Gift Acceptance Policies and Guidelines
The Rockville Public Library Inc. (the Library), a 501c3 not-for-profit organization operating under the laws of the State of Connecticut, encourages the solicitation and acceptance of gifts to the Library to secure the library’s future growth and accomplish its mission. The following policies and guidelines govern the acceptance of gifts made to the Library or for the benefit of any of its programs.
Please contact Sharon Redfern, Interim Head of Fund Development at 860-875-5892 x113 or email@example.com with any questions or concerns about these policies or guidelines.
Acceptable Forms of Unrestricted Gifts
- Cash—Gifts by cash, check or credit card are accepted.
- Securities—Listed securities or securities actively traded over-the-counter are acceptable as outright gifts or payments toward pledges at their market value on the date of the gift. As a general rule, all marketable securities may be sold upon receipt.
- Books and audiovisual materials (CDs, DVDs, etc.)— The Library accepts donations of books and audiovisual materials, which are then incorporated into the Library’s collection, on book shelves in the lobby of the Library, or donated to other local groups. A general receipt is provided for tax purposes.
- Other Tangible Personal Property—The following criteria will be used to determine the acceptance of tangible personal property other than books and audiovisual material:
- Does the property fulfill the mission of the Library?
- Is the property marketable?
- Are there any restrictions on the use, display, or sale of the property?
- Are there any carrying costs for the property?
- Real Estate—Gifts of real estate or remainder interests may include developed or undeveloped property.
- The Library Board of Trustees (the Board) must approve a gift of real estate prior to acceptance. The Library reserves the right to seek outside professional counsel before making a final
decision on accepting the gift. Criteria for acceptance of the property include:
- Is the property marketable?
- Are there any restrictions, easements, or other limitations associated with the property?
- Are there carrying costs, which may include insurance, property taxes, mortgages or notes, associated with the property?
- If appropriate, has the donor provided a title binder prior to acceptance by the Library.
- Does an environmental audit (paid by the donor) reflect that the property does not contain environmental hazards?
- Gifts of Insurance—Gifts of life insurance policies may be made by naming the Rockville Public Library as the beneficiary of the policies.
- Bequests—Donors are encouraged to make bequests to the Library under their wills and trusts. Such bequests will not be recorded as gifts until the gift is irrevocable.
- Retirement Plan Beneficiary Designation—Supporters are encouraged to name the Library as beneficiary or contingent beneficiary of retirement plans. Such designations will not be recorded as gifts until such time the gift is irrevocable.
- Corporate Matching Gifts—Gifts received in cash from organizations or corporations to match gifts of cash or securities made by individuals who are associated with that corporation or organization will be credited to the individual donor’s original gift that is being matched.
- Charitable Remainder Trusts—Charitable remainder trusts provide a life income to donors or other named individuals with the remainder of the trust ultimately passing to the Rockville Public Library. The Library may accept designation as remainder beneficiary of a charitable remainder trust with the approval of the Board of Trustees. The Library will not accept appointment as a Trustee of a charitable remainder trust.
- Charitable Lead Trusts—Charitable lead trusts provide for payment of trust income to the Library typically for a fixed period of years with the assets ultimately being returned to the donor or to his or her designee. The Library will accept a designation as income beneficiary of a charitable lead trust. The Library will not accept appointment as a Trustee of a charitable lead trust.
Gifts that are restricted to fund a certain program or service require approval by the Library Board of Trustees before acceptance. Depending on the restriction and the size of the gift, the Board will determine if the gift supports the mission of the Library and whether the gift size and/or nature will be able to support the intention of the gift.
Valuation of Gifts
In general, a gift to the library is tax deductible. However, we recommend consulting with the Internal Revenue Service (IRS) or a tax expert for detailed information on appraisals and donated materials for acceptability as a charitable tax deduction. Please note that IRS laws prohibit the Library and its employees from assessing the monetary value of any non-cash donations.
Thank you letters are sent in response to most donations and are prepared by the Head of Fund Development. However, donors may request a more specific written acknowledgment of any donation. Donors are listed in the Rockville Public Library Annual Report and may be included in other forms of donor recognition.
Donors may choose not be recognized by name when bestowing gifts to the library. This wish will be reflected on published lists and other forms of donor recognition.
The Board of Trustees respects the preference of donors who wish to remain anonymous. However the identity of all donors must be known by the Head of Fund Development, Library Director and the President of the Board. The identity of a donor may also need to be revealed for other legal purposes. Further information on this topic is available in our Donor Confidentiality Policy.
The Rockville Public Library shall keep accurate records of all donations received. Donors may request the opportunity to discuss how donated funds are utilized with the Board of Trustees or Library Director.
The Rockville Public Library advises all donors to consult with their tax and/or legal advisors for additional information about charitable giving.
Approved 9/11/13 by Board of Trustees.