Purpose

The purpose of this Biomedical Review (“Biomedical Review”) Gift Acceptance Policy is to assure that the best interests of the donor and the Biomedical Review are served, to define acceptance or non-acceptance of proposed gifts, and to provide guidance to donors and their professional advisors in completing gifts to the Biomedical Review. The Biomedical Review encourages the solicitation and acceptance of gifts for purposes that will help it further and fulfill its mission. In reference to gift acceptance, it is the goal of this Policy to encourage funding without encumbering the organization with gifts that may generate more cost and/or risk than benefit or return. The general policy of the Biomedical Review is to inform or otherwise assist donors who wish to support its activities but never pressure or unduly persuade a donor to complete a gift. Prospective donors are offered a range of available and approved gift opportunities, as detailed in this Policy. Donors are always encouraged to seek independent, professional counsel to represent their interests.
Gift Definition

A gift is defined as a voluntary transfer of assets from a donor (a person or an organization) to the Biomedical Review where no goods or services are expected, implied, or forthcoming for the donor. Gifts are made without expectation of return; no consideration (outside of appropriate recognition) to the donor or to anyone designated by the donor may result from the contribution. A donor may receive insubstantial, intangible, token, or low-cost goods or services in exchange for a gift. Any substantial goods or services received by the donor should be reported to the donor when acknowledging the gift and should not be considered part of the gift.

Gifts that require performance of service or other consideration are not considered contributions but rather are sponsorships or some form of the contractual relationship.

A donor makes a contribution to the Biomedical Review with the understanding that the gift is an irrevocable transfer of assets. The Biomedical Review is not obliged to return unexpected funds or unused assets. If, for some reason, the Biomedical Review is unable to comply with the donor’s intent, if the intended program has been discontinued and no mission-consistent activity may be substituted, or if the gift has been misdirected to the Biomedical Review, a return of the gift may be issued at Biomedical Review’S discretion. Out-of-pocket expenses may be deducted from the gift before it is returned.

Biomedical Review does not market specifically named financial products, nor does it recommend or endorse the services and/or products of any professional financial advisor including, but not limited to, attorneys, accountants, trustees, financial advisors, and consultants. The Biomedical Review and Biomedical Review staff will not manage trusts or serve as a trustee or witness to any bequest or will, successor trustee, or representative for any donor or donation. The Biomedical Review cannot reimburse or otherwise pay for donor professional services utilized to execute the gift to the Biomedical Review.
Form of Gift – Allowable Gift Vehicles

The Biomedical Review gratefully encourages and accepts gifts of cash as the preferred donation vehicle; gifts may take the form of securities and the other gift forms listed below. It is the policy of the Biomedical Review to convert non-cash gifts to cash as soon as possible. The following list of gifts are the approved vehicles that may be considered for acceptance:

Cash
Online donations via www.aoassn.org
Wire transfer of funds
Credit card contributions
Publicly traded securities; gifts of securities that are not readily marketable must receive approval prior to acceptance
For those donors age 65 or older, bequests through wills*
IRAs and retirement plan beneficiary designations
For those donors age 65 or older, paid life insurance policies and new life insurance policies with an irrevocable beneficiary designation (accepted where the Biomedical Review is designated as a beneficiary)
Royalties and distribution rights
Certain transfers of real estate/remainder interests in real property**
Certain planned gifts, such as Charitable Lead Trusts and Charitable Remainder Trusts (where the Biomedical Review is the beneficiary and donor is the trustee)

*For non-cash gifts resulting from bequests, the personal representative will be asked to sell the property and remit the proceeds to the Biomedical Review.

**The Biomedical Review will consider the acceptance of such gifts; no gift of real estate shall be accepted without clear title, evaluation of salability, lack of third-party interests, and environmental scrutiny (where applicable/for commercial real estate assets).
Gift Criteria

The following criteria generally identify a gift
Gifts are motivated by charitable intent.
Gifts are irrevocable transfers of assets.
Gifts are not generally subject to exchange or consideration or other contractual duties between the Biomedical Review and the donor.
Donors are not provided formal financial accounting. A general report to the donor, stating the utilization or impact of the gift is appropriate and may be desirable, especially in the case of named gifts or significant gifts to the endowment.
Generally, funds received from individuals, closely-held corporations, and family foundations will be classified as gifts.
A gift is not completed until it has been accepted by the Biomedical Review or, in the case of securities, bonds, or mutual funds, when deposited into the Biomedical Review account.

