Gift Acceptance and Solicitation Policies
1 Signal Hill Drive, Wall, PA 15148-1499
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Gift Acceptance/Solicitation Policies of Cornerstone TeleVision
Network
Cornerstone TeleVision Network is called by God to serve and excel as a
media ministry to bring glory to His name. In obedience to the great
commission of Jesus Christ CTVN seeks to provide entertaining means to
evangelize and edify the general public in our viewing area. As a result
of being exposed to the Gospel, some will come to know Jesus Christ
personally as Lord and Savior. Believers will be exhorted to live a
Biblical lifestyle, encouraged to join a local church, and equipped and
challenged to help reach their world for Christ.
To present a well-balanced and diversified program schedule that proclaims
the Gospel of our Lord Jesus Christ in varied ways by using unique
entertaining means to attract all segments of our viewing audience so as
to evangelize and edify them -- emphasizing Cornerstone TeleVision Network
produced programming and featuring the best Christian programs available
-- always aiming to add or replace a program with the same quality or
better.
III. STATEMENT OF BIBLICAL UNITY
Because Biblical unity and harmony among Christians will bring glory to
God and help advance the Gospel, Cornerstone TeleVision Network seeks to
promote unity and harmony among the various Christian communities using as
its basis for coming together in agreement the belief that the scriptures
-- both the Old and New Testaments are verbally inspired of God in the
original writing and are God's special revelation of Himself and His
creation. (Ephesians 4:1-16)
Cornerstone TeleVision Network is a member in good standing of the
Evangelical Council for Financial Accountability. Cornerstone TeleVision
Network has an independent Board of Directors and has an annual audit by
an independent CPA firm that is available for public inspection upon
written request.
V. RESPONSIBILITY FOR FUNDRAISING ACTIVITIES
Annual fund drives, capital campaigns and planned giving programs shall be
under the supervision of the Vice President of Administration and Finance
who shall report to the President. The President shall be responsible for
the oversight of organizing volunteers/staff to solicit prospects and
donors, and the development and cultivation of personal, corporate,
foundation and organizational giving. Both the Vice President of
Administration and Finance and President are accountable to the board of
directors.
All gifts will be forwarded to the Vice President of Administration and
Finance for Cornerstone TeleVision Network, who has the ultimate
responsibility for the administration, tax reporting and record keeping
for various gifts. This person shall be responsible, either directly or
via assignment to a third party, for:
VI. GENERAL POLICIES CONCERNING RESTRICTIONS IMPOSED BY
DONORS UPON GIFTS TO CTVN
While the primary goal of CTVN is to obtain unrestricted dollars to
support the CTVN mission, CTVN will accept gifts from contributors who
wish to restrict the use of a gift, provided there is a demonstrated need
for such gift. Donors may also direct that contributions be used for a
defined special purpose or endowment fund.
It is the policy of CTVN not to discriminate against any individual on the
basis of race, color, religion, creed, sex, or national or ethnic origin.
Gifts will not be accepted if restrictions on the gift violate this
policy.
Only gifts of cash and stock and pledges of cash will be directed to
accounts for donor-designated purposes (restricted funds) unless the
President directs otherwise.
It will be the general policy of CTVN to liquidate donated property
(stock, real estate, etc.,) as soon as possible and place the net proceeds
of the sale in the appropriate account.
VII. SOLICITATION AND ACCEPTANCE OF TANGIBLE PERSONAL
PROPERTY
Non-cash gifts may be accepted by CTVN. If a gift involves additional
expense for the display, maintenance, or administration of the property,
it will only be accepted if the President determines that the expense is
reasonable or if the donor is willing to assume those expenses.
Gifts of tangible personal property will not be accepted if made on the
condition that the property will be loaned back to the donor or to anyone
else designated by the donor for any period of time.
Gifts of real estate with a retained life interest may be accepted with
the approval of the President. A donor who contributes real property with
a retained life estate will bear the expenses of maintenance and pay all
real estate taxes on the property during the donor's lifetime. Gifts of
real estate with restrictions upon the ultimate sale of the property may
be accepted only by vote of the Board of Directors with a recommendation
from any planned giving and/or finance committees in place at that time.
CTVN will accept gifts of listed securities or securities traded over the
counter. Gifts of securities not traded on an exchange or over the counter
may be accepted if valuation of the securities can be substantiated
through other sale prices or expert appraisal and with the approval of the
President.
