Charities Say Financial Firms Are Delaying Bequests From Deceased Donors
Nonprofits report pushback against new verification policies that require personal information from charity staff before inherited gifts are released.
Charities are reporting delays in receiving gifts left to them by deceased donors, with nonprofit organizations pushing back against policies adopted by some financial institutions, according to a report by CNBC.
The report said financial firms have implemented procedures requiring charity employees to submit personal information before the institutions will release funds designated for the organizations in a donor's estate plans.
According to CNBC, nonprofits argue that these verification requirements are creating obstacles and slowing down the transfer of gifts that donors intended to be distributed after their deaths, including funds from individual retirement accounts (IRAs).
The report did not specify which financial institutions have implemented the policies or provide details on the scope of the delays being reported by charities.
CNBC's report indicates that charitable organizations are pushing back against the practice, though specific responses from financial institutions or details of any changes under consideration were not outlined in the available reporting.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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