Roboteers Team 2481 Inc. (hereafter referred to as Team 2481) solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. Team 2481 urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern acceptance of gifts made to Team 2481 for the benefit of any of its operations, programs or services.
Use of Legal Counsel—Team 2481 will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
- Gifts of securities that are subject to restrictions or buy-sell agreements.
- Documents naming Team 2481 as trustee or requiring Team 2481 to act in
any fiduciary capacity.
- Gifts requiring Team 2481 to assume financial or other obligations.
- Transactions with potential conflicts of interest.
- Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts—Team 2481 will not accept gifts that (a) would result in Team 2481 violating its corporate charter, (b) would result in Team 2481 losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for Team 2481, or (e) are for purposes outside Team 2481’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Team 2481 Board of Directors.
If a gift is provided in support of the Team 2481 Robotics Center, Team 2481 will make every effort to use those funds to support construction and outfitting of the Robotics Center. However, if for any reason it is determined the Robotics Center cannot be built, if donor contact information is available, Team 2481 will contact the donor to determine if donation should be returned or reallocated to other projects, subject to processing fees.
Gifts Generally Accepted Without Review—
- Cash. Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line (PayPal donation link).
Gifts Accepted Subject to Prior Review—Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
- Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by Team 2481’s Board of Directors. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Board of Directors.
- Tangible Personal Property. The Team 2481 Board of Directors shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: does the property further the organization’s mission? Is the property marketable? Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear?