Tuesday, May 7, 2024
Difficult Property Gifts

5.2.2 Basic Quiz -- Gift Acceptance Policies
As a general rule, most charities prefer gifts of cash, stocks and bonds.
     True      False
With a gift of real estate, charity must take title to the property in most cases.
     True      False
Under CERCLA, the current property owner can be held liable for cleanup costs even if the current property owner is not responsible for any of the property contamination.
     True      False
Because of the potential financial risk under CERCLA, a charity should create gift acceptance policies and procedures aimed at avoiding liability under CERCLA.
     True      False
A "no acceptance" policy means that a charity refuses all gifts of real estate.
     True      False
An "accept everything" policy means that a charity will accept all uncontaminated properties.
     True      False
A "case-by-case" acceptance policy is a set of gift acceptance policies and procedures for real estate that are designed to maximize "good" gifts and minimize or eliminate "bad" gifts.
     True      False
Under the "case-by-case" approach, a charity may accept one property or refuse another property depending on the property's characteristics.
     True      False
A charity can request that the donor pay the costs associated with an EIS.
     True      False
A charity may pay for the EIS without raising a tax or legal problem.
     True      False



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