The President and Vice President of Administration and Finance must be
consulted concerning the advisability of accepting any gift-in-kind. Any
staff person, volunteer, consultant or other person associated with CTVN
must first consult with the President and Vice President of Administration
and Finance before accepting unusual gifts-in-kind or other extraordinary
gifts that might involve continuing obligations for CTVN.
VIII. POLICIES CONCERNING GIFTS FOR SPECIFIED
PURPOSES
Donors will be encouraged to make unrestricted gifts. Gifts for certain
purposes, however, may be accepted by CTVN. Generally, the designated
purposes should be described broadly and detailed restrictions avoided.
The language used in creating such a gift should leave enough leeway for
the board of directors to apply the gift to some other purpose if the
designated purpose is no longer feasible or if the board of directors
determines that the CTVN mission would be better served by using the gift
in another way. Such action would require a simple majority vote of the
board. The following or similar language may be used to provide this
leeway:
"Should the purpose designated for my gift no longer exist or become
impractical in the opinion of the CTVN Board of Directors, I direct that
the board make every effort to apply my gift to a related purpose or
purposes which in the Directors' opinion will most nearly accomplish my
wishes while meeting a then current need of Cornerstone TeleVision
Network."
Any unrestricted gifts from private sources for current operations may be
added to the annual budget. Gifts for endowment, if relatively small, will
be added to the endowment fund. Gifts of at least $100,000, however, may
establish a named fund for a specific purpose related to CTVN's mission.
Requests to establish such funds will be handled on an individual basis.
Donors may establish a named fund for less than the minimum specified
level they agree in writing to increase the funds to the minimum level
within a period of three years.
IX. GENERAL POLICIES CONCERNING PLANNED GIFTS
A planned gift usually involves an outlay of capital assets (not annual
income) and can result in the donor receiving income or other benefits.
Typical planned gifts include charitable trusts, gift annuities, insurance
and bequest designations to name a few. The President and Vice President
of Administration and Finance of CTVN are authorized to negotiate planned
gifts or designate someone to negotiate on their behalf, and shall be
responsible for:
Payout rates offered for charitable remainder trusts will comply with
current IRS regulations and CTVN's gift acceptance policy.
Payout rates offered for deferred gift annuities and immediate gift
annuities will not exceed the rates recommended by the American Council on
Gift Annuities. It is the policy of CTVN to offer and administer all forms
of charitable gift annuities to benefit CTVN and be sure they conform to
all state and federal laws.
The Investment Committee of the board of directors shall be responsible
for the determination of investment strategies for all endowment funds and
retained life income funds, with the consultation of the President and
Vice President of Administration and Finance.
Before any donor enters into an irrevocable planned gift, the staff shall
ascertain that the donor understands the irrevocable nature of the gift.
To assure the charitable intent and avoid potential conflict of interest,
planned gift structures and/or investment strategies suggested by a donor
will be reviewed carefully prior to execution of the gift. The staff will
neither offer to provide, nor provide estate planning or tax advice to any
donor or prospective donor. Donors shall be urged to consult their own
attorneys and other advisors, and in no case shall the staff or anyone
representing CTVN draw up a will/living trust for a donor.
CTVN may suggest language to be included in wills and trusts and may
submit sample language for planned giving agreements such as charitable
trusts, gift annuities, deed remainder interest contracts, or other
generic examples for consideration by the donor and his/her advisors.
Confidentiality shall be maintained for all information garnered by the
staff in negotiating and preparing a planned gift, and no information
shall be disclosed to anyone except as necessary in administering the
gift.
The President must propose exceptions to these guidelines. CTVN's board of
directors must approve amendments to these guidelines.
The board-authorized CTVN staff to negotiate planned giving arrangements
are the President, Vice President of Administration and Finance, or anyone
designated by the President to act on CTVN's behalf. Only the President,
Vice President of Administration and Finance or the Board Chair are
authorized by the board of directors to sign gift agreements on behalf of
CTVN.
Planned giving agreements are subject to certain minimum requirements as
set out below:
It shall be the policy of CTVN to encourage persons to designate CTVN as a
bequest recipient in wills and living trusts and to recognize those
commitments, though revocable.
It shall be the policy of CTVN to direct all unrestricted bequests and
other testamentary gifts to a board-designated endowment fund for the
purpose of generating income to address operational needs, but whose
principle can be used with the approval of two-thirds of the board.
