Types of Gifts
Gifts may be made during a donor’s lifetime, by an outright donation to the Foundation or by the use of a planned gift instrument such as a charitable trust or annuity. Further, gifts may be made by bequest through a donor’s will or living trust.
Gifts of any amount may be made to the Foundation and will become part of the Foundation’s unrestricted scholarship fund unless such gift qualifies to create a Scholarship Fund or Sponsored Scholarship as set forth below or is specifically made to add to any existing Scholarship Fund or Sponsored Scholarship.
Scholarship Field of Interest Funds
The minimum gift to establish a Scholarship field of interest fund is $100,000, unless otherwise approved by the Foundation’s Board of Directors.
Restricted Scholarship Funds
The donor specifies one or more Scholarship purpose, or program that is subject to approval by the Board of Directors. The minimum gift to establish a restricted Scholarship Fund is $100,000, unless otherwise approved by the Foundation’s Board of Directors.
The Foundation desires to give Long Beach Rotarians and other third parties the opportunity to sponsor scholarships to support student education at LBCC and CSULB. The initial minimum gift to sponsor a named scholarship at LBCC is $15,000 and at CSULB is $30,000.
Guidelines Regarding Assets Used to Make Gifts
Gifts of Cash:
The Foundation will accept cash gifts.
Gifts of Publicly Traded Securities:
The Foundation will accept gifts of publicly traded securities and assets deriving their value from such securities.
The Foundation may be designated as a primary or successor beneficiary of a life insurance policy owned by the donor.
Other Business Interests and Illiquid Assets:
Gifts of real estate, other business interests, notes, deeds of trust, tangible and intangible personal property and other illiquid assets require the approval of the Foundation’s Board of Directors. If there is a desire to make such a gift, the Foundation should be contacted in advance.
Property Subject to a Debt or Encumbrance
The Foundation may accept gifts of assets such as real estate, business interests or insurance policies that are subject to a debt or encumbrance. Such gifts require the approval of the Board of Directors.