LBF: Louisiana Bar Foundation

Giving to the LBF Information

The LBF shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:

Closely held stock transfers that are subject to restrictions or buy-sell agreements.
Gifts involving contracts, such as bargain sales or other documents requiring the LBF to assume an obligation.
Transactions with potential conflict of interest that may invoke IRS sanctions.
Other instances in which use of counsel is deemed appropriate by the Gift Acceptance Committee.

The LBF will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences.

The LBF will accept unrestricted gifts and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. The LBF will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive include those that are too difficult to administer, or gifts that are for purposes outside the LBF’s mission. The LBF’s Gift Acceptance Committee will make all final decisions on the restrictive nature of a gift and its acceptance or refusal.

The LBF is not a pass-through vehicle. It cannot accept a gift on behalf on non-501(c)(3) entities for the purpose of providing the donor with a tax deduction.

Securing appraisals and legal fees for gifts to the LBF generally will be the responsibility of the donor. Fees borne by the LBF will be netted against the value of the gift.

The LBF will record gifts received at its valuation on the date of receipt.

The Gift Acceptance Committee of the LBF is responsible for filing IRS Form 8282 upon the sale of disposition of any asset sold within two years of receipt by the LBF when the charitable deduction value of the item is more than $5,000. The LBF must file this form within 125 days of the date of sale or disposition of the asset.

Acknowledgment of all gifts made to the LBF and compliance with the current IRS requirements in acknowledgment of such gifts shall be the responsibility of the LBF office and will be in accordance with the LBF Donor Acknowledgment Policy.

This committee shall consist of:

Chair of the Board of Directors
Treasurer of the Board of Directors
Chair or Co-Chairs of the Resource Development Committee
Executive Director of the LBF

The Committee is responsible for reviewing planned gifts to the LBF, properly screening and accepting those gifts, and, when appropriate, making recommendations on gift acceptance issues to the Board of Directors