Gift Acceptance Policy
Approved by the Centre County Library & Historical Museum Board of Trustees: 3/28/2019
Overview and Purpose
This policy guides the acceptance of charitable gifts, donations and contributions to the Centre County Library that support and align with the mission, goals and financial capacity of the Library. Gifts to the Historical Museum are addressed in a separate policy.
The purpose of this policy is to govern acceptance of gifts and to provide guidance to donors and their professional advisors in completing gifts to the Library. It establishes the types of gifts that are acceptable and defines the Library’s role in gift administration and management. In the event of questions related to fiduciary responsibility, protecting the Centre County Library and Historical Museum Board of Trustees (hereinafter Library) from third party liability and unanticipated costs or negative publicity, the Library will seek the advice of legal counsel when appropriate. Should there be a potential conflict of interest or question of fiduciary responsibility, the Library will strongly urge and advise the donor to seek independent professional counsel prior to making the gift, at the donor’s expense.
The Library will cooperate fully in all matters related to gift tax documentation
Gift Acceptance
The Library will not be able to accept all types of gifts. Final determination of gift acceptance will be made by the Finance Committee, subject to approval of the full Library Board of Trustees.
Types of Gifts
Unrestricted
Donors are encouraged to make unrestricted gifts which allow maximum flexibility to pursue the Library’s mission and goals. These gifts may be used for operating, capital, or long-range investment purposes at the discretion of the Library.
Restricted
The Library may accept a gift that is restricted to its use, if the gift aligns with the Library’s Mission, strategic plan, and approved budget. The Library reserves the right to refuse any gift when conditions are not compatible with its objectives or which compromises its policies.
Capital
Gifts may be accepted for approved capital expenditures to maintain and improve the Library’s physical plant and major technology components. Doors may designate Capital gifts to support maintenance and improvement at the Centre County Library in Bellefonte or any Branch location.
Endowment
Endowment funds are funds in which the donor has stipulated, as a condition of the gift, which the principal of the donation is to be maintained in perpetuity. Donors are advised to describe the purposes as broadly as possible.
Variance Authority
The Library reserves the right to broaden or alter the purpose of any gift should it be determined in the future that the original purpose of the gift no longer meets the Library’s needs or mission.
Character of Gifts
Monetary gifts
Cash gifts are acceptable in any form, including by check, credit card or online. Donors wishing to make gifts by credit card must provide the card type, the card number, expiration date and name of the card holders as it appears on the credit card. Donors making gifts payable by check will be subject to any fees should the check fail to clear the bank.
Life insurance
The Library will accept designation as a total or partial beneficiary of insurance policies donors have purchased on their lives. The Library will not endorse any specific insurance companies or products, nor will we provide lists of donors to third parties for marketing purposes.
Securites
Gifts of marketable securities will be sold as soon as practical at the market rate. If, in some cases, the marketable security may be restricted by law or terms of the proposed gift, the Library reserves the right to refuse the gift.
Tangible personal property
The Library does not seek tangible personal property such as jewelry, artwork, vehicles or collections and will liquidate such assets promptly. Property will not be accepted that the library cannot liquidate, is obligated to own in perpetuity, or that requires special facilities or security without approval of the Library. Costs associated with appraisal or liquidation will be the responsibility of the donor.
Real estate
No gift of real estate will be accepted without first being appraised as to value and potential liability or environmental impact. The appraisal and environmental assessment will be done by parties chosen by the Library who have no business or personal relationship to the donor. Cost of the appraisal and assessment will be the responsibility of the donor. Real estate must be readily marketable without a mortgage having an outstanding balance, which, in the opinion of the Finance Committee, approximates the fair market value of the property and must be unlikely to involve significant carry charges or administrative burden. The Library reserves the right to liquidate any real estate.
Partnership, LLC, Corporate Interests
Gifts of this nature are not accepted.
Charitable gift annuities and charitable remainder trusts
In general, the Library will not serve as a trustee of a charitable remainder trust for the benefit of the institution. Donors are advised to work with the Library and their legal and financial professionals to explore available options. The Finance Committee must approve any such annuities and trusts.
Funds held by third parties
Proceeds of funds benefitting Centre County Library and or any of its branches, which are held at other institutions, will be accepted if they fit with the library’s mission, strategic plan, and approved budget. Fees must be assumed by the donor or fund, and the Library reserves the right to relocate a fund within its control if unreasonable fees or performance warrant.
Gifts-in-kind
Gifts-in-Kind that provide consumables or services of use to the library are accepted only if they meet the needs of the Library and can be used within a year of receipt. If the donation is accepted, valuation is the responsibility of the donor, and appraisal costs will not be borne by the Library.
Books, Media, and library materials
The Library reserves the right to manage donated materials as it sees fit, including selling, adding to the collection, or otherwise disposing of the materials. Items may be added only if they met the Collection Development policies of the Federation of Centre County Public Libraries.
Planned and Deferred Gifts
A bequest is a gift of any amount or form made to Centre County Library and Historical Museum in a donor’s will. Gifts may be cash, securities, assets from insurance or retirement plans, or other assets.
Unrestricted bequests are intended for general purposes and allow flexibility to meet the Library and community’s greatest needs. Restricted bequests allow donors to support special Library interests but must be first accepted by the Finance Committee. Specific purposes should be defined as broadly as possible.
The Library reserves the right to refuse a gift. Decisions of the Library will be communicated promptly to the estate representative.
In the event of inquiry by a prospective donor, the Library and its Executive Director should be consulted regarding options.
Fundraisers
Proposals for fund raising activities conducted by other organizations shall be submitted to the Executive Director and referred to the Finance Committee if necessary. A decision will be made based on the compatibility of the organization and its proposed activity with the library’s mission; timing related to other library development activities and perceived library endorsement of the organization, activity and message. The Library will generally not serve as a location or agent for fund raising activities benefiting other institutions unless there is a special relationship or mission alignment with the Library.
Recognition and Stewardship
All gifts made to the Library are valued and appreciated. Donors will receive prompt acknowledgement of gifts and ongoing communications from the Library. The Library reserves the right to publicly acknowledge any gift or donation. Donations, upon request, can be identified as “Anonymous” and donor identity kept confidential.
Donor Costs
Appraisals, fees, commissions, and other charges for gifts must be borne by the donor or paid from funds intended for the Library. The Library encourages the use of legal and financial professionals to achieve mutual donor and Library goals.
Amendment and Review
The Library shall review these procedures annually and may modify as needed, particularly if the Library should embark on a special capital or fundraising campaign.
