
Prior to accepting an inter vivos gift of real estate, the following steps will generally be taken:
- Complete a profile of the property.
- Obtain a copy of the deed, any encumbrances, leases, and current tax bill.
- Consider obtaining a title report.
- Inspect the property.
- Consult with a real estate advisor as to marketability.
- Evaluate the potential for any environmental liabilities. Consult with an environmental engineer or comparable advisor if necessary.
- Miscellaneous Provisions
- Executive Director. Except as provided in Article II above, the Chief
Executive Officer shall have discretion and authority to accept unrestricted gifts, allowable under these Policies and Guidelines, of a value up to $100,000. As to restricted gifts, the Executive Director shall have discretion and authority to accept restricted gifts of a value up to $75,000. Gifts above those amounts may be accepted only by the Board of Directors.
- Legal counsel. The Executive Director may seek the advice of legal counsel whereappropriate and shall seek the advice of legal counsel in all matters pertaining to the acceptance of a gift which may have adverse legal, ethical, or policy consequences to Karma Honey Project (KHP). All prospective donors shall be urged to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning implications.
- Securing appraisals and legal fees for gifts to Karma Honey Project (KHP).
Karma Honey Project (KHP) shall not appraise property. It shall be the responsibility of the donor to secure an appraisal where required. Karma Honey Project (KHP) shall not pay the legal fees of the donor. The donor shall pay any fees for appraisals and legal advice required.
- Valuation of gifts for development purposes. Karma Honey Project (KHP)shall record a gift received by Karma Honey Project (KHP) at its valuation for gift purposes on the date of gift, following generally accepted accounting principles (GAAP).
- Responsibility for IRS filings upon sale of gift items. Karma Honey Project (KHP)is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold by Karma Honey Project (KHP) within two years of receipt where the charitable deduction value of the item was $5,000 or greater. Karma Honey Project (KHP) must file such form within 125 days of the date of sale or disposition of the asset.
- Written acknowledgment. Written acknowledgment of all gifts made to Karma Honey Project (KHP) and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of Karma Honey Project (KHP).