DONATION/GIFT/MEMBERSHIP ACCEPTANCE POLICIES
HTI Foundation solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. HTI Foundation urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern acceptance of gifts made to the HTI Foundation for the benefit of any of its operations, programs, or services.
Use of Legal Counsel - HTI Foundation will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
A. Gifts of securities that are subject to restrictions or buy-sell agreements.
B. Documents naming HTI Foundation as trustee or requiring HTI Foundation to act in any fiduciary capacity.
C. Gifts requiring HTI Foundation to assume financial or other obligations.
D. Transactions with potential conflicts of interest.
E. Gifts of property which may be subject to environmental or other regulatory restrictions.
Restrictions on Gifts - HTI Foundation will not accept gifts that
(a) would result in the HTI Foundation violating its corporate charter,
(b) would result in HTI Foundation losing its status as an IRC § 501(c)(3) not-for-profit organization,
(c) is too difficult or too expensive to administer in relation to their value,
(d) would result in any unacceptable consequences for HTI Foundation or
(e) are for purposes outside HTI Foundation’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Executive Committee, in consultation with the Executive Director.
Donations/Gifts Generally Accepted Without Review:
Cash. Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the cardholder as it appears on the credit card.
Marketable Securities. Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor's endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by HTI Foundation’s Investment Committee. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances, the decision whether to accept the restricted securities shall be made by the Executive Committee.
Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies,
Commercial Annuities and Retirement Plans. Donors are encouraged to make bequests to HTI Foundation under their wills and to name HTI Foundation as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans.
Charitable Remainder Trusts. HTI Foundation will accept designation as a remainder beneficiary of charitable remainder trusts.
Charitable Lead Trusts. HTI Foundation will accept designation as an income beneficiary of charitable lead trusts.
Donations/Gifts Accepted Subject to Prior Review:
Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
Tangible Personal Property. The Executive Committee shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations: does the property further the organization’s mission? Is the property marketable? Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear?
Life Insurance. HTI Foundation will accept gifts of life insurance where the HTI Foundation is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing to the policy.
Real Estate. All gifts of real estate are subject to review by the Executive Committee. Prior to acceptance of any gift of real estate other than a personal residence, HTI Foundation shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit.
Criteria for acceptance of gifts of real estate include:
Is the property useful for the organization’s purposes?
Is the property readily marketable?
Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property?
Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?
Private foundations are typically granted making institutions that provide funding to organizations, projects, and programs in a particular area.
The High-Tech Industry International Non-Profit Foundation is a high-profile example of a foundation that gives large funds, donations, and grants to governmental, public and private organizations, companies, persons and educational institutions. Foundations are also called “philanthropic organizations.”
In many cases, foundations are founded by an individual or group of individuals who provides the majority of the funding used for the above goals making. Corporates, Individuals, and Families might also come together to create a foundation in a particular service area. The Board of Directors of a foundation will set guidelines for what types of organizations and programs are eligible for funding. And it is the responsibility of the staff of the organization to make sure that these guidelines are followed, and that needy non-profit organization can fund their work!
The Panamanian Private Interest Foundation has the form of an irrevocable trust and during membership relations, the assets transferred to the foundation will be under the sole Foundation's ownership.
High-Tech Industry International Non-Profit Foundation was incorporated as the Private Interest Foundation in accordance with the relevant Law 1965 of Panama in 2015 and transferred to Bulgarian domicile in 2019 with the juridic and physical address of the Foundation with like its Foundation Council High-Tech Industry EOOD (UIK/PIK 205662892)- the collective Board of Directors of the Foundation under the relevant law.
At the same time and for transparent activities in Europe has been incorporated the local Bulgarian Branch of the Foundation with its physical address at 28-30 Bacho Kiro, District Oboritshe, Sofia, Bulgaria as the Bulgarian juridical entity in accordance with Bulgarian law (UIK/PIK 205857223).
WHAT IS A FOUNDATION JOB?
Most foundation tasks are focused on funding makes. Grant managers, financial consultants and global and regional administrators appointed by the Foundation Council are the most popular types of nonprofit foundation jobs. They read funding proposal and make recommendations to the Foundation Council of the foundation to decide who should get funding and who should not. Some foundations might only have one employee, who serves as the liaison between the Foundation Council (who make direct funding decisions) and the organizations requesting funding.
These jobs include policy analysis, research, program management, and evaluation. These types of jobs are typically more focused on math and other evaluation techniques to ensure the money that you grant to nonprofit organizations is being put to its intended use. Many foundations also serve as advocates for their cause and hire policy analysts and researchers to keep up with the latest trend, publish reports and help the foundation target its own policy areas and issues.
Program Officers are considered the upper management of foundations and generally work with one specific group or “portfolio” of grant recipients, each of which has a similar organization type or goal. In many cases, program officers are truly the people making the funding decisions.
If you are interested in philanthropy, and the ways in which nonprofits make money to do their programming, a nonprofit job with a foundation might be for you.
Lines of business registered by the Ministry of Justice of Bulgaria - Registry Agency:
Organizing national and international conferences, seminars and events.
Conducting information, communication, sociological, and advertising campaigns;
Establishing contacts and interactions with other national and international non-profit legal entities with related activities.
Development and implementation of projects with national and international funding in order to provide funding.
Provision of funds and property to be used to achieve the goals of the branch of the Foundation.
The Founder(s) or the Foundation Council has (have), on the basis of the Private Foundation Charter of the Private Foundation named High-Tech Industry International Non-Profit Foundation, protocolized and adopted the present Regulations in accordance with the following articles:
FIRST: FOUNDATION ASSETS.
The Foundation's Initial Assets consist of cash funds plus all such funds and/or securities, movable or immovable goods, shares, bonds, bank deposits and any negotiable documents that are validly transferred to the Foundation by the Founder(s), the Foundation Council or third parties.
The Founder(s), or whoever their legitimate principals or settlors may be, is (are) obliged to validly transfer sums of money or other goods for not less than US$10,000. The constitution of the Foundation as well as the transfers made to same shall be irrevocable for the Founder(s), who shall hold no derisory powers in the Foundation.
The Foundation Council undertakes to dispose of the Foundation Assets in accordance with the provisions and conditions of the Foundation Charter and the present Regulations, with the diligence of a good paterfamilias. For his(their) part, the Foundation's Principal Beneficiary(ies) and the Protector shall jointly and severally hold the Foundation Council harmless from any damages it may suffer as a consequence of the exercise of the functions established in the Foundation Charter and in the Regulations, and undertakes to indemnify the Foundation Council for any expenses it may incur, including legal costs and fees, authorizing it in advance to reimburse itself for such costs out of the Foundation Assets.
FOURTH: POWERS OF THE FOUNDATION COUNCIL.
The Foundation Council shall take such measures as it may in its sole judgment deem expedient for the custody of the Foundation Assets and for the investment of same, and is empowered to mainly invest in time deposits and/or certificates of deposit negotiated in capital markets, the purchase of bonds or shares and, finally, any other kind of investment that, in the opinion of the Foundation Council, implies an acceptable risk, acting always with the judgment of a good paterfamilias and following such instructions as may given to it by the Protector, if any.