Language such as the following shall be drafted and included in CTVN
marketing materials to simplify inclusion of CTVN in donor estate plans:
It is the policy of Cornerstone TeleVision Network to always advise donors
to "Always consult with your attorney concerning the best way for you to
provide for Cornerstone TeleVision Network in your will or living trust."
XI. POLICY REGARDING CTVN EMPLOYEES SERVING AS ESTATE
EXECUTORS
No CTVN employee may knowingly act as executor or executrix of any estate
where CTVN is a beneficiary. Exceptions to this policy may be made by the
President in cases in which the donor and the CTVN employee are relatives
or in which the friendship/working relationship between the donor and CTVN
employee existed before and outside of the employee's connection with
CTVN.
APPENDIX
Checks should be made payable to Cornerstone TeleVision Network located at
1 Signal Hill Drive, Wall, Pennsylvania 15148-1499. Donors should clearly
indicate their intentions regarding the gift in accompanying
correspondence and with a notation on the check.
In order to make it easier for donors to support Cornerstone TeleVision
Network, gifts can be made by major credit card by calling 1-412-824-3930
for more information.
Some banks and savings institutions permit gifts to be made by telephone
or to be made on a scheduled arranged by the donor and approved by the
bank. Donors should contact their personal financial institution for more
information or Cornerstone TeleVision Network.
Here are methods of making gifts of securities to Cornerstone TeleVision
Network in order of preference:
Contact your broker or the transfer agent to transfer ownership from you
to Cornerstone TeleVision Network (Inquire if CTVN already has an account
with your broker. That could expedite transfer). The donor is asked to
send a letter to Cornerstone TeleVision Network at the same time the
broker/transfer agent is notified, stating the donor's intention to
transfer stock so CTVN is alerted to follow-up on the gift so that it can
be logged for proper tax credit when received.
CTVN asks that it NOT be indicated as "transferee" on the assignment form
on the back of the stock certificate or on the stock power and that the
stock not be sent to a transfer agent for registering in CTVN's name. This
procedure results in delay and expense and is not necessary.
CTVN advises donors to consult their personal advisors regarding the tax
consequences as they apply to them at the time of transfer. CTVN staff may
not provide tax or estate planning advice.
The value of the contribution to CTVN for recording purposes is the mean
value of the stock on the day the transfer is completed.
CTVN will accept gifts of real estate consistent with its mission and
purpose. CTVN shall have the absolute right to accept or refuse any gift
of real estate for reasons CTVN deems prudent and in the best interest of
CTVN, including but not limited to issues regarding encumbrances, zoning,
easements, environmental problems, and salability.
Prior to accepting a gift of real estate, CTVN shall secure pertinent
information about the proposed donated property. The information to be
examined should include debt and other encumbrances, zoning, sewage,
water, other utilities, access, easements, location, environmental
concerns, and other issues affecting the property. Costs associated with
acquiring such information should be borne by the donor.
Prior to accepting a gift of real estate, a CTVN employee shall physically
examine the proposed gift property. Whenever possible, photographs or
videotape of the property will be secured and kept on file with other CTVN
documentation of the property.
Title insurance indicating a deed, which is free and clear of liens and
encumbrances, shall be secured for the gift value of the property. General
liability and, if applicable, all risk property insurance shall be secured
by CTVN for the gifted property. In most cases, an amendment to CTVN's
existing general liability and hazard property insurance can be utilized
to provide the necessary insurance, and every effort should be made to
effect an amendment to CTVN's existing insurance policies to provide the
coverage.
The donor shall be responsible for securing an appraisal of the gifted
property and forwarding a copy of the appraisal to CTVN. To protect the
charitable deduction for the donor resulting from the gift of real estate,
the appraisal shall be a qualified appraisal completed by an individual
with substantial experience in the appraisal business in that location who
will be required to sign section B, Part III of Internal Revenue Service
Form 8283. The appraisal must include the date or expected date of gift;
the appraised fair market value on the date or expected date of the gift;
the appraiser's tax identification number; a statement that the appraisal
was prepared for federal income tax purposes; a description of the
appraiser's background, education, experience, and membership (if any) in
professional appraisal associations and a description of the fee
arrangement between donor and appraiser (Reg. section 1.170A-13(c)(3)(ii)
should be referenced). It is important to note that in order for an
appraisal to be a "qualified appraisal," it must be obtained no earlier
than 60 days before the date of gift and no later than the day before the
due date of the income tax return on which the gift is first claimed or
reported. Due date includes extensions of time to file the return (Reg.
section 1.170A-13(c)(3)(i)(A) should be referenced).