Gift Acceptance

The Biomedical Review or Biomedical Review representatives should not accept a gift unless there is a reasonable expectation that acceptance of the gift will ultimately benefit the mission of the Biomedical Review. The Biomedical Review reserves the right to decline acceptance of a gift when a gift is deemed not to further the Biomedical Review mission or goals. Furthermore, any gift that would create an administrative burden or excessive expense or obligation to the organization would also be considered for declination.

Donors will be encouraged to consult with their own legal and financial consultants in all cases and, particularly when considering a major gift, a charitable trust gift, retained life estate, or other complex gift agreement or that names the Biomedical Review as beneficiary.

The Biomedical Review is committed to compliance with all applicable laws and regulations, donor designations, and ethical standards.

Authorization to accept non-cash and non-securities gifts that are not readily marketable shall come from the Biomedical Review Executive Director. The Biomedical Review Executive Committee retains all final authority with regard to the approval of policies and procedures relating to the organization’s individual giving program. The Finance Committee shall serve as the reviewing body where gift acceptance questions are at issue.

Federal tax law does not permit donors to dictate or restrict investment decisions with regard to the maintenance of irrevocable gifts. Establishment and governance of all planned gifts shall be in direct accordance with and subject to the IRS tax code, revenue rulings of the U.S. Government, and the laws of the State of Illinois.

It is recognized that certain gifts, including but not limited to those involving unusual funding arrangement, should not be routinely processed, but should be reviewed by the Executive Director in consultation as needed with the Executive Staff, Development Committee representatives, and Executive Committee. The Executive Director will approve all planned gifts for which the Biomedical Review has been named prior to execution.
Designations and Restricted Gifts

Because it is the policy of the Biomedical Review to encourage gifts for the general purposes of the Biomedical Review in support of the Biomedical Review mission, the donor may not place restrictions on the investment of or use of the gift outside of designating specific, approved Biomedical Review program/offering support. The donor may not retain control over the money or property transferred to the Biomedical Review to qualify as a current gift or require that Biomedical Review engage a specific vendor as a condition of the gift. Significant gifts that have the potential to alter existing, or create new programs/offerings will be reviewed and considered for acceptance by the Biomedical Review Executive Committee. The Biomedical Review will not accept gifts that create or fund programs that will compromise or jeopardize its 501(c)(3) tax status.

Donations may be designated by donors for approved programs and projects of the Biomedical Review. Use of these funds will be governed by the Policy on Management, Investment and Use of Funds approved by the Biomedical Review Executive Committee.

Donors of major gifts that fall into the “Transformational Gift” category of $1M or greater shall have the opportunity to elect a naming right for an approved Biomedical Review program or offering, consistent with the Biomedical Review Naming Policy.

The Biomedical Review shall offer individuals the opportunity to underwrite approved, one-time programs or publications by contributing the amount necessary to develop and complete the program or publication. Recognition of donors in this category shall be consistent with overall Biomedical Review recognition level attribution.
Administration

The administration and management of gifts will be guided by these principles. The Biomedical Review will:

Follow generally-approved accounting procedures
Honor the donor’s intent so that donors are assured their gifts will be used for the purposes for which they were given.
Administer and manage funds in an efficient manner.
Be transparent in reporting the use of funds to donors, members, and the public.
Follow Biomedical Review gift acceptance policies and procedures.
Use funds in an ethical and compliant manner that is in accordance with applicable state and federal laws.
Be good stewards of funds received.
Hold in confidence all information obtained from or about donors/prospective donors.

Stewardship of gifts shall be overseen by the Biomedical Review Development Committee. In order to manage the Biomedical Review Development functions and to help cover the costs of fundraising, up to 15% of funds raised each year can be used to cover direct fundraising costs incurrent by the Development Committee.