Cash or checks
Outright gifts of cash or checks are encouraged and we accept these gifts in any amount. Checks should be made out to the Land Conservancy of San Luis Obispo County. Donations accepted in the name of another community member as a memorial are treated the same as any unrestricted cash donation. They may also be designated to an existing Land Conservancy special use fund to be used for projects supported by the particular fund. The Land Conservancy generally does not use memorial funds for physical memorials unless approved by the Board of Trustees in advance of the gift.
Readily marketable securities
These are stocks and other securities (bonds, mutual funds, etc.) that are traded publicly in common markets. It is the policy of the Land Conservancy to immediately sell these assts to realize the cash value. The value of the tax deduction will be based on the net proceeds after the sale of the security.
Non-marketable securities
Donors wishing to give securities of closely-held or S Corporations or other securities for which there is not a ready market may need a qualified appraisal prior to making the gift. The staff at the Land Conservancy will assist with the process. If the securities are marketable, they will be immediately sold. If the Land Conservancy accepts a gift of securities for which a ready market does not exist, the Land Conservancy will hold the securities until they can be redeemed or sold for cash. The donor’s gift credits will be based on the proceeds of the sale. For these transactions, a donor’s gift may be deferred until the sale is realized.
Real Property
The Land Conservancy may accept gifts of real property, or interests in real property, whether an outright gift or through a deferred gift arrangement. The Land Conservancy will consider all facts related to the real property before agreeing to accept the gift. At the very least, the Land Conservancy will only accept property free of all liens and taxes and only after undertaking an environmental analysis. Donors will be advised to consult with their tax and legal advisors to review the terms of the gift. Donors may be required to provide a qualified appraisal of the proposed property. Donors may be required to provide for ongoing financial obligations associated with the property, such as taxes, insurance, maintenance, or environmental costs until the property is sold.
Personal property to be used by the Land Conservancy
The Land Conservancy will accept gifts of personal property for the purpose of using the items to fulfill our mission. Other personal items such as art or antiques cannot be accepted.
Proceeds of a Charitable Lead Trust
Donations to the Land Conservancy from Charitable Lead Trusts are accepted the same as cash.
Deferred Gifts
The Land Conservancy also accepts the following types of deferred gifts. Some of these require Board Approval as described below.
Bequests
The Land Conservancy receives bequests from persons who direct, through a will, trust, or insurance plan, certain funds or assets to be received by the Land Conservancy. A bequest of cash, marketable securities, or other liquid assets can be accepted without Board approval. Bequests of other assets such as real property or non-marketable securities must have Board approval.
Life Insurance
An irrevocable gift of a fully paid policy may be made naming the Land Conservancy as the owner and beneficiary. An irrevocable gift of a policy that is not fully paid can be made naming the Land Conservancy as the owner and beneficiary provided the donor pledges to make additional annual gifts to the Land Conservancy in the amount of remaining premiums due on the policy until fully paid. This arrangement must be accompanied by a written gift agreement. The Land Conservancy would make the premium payments on the policy when received from the donor. The Land Conservancy also is able to accept tax-deductible gifts of insurance policy dividends. Fully paid plans can be accepted without Board approval. Gifts of policies that are not paid in full require Board approval.
Life Estates
Donors may contribute a property to the Land Conservancy and retain a life estate, the right to occupy and use the property until death. Upon the donor’s death, the Land Conservancy must own all or a substantial interest in the property. During the donor’s lifetime, the donor may reserve the right to specify the charitable use of the remainder portion of the gift. The Land Conservancy will evaluate each gift on a case-by-case basis in consultation with counsel. All life estate donations must be approved by the Board.
Life Income Arrangements
Several types of deferred giving arrangements can be established during a donor’s lifetime or at the donor’s death that can be structured to provide a life income to the donor or a loved one. Life income arrangements include charitable remainder trusts and pooled income funds. Generally, the Land Conservancy will not take on a Trustee role for a charitable remainder trust. The Land Conservancy may, however, consider serving as trustee for charitable trusts as long as the Land Conservancy is named irrevocably as the beneficiary of a significant portion of the charitable portion of the trust. Each case will be evaluated individually in consultation with counsel and requires Board approval.
