For More Information
As a professional advisor, you help your clients create and realize a personal philanthropic vision. With knowledge of community issues, experienced granting and flexible giving options, we can provide you with the resources you need to help better serve your clients.
Contact us if you’d like to:
- Meet to discuss a client’s specific interests
- Receive an information package
- Receive on-going updates about the Nanaimo Foundation
- Book an information session for your staff
Gift Acceptance Policy
Definition of a Gift
A gift is a voluntary transfer of property without valuable consideration. The Canada Revenue Agency generally considers a gift to be made if all three of the conditions listed below are satisfied:
a) Some property (usually cash) is transferred by a donor to a registered charity;
b) The transfer is voluntary; and
c) The transfer is made without expectation of return. No benefit of any kind may be provided to the donor or to anyone designated by the donor, except where the benefit is of nominal value.
The Nanaimo Foundation’s reputation for integrity, social responsibility, and accountability is one of its greatest assets. When a proposed gift appears to be contrary to the Nanaimo Foundation’s best interests, the Gift Acceptance Committee may make suggestions to the donor about revisions to the gift terms, or may choose to decline the gift.
Reasons for gift refusal may include the following:
- The gift is contrary to the Nanaimo Foundation’s mission.
- The gift does not appear to be a free and voluntary act of the donor.
- The donor’s philanthropic intent is clearly missing.
- The donor wishes to exert unacceptable restrictions, conditions or controls over the use of the gift, which would cause an unreasonable administrative burden on the Nanaimo Foundation, and/or may result in difficulty for the Nanaimo Foundation to honor the donor’s wishes.
- The conditions of the gift are seeking to benefit one particular individual.
- A liability is attached to the gift, which would create an undesired financial burden for the Nanaimo Foundation.
- There are physical or environmental hazards associated with the gift.
- The gift in any way violates federal, provincial or municipal laws and regulations.
- Negative cost-of-ownership implications related to administration, management or marketability of the gift.
- The nature of the gift may prevent realization for conversion to cash.
- The Nanaimo Foundation would be unable to assign a value to the gift, or a valuation dispute with CRA is likely to arise.
A satisfactory agreement cannot be reached with the donor, with respect to the absorption of evaluation, maintenance and disposition costs. In general, such costs associated with the settlement of the gift are the responsibility of the donor.