A valid gift is a voluntary transfer of property without consideration. The GRCF generally accepts gifts in the form of cash or near cash, deferred gifts or gifts-in-kind where applicable.
Accepted gifts to the GRCF are eligible for an official charitable donation receipt that may be claimed as a non-refundable tax credit for an individual donor or tax deduction for a corporate donor on the donor’s income tax return.
Donations are accepted only for priorities of the GRCA. Donations that come with direction that a specific third-party individual or group that is a non-qualified donee receive the funds will not be accepted.
The GRCF reserves the right to decline a gift if it does not meet the definition of “gift” as set out by the Canada Revenue Agency or it is not deemed to be of use or meeting its mission or the mission of the GRCA. Gifts not mentioned in this Policy or other policies of the GRCF will require individual review.
The GRCF will keep all information, data, or other communications with donors strictly confidential in accordance with its Privacy Policy. However, the GRCF reserves the right to disclose such information where it is required to do so at law.
Cash and Near Cash
The GRCF accepts gifts of cash and “near cash” such as donations by cheque, credit card and funds electronically transferred. Following receipt of the gift, the GRCF will issue to the donor an official charitable donation receipt for the amount of the gift in accordance with CRA guidelines.
Gifts received after the end of the year may not be added to the previous year's donations unless the gift was postmarked in the previous year (for example, a cash gift made by way of a cheque that was mailed and postmarked in December but not received by the GRCF until January).
Gifts-in-Kind
Gifts-in-kind refer to a gift of property other than cash or near cash.
Acceptance: Before accepting a gift-in-kind, the GRCF will undertake such due diligence steps as it determines necessary. In order to be accepted, the gift-in-kind must be determined to be beneficial to GRCF’s objectives for its intrinsic purpose, for use in fundraising purposes (e.g. an auction item) or for sale with the proceeds applied toward the GRCF’s purposes.
Proposed gifts-in-kind will be evaluated to determine whether the costs to the GRCF associated with receiving or managing the gift, such as maintenance, insurance and repair, can be accommodated prudently. Occasionally, associated costs might weigh against the acceptance of a gift.
Receipting: Prior to issuing a charitable receipt for a donation in kind, the GRCF will determine its Fair Market Value (FMV) as of the date of the donation and will maintain documentation about the FMV. If the fair market value of an item cannot be reasonably determined, a charitable donation receipt will not be issued.
Donation of Services: Contributions of services are not property and therefore may not be receipted. However, an official donation receipt may be issued if a person provides a service to the GRCF, the GRCF pays for the service, and the person then returns the payment to the GRCF voluntarily as a cash gift in separate transactions.
Real Estate
Potential gifts of conservation lands will be referred to the GRCA’s Property Department for consideration under the GRCA Land Acquisition Policy.
Deferred Gifts
A deferred (or planned) gift is a commitment made in the present with benefit to the GRCF, deferred to a future date. Planned gifts generally accepted by the GRCF are:
Bequests: Cash or near-cash bequests are accepted on a specific or residual basis and may be directed to be used for current or deferred needs. In the latter case, the bequest may be held in a fund. Gifts-in-kind made by bequest are subject to the principles of this policy.
In general, donors considering a bequest are encouraged to discuss their intentions with the GRCF, in order to ensure that the GRCF is able to carry out their wishes. If the bequest does not meet the principles of this policy the decision will be communicated to the legal representative of the estate. Attempts will be made to achieve a mutually acceptable gift agreement between the parties where possible.
In receiving a bequest, the GRCF may charge reasonable costs, including administration fees, to the income or capital of the gift as determined in the sole discretion of the GRCF Board in accordance with the policies of the GRCF.
The GRCF reserves the right to decline a bequest if, in the discretion of the GRCF, the legal, accounting, or other professional fees associated with administration of the estate exceed the amount of bequest or if an estate that has not been properly administered, and its trustees not having received appropriate compensation.
Following receipt of the bequest, the GRCF will issue to the estate a charitable donation receipt based on its fair market value. Any legal, accounting, or other professional fees borne by the GRCF in receiving the bequest from the estate of the donor will be deducted from the gift received.
Life Insurance
Gifts of life insurance may be made to the GRCF by:
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Irrevocably assigning the ownership and beneficiary rights of a paid-up life insurance policy to the GRCF, for which the GRCF may issue a charitable donation receipt for the eligible amount of the policy’s value (i.e., its cash surrender value less any loan outstanding on the policy.) Where the policy assigned is a term life insurance, the cash surrender value is nil.
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Irrevocably assigning the ownership and beneficiary rights of a life insurance policy to the GRCF on which premiums remain to be paid and by naming the GRCF as a beneficiary of a life insurance policy. In this case, the GRCF shall require assurance from the donor that he/she will continue to make donations towards paying future premiums for which they would receive a charitable receipt.
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In the event that premium payment donations do not continue to be paid for reasons other than the death of the insured, the GRCF will at the Board’s discretion reserve the right to maintain the policy or allow it to lapse.
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The GRCF may also issue a charitable donation receipt for the eligible amount of the policy (e.g. its cash surrender value less any loan outstanding on the policy).
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Where the GRCF is named as a beneficiary of a life insurance policy, it will issue a charitable donation receipt when the GRCF receives the insurance proceeds upon the death of the insured. No charitable donation receipt may be issued upon naming the GRCF as the beneficiary or for premiums paid for such a policy.
Publicly-Listed Securities
Common publicly-listed securities include a share, debt obligation or right listed on a prescribed stock exchange, a share of the capital stock of a mutual fund corporation, or a unit of a mutual fund trust.
The GRCF’s normal practice is to request that the donor’s investment broker facilitate an electronic transfer of donated securities directly to the GRCF’s Investment Account. In general, the GRCF’s policy is to liquidate gifts of securities as soon as possible after receipt. The value of a gift of electronically transferred shares is the closing bid price of the share on the date the shares are received in the GRCF’s account, with any loss to the FMV at the time of the transfer borne by the donor. Share certificates (hard copy) may be accepted and will be valued at the date received by the GRCF.
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