Effective 01/14/2020
I. INTRODUCTION
Hartford Hospital (the “Hospital”) pursues its charitable mission under the rules and regulations that govern a Connecticut tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. It is incumbent upon the Hospital to institute a policy which will protect it from accepting any gifts that could jeopardize its not-for-profit status, harm its financial strength, or damage its reputation.
The Hospital welcomes expressions of interest and financial support, regardless of size or form, from any individual, family, group, business, corporation, foundation or other source.
The Hospital’s Department of Philanthropy is the clearinghouse for the fund-raising activities of the Hospital and is under the direction of the Vice President, Philanthropy (“Vice President”).
The following policy defines the conditions for the acceptance of gifts to Hartford Hospital and provides guidance to prospective donors regarding the gift acceptance process.
II. GIFT ACCEPTANCE GUIDELINES
Only Hartford HealthCare’s Hartford Region President (“President”) and the Vice President may accept gifts on behalf of the Hospital subject to the terms of these policies. The Vice President shall refer all gift and pledge proposals subject to these policies to the consideration of the Gift Acceptance Committee— a standing advisory board to be comprised of volunteers and individuals knowledgeable in the fields of tax law, accounting, real estate, and business, all of whom shall be appointed by the Vice President.
Gifts are sought and accepted only for programs and purposes based on plans and needs approved by the President or the Vice President.
Requests for anonymity will be honored at the donor’s written request.
No one affiliated with the Hospital shall provide tax, financial or legal advice to prospective donors.
In the event gifts are accepted which are not in keeping with the terms of these policies and no exception is subsequently made, every attempt shall be made to return the donated property, or to amend the terms of the gift, in a way which is mutually acceptable to both the donor of such property and the Hospital.
The Hospital will not accept gifts which:
- Are contrary to law
- Limit the research or other work of a physician or administrator of the Hospital
- Restrict the ability of the Hospital to seek and accept gifts and grants from other sources
- Are administratively burdensome
- Impose impracticable restrictions in connection with the gift
In addition to the right to accept gifts, the President and Vice President reserve the right to decline any gift which is offered to the Hospital. They also reserve the right to determine how gifts will be credited and recognized.
Under special circumstances, exceptions may be made, and these policies may be amended at any time.
III. TYPES OF GIFT VEHICLES
Commitments to the Hospital and/or payment of same may take various forms, including without limitation, the following:
- Cash
- Bequests under a will or trust agreement
- Business interests
- Charitable gift annuities
- Charitable lead trust interests
- Charitable remainder trust interests
- Donor advised fund grants or interests
- Life insurance policies
- Marketable securities
- Pledges
- Pooled income fund interests
- Qualified retirement plan distributions and designations
- Real property
- Tangible personal property
- “Transfer on Death” (TOD) property
Gifts should be made payable to “Hartford Hospital” a Connecticut tax-exempt organization under section 501(c)(3) of the IRS code (E.I.N. 06-0646668) and should be directed to Hartford Hospital Department of Philanthropy (80 Seymour Street PO Box 5037 Hartford CT 06102-5037) where such gifts will be reviewed accepted and acknowledged.
Checks should not be made payable to an employee agent or volunteer.
Pledge proposals cannot be formally accepted without the prior review and approval of the Vice President and are allowed only according to the following criteria:
- Pledges shall be in writing and should commit to a specific dollar amount that will be paid according to a fixed time schedule
- Written pledge statements shall indicate the source(s) and types of assets that will be used to fulfill each pledge commitment
- Unless specifically stated no pledge shall be considered to be legally binding on the donor or the donor’s heirs
- Any asset intended to satisfy a pledge commitment shall be credited according to the value of the asset as of the date it is actually received by the Hospital
If an individual associated with the Hospital receives a copy of a donor’s appraisal for a non-cash gift it shall be forwarded immediately to the Vice President. The Vice President shall promptly send a letter to the donor stating that the Hospital cannot advise the donor as to whether or not the appraisal is a “qualified appraisal” for federal income tax purposes.
The Hospital’s Department of Philanthropy shall seek the advice of its legal and financial advisors in matters pertaining to its planned/deferred gift program and shall execute no agreement, contract, trust, or other legal document prior to receiving approval of competent legal/tax counsel.
IV. RESPONSIBILITIES OF DONORS
Prospective donors are urged to seek the counsel of their attorneys and financial advisors in all aspects of their proposed gift particularly on matters related to the legal and tax effects of a gift and its effect on their estate planning.
Although representatives of the Hospital’s Department of Philanthropy will provide all appropriate assistance the donor shall have the ultimate responsibility regarding asset evaluations tax deductibility federal state and/or local legal compliance issues and all costs associated therewith.