Gift Acceptance Agreements Avoid Headaches for Charitable Donors, Their Descendants, and the Charities They Wish to Support
Author: Richard M. Horwood.; John R. Wiktor.
Source: Volume 24, Number 04, Summer 2007 , pp.355-363(9)
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Abstract:
Many donors do not want to give unconditional gifts to charities. Instead, they are attaching strings to the gifts and seeking to obtain recognition for their generosity. On the other hand, charities want to keep as much flexibility as possible in what they can do with the gifts, and are hesitant about accepting a gift that comes with restrictions on how it may be administered. In the end, donors and charities have competing views about charitable gifts. While donors want to ensure that their gifts are being used for the intended purpose, charities often want to ensure that flexibility is built into the gift. If any ambiguity exists in how to accomplish both of these competing goals, the likelihood increases for controversy and potential litigation to flow from a “problem gift.”Keywords:
Affiliations:
1: Horwood Marcus & Berk Chartered; 2: Horwood Marcus & Berk Chartered.