CTVN reserves the right to obtain an independent appraisal of the
property, should it be deemed necessary. In case of a discrepancy, CTVN
will decide which appraisal to use. CTVN's appraisal shall also be a
qualified appraisal completed by an individual with substantial experience
in the appraisal business in that location and who will be required to
sign Section B, Part III of Internal Revenue Service Form 8283. The donor
may be required to make additional representations about the property in
writing.
In general, gifts of real estate shall require a Phase I environmental
audit. However, a Phase I environmental audit may be waived: if a
satisfactory Phase I audit has already been completed within a reasonable
period of time of the date of the gift; if the property is located within
the service area of CTVN, and CTVN has no reason to suspect environmental
problems; or if there is evidence of many years of continuous residential
usage for the property. The donor is expected to bear the cost of a Phase
I environmental audit and, if required, a Phase II environmental audit.
If the Phase I audit reveals possible environmental contamination, CTVN
may decide not to accept the gift of real estate or may decide to proceed
with a Phase II environmental audit. After completion of the Phase II
audit, CTVN shall assess exposure to the environmental concerns raised in
the Phase I or the Phase II audit and decide whether to accept the gift of
real estate.
From time to time, CTVN may accept gifts of real estate including but not
limited to outright gifts, bargain sales, unitrusts, gift annuities, life
estates, and by will. Regardless of the gift arrangement, the previously
indicated guidelines for gifts of real estate shall be utilized.
CTVN shall not accept mortgaged property as a general rule unless donor
agrees in writing to assume the obligation for its payment and receipt of
the gift does not result in Unrelated Business Income Tax (UBIT) that
could jeopardize the tax exempt status of a trust or place CTVN in an
unfavorable tax position. Waivers and exceptions to this policy may be
made by those authorized by the board to negotiate planned gifts, with
input from CTVN legal counsel.
Phase I/II Environmental Site Assessment
Definitions
The Comprehensive Environmental Response, Compensation and Liability Act
of 1980 (CERCLA) imposes liability associated with environmental
contamination of property on the current property owner as well as past
property owners. Therefore, under 1980 CERCLA provisions, the purchaser of
a property with existing environmental contamination was financially
liable for cleanup of contaminated property even though he/she may have
done nothing to contribute to the contamination.
In 1986, the federal government passed the Superfund Amendments and
Reauthorization Act (SARA) that allows the owner, operator, or any other
party to prove that it did not contribute to the environmental
contamination of the property and therefore is an innocent landholder.
SARA established and loosely defined the due-diligence environmental
assessment. Section 101 of SARA implies that the buyer is protected as
long as he/she has undertaken, prior to closure, "all appropriate inquiry
into previous ownership and uses of the property consistent with good
commercial or customary practice in an effort to minimize liability." An
environmental assessment is the systematic approach of identifying,
verifying, and documenting the environmental condition (contamination) of
a property prior to acquisition.
Because of the financial/legal implications surrounding the question of
what is "all appropriate inquiry into previous ownership and uses of the
property consistent with good commercial or customary practice in an
effort to minimize liability," the American Society for Testing and
Materials (ASTM) developed a standard for conduct of Phase I Environmental
Site Assessments (ASTM Practice E 1527-94). Conduct of a Phase I
Environmental Site Assessment in accordance with this ASTM method has
become the accepted standard.
The Purpose of the Phase I Environmental Site Assessment (ESA) is to
identify recognized environmental conditions in connection with the
property. A Phase I ESA has four components: (1) Records Review; (2) Site
Reconnaissance; (3) Interviews with current property owners and site
occupants; and (4) Evaluation and Report. The Phase I ESA does not include
any sampling or testing of materials. The interviews and site
reconnaissance, as well as review and interpretation of information upon
which the report is based and overseeing the writing of the report are all
portions of a Phase I ESA that are to be performed by an environmental
professional(s).
If the Phase I Environmental Site Assessment reveals the possibility of
environmental contamination, a Phase II assessment is undertaken to
confirm or refute the presence of contamination by means of performing
environmental sampling. The environmental sampling program generally is
tailored to target the suspect area(s) and contaminant(s) of concern.
Because of the wide variability of circumstances/conditions leading to the
conclusion that there is a real possibility of environmental contamination
in a Phase I Environmental Site Assessment Report, ASTM has not yet
developed a standard procedure for conduct of a Phase II Environmental
Site Assessment. Therefore, the conduct of the Phase II investigation is
based upon the judgment of the environmental professional.
