South Michigan Food Bank openly accepts gifts for purposes that support the organization further and fulfill its mission. South Michigan Food Bank’s Board of Directors will assist the leadership of the organization when appropriate, to minimize any risk factors or aid in consultation with the CEO.
South Michigan Food Bank is committed to ending hunger in South Michigan and is profoundly thankful for individuals and corporations who extend their trust and generosity, so that we may be honored stewards of their gifts and put them into action!
Gifts Generally Accepted Without Review
- Cash. Cash gifts are acceptable in any form, including by check, money order, credit card, or online. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, billing zip code, security code, and name of the card holder as it appears on the credit card. Checks to be written payable to South Michigan Food Bank.
- 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 accepted and in some cases may be restricted, for example, by applicable securities laws or the terms of the proposed gifs.
- Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to South Michigan Food Bank under their wills, and to name South Michigan Food Bank as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans. South Michigan Food Bank has a Legacy Society and an advisory circle with trusted legal counsel for donors to seek service.
- Charitable Remainder Trust. South Michigan Food Bank may accept designation as a remainder beneficiary of charitable remainder trusts.
- Charitable Lead Trust. South Michigan Food Bank may accept designation as an income beneficiary of charitable lead trust.
Gifts Accepted Subject to Prior Review
Certain forms of gifts or donated properties may be subject to review by the leadership of South Michigan Food Bank prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
- Tangible Personal Property
- Life Insurance
- Real Estate
- Gifts in Kind.
General Policies Regarding Gifts
- Donors may direct their contributions, outright or deferred, toward any of South Michigan Food Bank’s specified purposes.
- In so far as possible, the designated purposes for gifts should be described in as broad and flexible terms as possible. Very narrow restrictions should be avoided.
- The language used in creating such a restricted gift or fund may contain provisions, allowing leadership to apply the gift to some other related purpose. If and when the designated purpose is no longer feasible, practical, necessary, or possible for performance. This must be discussed and agreed to by the donor.
Use of Legal Counsel
South Michigan Food Bank may seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Examples may include:
- Gifts of securities that are subject to restrictions or buy-sell agreements.
- Documents naming South Michigan Food Bank as trustee or requiring South Michigan Food Bank to act in any fiduciary capacity.
- Gifts requiring South Michigan Food Bank 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.