Ocean City Yacht Club Foundation Gift Policy
The Ocean City Yacht Club Foundation (OCYCF), a not-for-profit entity organized under the laws of the State of New Jersey and tax exempt as a public charity under Section 501(c)(3) of the Internal Revenue Code, encourages the solicitation and acceptance of gifts for the purposes that will further and fulfill the mission of the OCYCF.
The following policies and guidelines govern acceptance of gifts made to the OCYCF and for the benefit of its mission.
The OCYCF Board of Directors solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and mission of the OCYCF. These Policies and Guidelines will govern the acceptance of gifts and provide guidance to prospective donors and their advisors when making gifts to OCYCF. These Policies shall apply to all gifts received by OCYCF.
OCYCF will accept unrestricted gifts as well as gifts for specific purposes, provided that such gifts are consistent with its stated mission, purposes, and priorities. OCYCF will not accept gifts that are too restrictive in purpose, such as gifts that are accompanied by an improper economic benefit to the donor, or a gift conditioned on the commercial preference to the donor or affiliated company, or gifts that vest the donor with inappropriate control over the actions of OCYCF. All final decisions on the restrictive nature of gifts, and the acceptance or refusal, shall be made by the OCYCF Board of Directors. The OCYCF Board of Directors shall have sole discretion and authority to accept restricted gifts for areas outside of the predetermined priorities of the OCYCF.
Subject to the OCYCF Gift policy, the OCYCF will, in general, accept the following gifts:
Cash or Cash Equivalents:
$25,000.00. If the donation of an Automobile, Boat, and other types of vehicles is accepted, the donated item will be sold as soon as practicable.
Valuation: Subject to review and approval by the OCYCF Board of Directors. OCYCF shall not value or offer to value the contributed assets. The donor shall sign a statement of ownership and disclose any liens on the property. OCYCF will not accept any property subject to a restriction on OCYCF’s ability to use, sell, or otherwise deal with the property as it deems necessary.
Real Estate Specific Guidelines: Any real estate donation will be subject to review and approval by the OCYCF Board of Directors, which may include obtaining a copy of the deed, any encumbrances, leases, current tax bill and consultation with a real estate advisor and other actions deemed appropriate. This review will occur before the real estate donation is accepted by OCYCF. No real estate donation shall be deemed accepted by OCYCF until a written acceptance of the donation is received by donor from OCYCF. OCYCF will not accept any real estate subject to a restriction on OCYCF’s ability to use, sell or otherwise deal with the property as it deems necessary. It is anticipated that OCYCF shall sell all contributed real property as soon as practicable. Costs related to acceptance of gifts of real property such as legal fees, surveying costs, hazardous waste surveys, etc., will be allocated as mutually agreed and will not affect the recorded value of the gift. Appraisal costs are the responsibility of the donor.