It is important that the Phase II investigation be tailored to address the
area(s) of concern revealed in the properly conducted and documented Phase
I Environmental Site Assessment. The Phase II investigation should be
developed/implemented and completely documented. Documentation should not
only state what was done and the findings, but also provide the rationale
for the investigation process based upon the site conditions discovered
and documented during the Phase I assessment.
IV. GIFTS OF LIFE INSURANCE POLICIES AND OTHER
PROPERTY
Gifts of life insurance policies are encouraged to assist in building
CTVN's endowment program. Gifts of life insurance policies with cash
values are booked and recognized at their cash surrender value in the year
in which CTVN becomes the irrevocable owner and beneficiary of that life
insurance policy. Gifts of beneficial-only interests in life insurance
policies are not booked because of the revocable nature of the gift,
however they are recognized as expectancies.
The acceptance of other types of property are reviewed on an individual
basis
V. RESTRICTIONS ON USE OF GIFTS
If the use of a gift is restricted, CTVN should be advised of the
restriction at the time the gift is offered. It is advisable to discuss
this in advance with the appropriate CTVN staff person.
In valuing gifts to CTVN, CTVN will follow generally accepted accounting
practices. For tax purposes, however, CTVN shall follow the requirements
of state and federal taxing authorities. When necessary for CTVN internal
use, valuations of property, other than securities for which a ready
market exists, should be arranged by the Vice President of Administration
and Finance. Donors should obtain their own valuations for tax purposes.
For securities for which there is a market, the value is the mean between
the highest and lowest quoted selling prices on the date of delivery. For
mutual fund shares, the fair market value is the redemption (bid) price.
When there are no sales on the date of delivery, but there were sales
within a reasonable period before and after delivery, value is the
weighted average of the mean between the highest and lowest sales on the
nearest trading dates before and after delivery.
Irrevocable gifts in trust for which CTVN serves as Trustee and
irrevocable beneficiary will be recorded on the gift system to conform to
FASB rules. Likewise, irrevocable gifts in trust for which CTVN does not
serve as Trustee and is a revocable beneficiary, and for which proper
documentation has been secured, shall not be entered into the gift system
but shall be footnoted in CTVN's annual financial statement and recognized
in a manner so as to encourage others to consider this form of planned
gift. CTVN will also footnote in its annual report for informational
purposes only the number and approximate face value of all its planned
gift expectancies. All irrevocable gifts in trust made on or after January
1, 2000 shall be governed by this policy.
VII. DETERMINING DATE GIFT IS DELIVERED FOR VALUATION
AND TAX PURPOSES
A. GIFTS OF SECURITIES
When securities are mailed directly to CTVN, the date of mailing through
the U.S. Postal Service of the stock power or the certificates, whichever
is later, is the delivery date. If securities are hand-delivered,
including delivery by commercial means such as Federal Express, the
delivery date is the date they are received by CTVN.
If the securities are delivered by the donor's bank or broker, as the
donor's agent, or to the issuing corporation with instructions to reissue
the securities in CTVN's name, the delivery date is the date the
securities
are transferred to CTVN's name on the corporation's books.
Securities mailed to CTVN's broker or agent are delivered when mailed or
when the stock powers are mailed, if that date is later, unless they are
not received in the ordinary course of the mails. Securities hand-
delivered to CTVN's broker are delivered when received by the broker.
Securities transferred by wire (DTC) are not delivered until such time as
they physically reside in CTVN's account and are controlled by CTVN.
B. GIFTS BY CHECK
If mailed, the date of mailing is the delivery date. If hand-delivered,
the date is the date the check is received by CTVN.
C. GIFTS OF ART WORKS AND OTHER TANGIBLE PERSONAL PROPERTY
The date the property is received by CTVN is the delivery date.
D. REAL ESTATE
The delivery date is the date CTVN receives a properly executed deed.
Every effort will be made to honor a donor's wish to remain anonymous.
Donors should state that intention in writing to CTVN at the time a gift
is made.
IX. INTENTION TO COMPLY WITH FEDERAL STATE AND LOCAL LAW
AND GENERALLY ACCEPTED ACCOUNTING PRACTICES
This document shall be a blueprint for donor relations and gift acceptance
guidelines. It is CTVN's intention to conform to all federal, state and
local law and employ all generally accepted accounting practices related
to gift solicitation, receipting and fund disbursement.
