Common use of Gift Acceptance Clause in Contracts

Gift Acceptance. As stated in Section II, the Code and IRS regulations require that all contributions to The Community Foundation are irrevocable. As a result, The Community Foundation legally owns contributed assets after acceptance and holds discretion and control over the use of the assets. Cash and publicly traded securities are deemed accepted upon receipt. Please see The Community Foundation’s Gift Acceptance Policy for information about the process for accepting other types of gifts such as real estate, closely held stock, partnership interests and other illiquid assets. Questions? Please contact the Donor Services team by email at xxxxxxxxxxxxx@xxxxxxxxxxxxxxxxxxxxxx.xxx, or by telephone at 000-000-0000.

Gift Acceptance. As stated in Section II, the The Code and IRS regulations require that all contributions to The Community Foundation are irrevocable. As a result, The Community Foundation legally owns contributed assets after acceptance and holds discretion and control over the use of the assets. Cash and publicly traded securities are deemed accepted after the assets are delivered to The Community Foundation. All other types of assets are deemed accepted upon receiptexecution of the Gift Acceptance Agreement by The Community Foundation. Please see The Community Foundation’s Gift our Gifts Acceptance Policy for information about the process for accepting other types of gifts such as real estate, closely held stock, partnership interests and other illiquid assetsmore information. Questions? Please contact the Donor Services team development department by email at xxxxxxxxxxxxx@xxxxxxxxxxxxxxxxxxxxxx.xxxemail, xxxxxxxxxxxxxxxxxxxx@xxxxxxxxxxxxxxxxxxxxxx.xxx or by telephone at telephone, (000-) 000-0000.