The ASA will consider the following criteria in the acceptance of a gift:

A. Cash. Cash is acceptable in any form.  

B. Tangible Personal Property. Before accepting tangible personal property, the ASA will determine if it is readily marketable and will not expose the ASA to significant liabilities. All gifts of tangible personal property other than cash will be evaluated by the ASA in light of the following criteria:

1. Will the property help the ASA to fulfill its purposes?
2. Is the property marketable?
3. Are there any undue restrictions on the use, display, or sale of the property?
4. What are the carrying costs for the property?
5. Does the property comply with the ASA’s formal policy and procedures?

C. Securities. The ASA may accept both publicly traded securities and closely held securities.

1. Publically-Traded Securities: The ASA shall sell any publically-traded securities unless holding the securities is deemed appropriate by the ASA’s investment advisors.  The ASA shall determine, prior to accepting securities, whether the securities, in the hands of the ASA, are in any way restricted as to sale.  If there are any legal restrictions on sale, the ASA will consult with appropriate legal counsel before accepting the gift.
2. Closely-Held Securities: The ASA may accept closely-held securities if deemed acceptable after review by the ASA. 

D. Real Estate. Before accepting real estate, the ASA will determine if it is readily marketable and will not expose the ASA to significant liabilities.  Prior to accepting a gift of real estate, the ASA shall consider such factors as:

1. Sale costs and holding costs prior to sale,
2. Current and expected future value,
3. Encumbrances and title restrictions,
4. Liabilities, including potential environmental issues, and
5. Compliance with the ASA’s formal policy and procedures for accepting real estate.  

E. Intangible Assets That Are Not Publicly Traded. These assets include stock, bonds, debentures, partnership interests, and LLC interests that are not publicly traded, as well as patents, copyrights, and other intangible assets.  Gifts of intangible assets that are not publicly traded are acceptable provided that the ASA shall not accept such assets that have an insignificant present value or could expose the ASA to liabilities of significant carrying costs or negative tax consequences.  The ASA will evaluate intangible assets to determine if acceptance will comply with the ASA’s formal policy and procedures.

F. Life Insurance Policies. Life insurance policies are acceptable, provided that the ASA is the owner and the irrevocable beneficiary of the policy, and the gift complies with the ASA’s formal policy and procedures. 

G. Non-Standard Contributions. Non-standard contributions include:

1. Assets that are not reasonably expected to be used to satisfy or further the ASA’s exempt purpose (aside from the need for income or funds);
2. Assets for which there is no ready market to which the ASA may go to liquidate the contribution; and
3. Assets whose value is highly speculative or difficult to ascertain.

Prior to accepting a non-standard contribution, the ASA shall review the proposed gift and consider whether acceptance will comply with its formal policies and procedures.

H. Deferred Gifts. The ASA may accept a designation as a remainder/income beneficiary of a trust if it is acceptable to the ASA under its formal policy and procedures, including: designations made in charitable pledges, testamentary bequests, charitable remainder trusts, charitable lead trusts, individual retirement accounts, retirement plans, and remainder interests in real property.

ANONYMOUS GIFTS

The ASA will not accept completely anonymous gifts.  The donor’s identity must be disclosed to the Chairman of the ASA’s Board of Directors, who shall endeavor to maintain the donor’s anonymity (except upon a request from the ASA’s Board of Directors or as required by law).