alabama planned giving council's november presentation
TRANSCRIPT
DRAFTING CHARITABLE GIFT AGREEMENTSTHAT STAND THE TEST OF TIME
Alabama Planned Giving CouncilNovember 17, 2016
Alan F. Rothschild, Jr.
The Perfect Gift
• Warren E. Buffett 1061• Omaha, Nebraska• Date November 1, 2016• PAY TO THE • ORDER OF Community Foundation of Greater Birmingham $5,000,000.00• Five Million and 00/100 DOLLARS• Happy Bank & Trust
• MEMO: General Uses and Purposes /s/ Warren E. Buffett______
Parts of a Charitable Gift Agreement Parties Purposes and Restrictions Changes in circumstances “Legal Stuff” For Pledges:
• Binding agreement• Payment terms• Alternative(s) if payment not made
Who is the Donee?
Who is the Donor?
Why does it matter?
Defining the Charitable Purpose
Donor Intent Goals Aspirations
Restrictions and Conditions
Changes in Circumstances
Privacy and Recognition Open Records Naming Opportunities
• Obsolescence• Un-Naming
“Legal Stuff”
Policies and Procedures
Spending Policy
Management Fees
Naming Rights
“Legal Stuff”
Governing Law
This Agreement shall be governed by the laws of the State of Alabama.
“Legal Stuff”
Merger Clause
This Agreement contains the entire understanding of the Parties with respect to the subject matter of this
Agreement. This Agreement supersedes and cancels all other agreements and understandings, both written and oral, between the Parties related to the subject matter of
this Agreement.
“Legal Stuff”
Dispute Resolution
Modifying Gift Restrictions
• Agreement Provisions
• Uniform Prudent Management of Institutional Funds Act (“UPMIFA”)
Enforcement of Charitable Gifts
Standing to Sue
Practical Issues