Bean Foundation Gift Acceptance Policies and Guidelines

The Norwin S. and Elizabeth N. Bean Foundation is a New Hampshire trust created under the will of Norwin S. Bean, and designated a private foundation pursuant to Internal Revenue Code Section 501(c)(3). The Bean Foundation's one mandate is to make grants for the benefit of the communities of Manchester and Amherst. In carrying out this responsibility, the Bean Foundation trustees consider grant applications to support health, human services, education, the arts, the environment, and general community benefit. For more than fifty years, the Bean Foundation has carefully reviewed proposals, and occasionally has sought out proposals, in order to make best use of available funds. More information about the Bean Foundation is available from its website, beanfoundation.org.

The Bean Foundation's endowment has grown modestly over the years as trustees pay out in grants about five percent of those assets annually. Trustees have received inquiries whether the Bean Foundation would accept additional gifts. In April 2021, trustees voted to make possible the acceptance of gifts to the Foundation.

Purpose of Policies and Guidelines

The Bean Foundation's Board of Trustees now encourage current and deferred gifts from individuals, corporations, and foundations in the amount of $10,000 or more to support its purpose to benefit the communities of Manchester and Amherst. Policies and guidelines govern the acceptance of gifts by the Bean Foundation and provide guidance to staff, prospective donors, and their advisors in making gifts.

All gifts to the Bean Foundation will be accepted as an addition to its permanent, donor restricted endowment to benefit the communities of Manchester and Amherst, to be managed in accordance with specific priorities as determined by its trustees. In addition, the Bean Foundation trustees and advisors must assure that gifts accepted by the Bean Foundation do not place other assets of the Foundation at unnecessary risk, and that they can be easily converted into assets that fall within the Foundation's investment guidelines.

All donors will be acknowledged in Bean's annual report. Gifts of more than $500,000 will be acknowledged on the Bean Foundation website and in grant award letters. The letters shall include language that the award is supported in part by the generosity of [names of larger donors]. Additional recognition may be suitable for gifts of more than $1 million.

Confidentiality

All communications with donors and information concerning donors and prospective donors shall be held in strict confidence by the Bean Foundation, subject to legally authorized and enforceable requests for information by governing agencies and courts. All other requests for donor information will be honored or allowed only if the donor grants permission, in writing, prior to the release of such information.

Professional Counsel

The Bean Foundation will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences.

Type of Gifts Accepted - Outright Gifts

1. Cash and Equivalents
2. Retirement Plans
3. Publicly traded securities
4. Bequests

Inquiries For Making a Gift to The Bean Foundation

If interested in learning more about making a gift to the Bean Foundation, please contact, Leslee Stewart at 603-682-2348 or email her at Leslee@beanfoundation.org. Your inquiry will be kept in strict confidence.

Amended: June 2024