Disclosure statements shall be issued to donors with all trusts and
appropriate planned gifts in accordance with the rules set forth in The
Philanthropy Protection Act of 1995.
CTVN will comply with all IRS regulations regarding gift substantiation
and disclosure.
CTVN will conform to Commonwealth of Pennsylvania ACT 127 that defines the
terms under which charities in Pennsylvania may issue charitable gift
annuities.
CTVN will comply with the Substantiation for Charitable Funds Act.
It will be the policy of CTVN to stress to donors the irrevocable nature
of planned gifts and to always direct donors to consult with their
personal legal/financial advisors before entering into a major gift
arrangement. CTVN will not offer legal or tax advice to donors.
In an effort to assure compliance and correctness, CTVN legal counsel,
prior to execution, will review all planned giving documents, including
but not limited to contracts, trust agreements, administration agreements
and letters of understanding.
Permanently Restricted Funds
Objective
The assets of Cornerstone TeleVision Network, herein referred to as The
Fund, will be managed with a focus on preservation and enhancement of
capital at rates in excess of inflation. Emphasis will be placed on
maximizing returns commensurate with the level of risk assumed. It is also
recognized that both the income generated from the funds as well as
capital gains, are restricted for use by Cornerstone TeleVision Network to
supplement the annual operating budget. By a two-thirds vote of the board
of directors, the principal of this fund may be used to finance capital
projects for building facilities and major equipment for which there is an
established need related to CTVN's mission.
The following strategic considerations will serve as guidelines for the
investment management of The Fund:
1. Investment Horizon
The Fund will be managed with a long-term horizon due to the infrequency
which funds will be needed due to its restricted nature.
2. Asset Types
The Fund will be managed using the following types of assets:
3. Asset Allocation
The allocation limits for Equity/Fixed Income/Cash and Cash Equivalents will be:
The investment manager will actively manage the assets of The Fund by
shifting emphasis upon the allocation of the asset types comprising the
portfolio within the guidelines listed above. Additionally, each asset
type will be actively managed to provide incremental returns relative to
appropriate market benchmarks as noted in Section 5.
4. Diversification and Risk Parameters
In order to minimize both the probability and impact of a substantial loss
of principal due to a specific issue or industry sector and to limit
portfolio volatility to that experienced by those indices listed in
section 5, diversification among the asset types listed above will be
employed. In addition, fixed income securities will be diversified as to
maturities in order to reduce the probability and impact due to a change
in interest rates and the subsequent changes in cash flow.
In consideration of the equity portion of the portfolio:
In the event the asset allocation would change, then consideration of the
fixed income portion of the portfolio would be as follows:
5. Performance Evaluation
The Fund performance should, on an annualized basis, experience a rate of
return in excess of a market benchmark comprised of 60 percent of the S&P
Stock Market Index and 40 percent of the Lehman Brothers Intermediate Bond
Index.
6. Special Situations
In an effort to be more responsive to contributor needs, Cornerstone
TeleVision Network offers a planned giving program that makes available
charitable giving tools that can provide current income to contributors
and future income to CTVN. The most common types of planned gifts include
immediate gift annuities, deferred gift annuities, charitable remainder
trusts and charitable lead trusts. With planned gifts, the gifted assets
may be owned by a trust either for a term of years or until the death of a
donor or donors. In these instances, the philanthropic and financial goals
of the donor or donors will be considered on an individual basis when
formulating a fund management policy. In such instances, the donor or
donors will be informed of the investment strategy in writing prior to
Cornerstone TeleVision Network accepting any gift.
Whenever possible, when Cornerstone TeleVision Network receives
distributions to endowment from individual charitable trusts and other
planned gifts, the corpus or principal amount will be added to the
endowment fund and managed under the terms listed in sections one through
five.
The Cornerstone TeleVision Network Board of Directors may revise, amend or
alter this policy to respond to changes in market conditions under the
terms of its bylaws.
Phone: 1-412-824-3930; Fax: 1-412-824-5442
Cornerstone TeleVision Network Tax ID: 23-7112560
Approved by the CTVN Board of Directors on December 19, 2000
gift_policy.pdf (54k)
APPENDIX
CTVN Gift Acceptance and Solicitation Policies
Definition of Phase I and Phase II studies
Maximum
Minimum
Equities
75%
40%
Bonds
50%
25%
Cash Equivalents
10%
- 0 -
U.S. Large Cap Stocks
75%
30%
U.S. Small Cap Stocks
15%
- 0 -