Mariano Rivera Foundation (MRF) is a non-profit 501(c)(3) organization and its operating budget is comprised mostly of financial contributions, donations, and gifts. Because a portion of MRF’s budget to carry out its worldwide mission depends on financial contributions, donations and gifts, it is important for MRF to communicate to its supporters how it handles such donations and to create a consistent organizational approach and practice regarding this vital part of its mission.
1. Funds shall be solicited in a respectful manner and without pressure.
2. Donor designated restrictions on contributions shall be honored to the fullest extent possible so long as they are consistent with MRF goals and values.
3. Mariano Rivera Foundation (MRF) is a non-profit 501(c)(3) organization and contributions made to the organization are tax deductible to the fullest extent allowed by law.
4. Written tax receipts shall be issued for all donations. If the donor receives anything in exchange for their donation, such as a dinner or event admission, the tax receipt shall clearly state what portion of the donation is tax deductible.
5. At the beginning of each calendar year MRF shall provide each donor who has contributed over the course of the prior year, with written documentation of all tax deductible gifts received during the prior calendar year.
Gift Acceptance Policy
Gifts to Mariano Rivera Foundation (MRF) may be made in any amount for the benefit of any of MRF’s domestic or international programs. Gifts may be designated for a specific program or purpose. Gifts may also be unrestricted in which case they will be disbursed to the area of greatest need at the sole discretion of the MRF President, Executive Directors of Mariano Rivera Foundation, or the MRF President’s designee.
1. Gifts of Cash.
MRF will accept gifts of cash, checks, money orders and (beginning July, 2014) payments via credit or debit card.
2. Real Estate.
Gifts of real estate may be accepted by MRF. MRF review of gifts of real estate shall include, but not be limited to, legality, title, encumbrances, liens, mortgages, easements, restrictions, and environmental issues. Until the real estate or property is sold and proceeds are deposited into the MRF account, all legal obligations related to ownership of the real estate such as taxes, insurance, utilities and security shall remain with the donor.
3. Tangible personal property.
The property must be saleable and the donor must agree that the property can be sold unless MRF agrees to use the property for a purpose related to the exempt purpose of the organization. At least one qualified appraisal by an independent professional appraiser is required and such appraisal must be shared with MRF prior to any MRF decision to accept such a gift of tangible personal property.
In any of the cases where an appraisal is required, it is the sole responsibility of the donor to obtain and pay for competent appraisal services and to share the results of such appraisal with MRF.
It shall be the responsibility and legal obligation of the donor to seek and obtain advice from his or her professional financial advisors, to substantiate any tax deductions, and to comply with IRS regulations and policies, including the filing of IRS Form 8283.
1. Gift Agreements.
Where appropriate and advisable, MRF may enter into a written gift agreement with a donor which shall specify the terms of any restricted gift, which may include provisions regarding donor recognition.
2. Pledge Agreements.
MRF’s acceptance of pledges of future support (including by way of matching gift commitments) shall be contingent upon the execution and fulfillment of a written Charitable Pledge Agreement, on a form supplied by MRF, which shall specify the terms and conditions of the pledge including any provisions regarding donor recognition.
The donor is responsible for (a) the fees of independent legal counsel retained by donor for completing a gift to MRF; (b) any appraisal and appraisal report fees; (c) the cost of any environmental assessments, audits and reviews; (d) any title searches, reports, insurance or binders (in the case of real property); and (e) all other third-party costs and fees associated with the transfer of the gift to MRF.
4. Valuation of Gifts.
MRF shall record gifts received at their valuation on the date of gift, except that, when a gift is irrevocable, but is not due until a future date, the gift may be recorded at the time the gift becomes irrevocable in accordance with GAAP.
5. IRS Filings upon Sale of Gifts.
To the extent applicable, MRF shall file IRS Form 8282 upon the sale or disposition of any charitable deduction property sold within three (3) years of receipt by MRF. “Charitable deduction property” means any donated property (other than money and publicly traded securities) if the value claimed by the donor exceeds $5,000 per item or group of similar items donated by the donor to one or more donee organizations (e.g., the property listed in Section B on Form 8283). MRF shall file this form within 125 days of the date of sale or disposition of the asset in accordance with applicable IRS rules and regulations.
6. Written Acknowledgement.
MRF shall provide written acknowledgement of all gifts made to MRF and comply with the current IRS requirements in acknowledgement of the gifts.
7. Donation Refund Policy
If a donation was made in error or if you change your mind about contributing, we will honor your request for a refund made within 15 days of your donation.
To request a refund, call us at (302) 333-7243, or send a written request for refund to:
Mariano Rivera Foundation
P.O. Box 1603
Bear, DE 19701-9998
Refunds are returned using the original method of payment. If you made your donation by credit card, your refund will be credited to that same credit card.
8. Changes to or Deviations from the Policy.
This Policy has been reviewed and accepted by the MRF’s Board of Directors, which has the sole authority and discretion to change this Policy. In addition, the Board of Directors must approve in writing any deviations from this Policy.
The terms “funds,” “contributions,” “gifts” and “donations” are used interchangeably throughout this policy document unless otherwise stated.