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GiftLaw Pro Home   >  Chapter 5 - Difficult Property Gifts  >  5.2 Environmental Risks  >  5.2.2 Gift Acceptance Policies  >  Basic Quiz

Basic Quiz - 5.2.2 Gift Acceptance Policies

1. As a general rule, most charities prefer gifts of cash, stocks and bonds.
           
2. With a gift of real estate, charity must take title to the property in most cases.
           
3. 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.
           
4. Because of the potential financial risk under CERCLA, a charity should create gift acceptance policies and procedures aimed at avoiding liability under CERCLA.
           
5. A "no acceptance" policy means that a charity refuses all gifts of real estate.
           
6. An "accept everything" policy means that a charity will accept all uncontaminated properties.
           
7. 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.
           
8. Under the "case-by-case" approach, a charity may accept one property or refuse another property depending on the property's characteristics.
           
9. A charity can request that the donor pay the costs associated with an EIS.
           
10. A charity may pay for the EIS without raising a tax or legal problem.