Bedford Public Library Foundation
Gift Acceptance Policies and Guidelines
Bedford Public Library System encourages the solicitation and acceptance of gifts by the Bedford Public Library System (BPLS) Foundation for purposes that will help the Library to further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to the BPLS Foundation or for the benefit of any of its programs. The mission of the Bedford Public Library System is to provide the adults and children of Bedford City and County with information and resources that support lifelong learning and lifelong enjoyment.
I. Purpose of Policies and Guidelines
The Board of Directors of Bedford Public Library System Foundation and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and missions of the Bedford Public Library System. These policies and guidelines govern the acceptance of gifts by the Foundation and provide guidance to prospective donors and their advisors when making gifts to the Foundation. The provisions of these policies shall apply to all gifts received by the Foundation for any of its programs or services.
Donors are requested to contact the Library Director to discuss potential gifts.
III. Conflict of Interest
Bedford Public Library System 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.
IV. Restrictions on Gifts
The Foundation may accept or reject any offered gift at is discretion. The Board of Directors of the Bedford Public Library System Foundation shall make all final decisions on the restrictive nature of a gift, and its acceptance or refusal.
V. Types of Gifts
Gifts of cash or marketable securities are preferred. The following gifts are acceptable:
- Tangible Personal Property
- Non-marketable Securities
- Real Estate
- Other Gifts
The following criteria govern the acceptance of each gift form:
- Cash: Cash is acceptable in any form. Checks shall be made payable to The Bedford Public Library System Foundation.
- Tangible Property: All other gifts of tangible personal property, real estate or other items shall be examined in light of the
- Does the property fulfill the mission of the Library?
- Is the property marketable?
- Are there any undue restrictions on the use, display, or sale of the property?
- Are there any carrying costs for the property?
- Securities: The Foundation can accept both publicly traded securities and closely held securities in its discretion.
- Closely Held Securities: Closely held securities, which include not only debt and equity positions in non-publicly traded companies
but also interests in LLPs and LLCs or other ownership forms, can be accepted subject to the approval of the Foundation Board. However, gifts must be
reviewed prior to acceptance to determine that:
- there are no restrictions on the security that would prevent the Foundation from ultimately converting those assets to cash,
- the security is marketable, and
- the security will not generate any undesirable tax consequences for the Foundation.
- Closely Held Securities: Closely held securities, which include not only debt and equity positions in non-publicly traded companies but also interests in LLPs and LLCs or other ownership forms, can be accepted subject to the approval of the Foundation Board. However, gifts must be reviewed prior to acceptance to determine that:
- Real Estate: Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest.
Prior to acceptance of real estate, the Foundation shall require an initial environmental review of the property to ensure that the property has no
environmental damage. Environmental inspection forms are attached as an appendix to this document. In the event that the initial inspection reveals a potential
problem, the Foundation shall retain a qualified inspection firm to conduct an environmental audit. The cost of the environmental audit shall generally be an
expense of the donor. When appropriate, a title binder shall be obtained by the Foundation prior to the acceptance of the real property gift. The cost of this
title binder shall generally be an expense of the donor.
Prior to acceptance of the real property, the gift shall by approved by the Board of Directors of the Foundation and by the Foundation's legal counsel. Criteria for acceptance of the property shall include:
- Is the property useful for the purposes of the Foundation?
- Is the property marketable?
- Are there any restrictions, reservations, easements, or other limitations associated with the property?
- Are there carrying costs, which may include insurance, property taxes, mortgages, or notes, etc., associated with the property?
- Does the environmental audit reflect that the property is not damaged?
VII. Miscellaneous Provisions
A. Securing appraisals and legal fees for gifts to the Foundation: It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to the Foundation.
B. Valuation of gifts for development purposes: The Foundation will record a gift received by the BPLS Foundation at its valuation for gift purposes on the date of gift.
C. Responsibility for IRS Filings upon sale of gift items: The Bedford Public Library System Foundation is responsible for filing any required IRS Forms upon the sale or disposition of any asset sold.
D. Acknowledgements: Acknowledgement of all gifts made to the Foundation and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of the BPLS Foundation.
VIII. Changes to Gift Acceptance Policies
These policies and guidelines have been reviewed and accepted by the Board of Directors of the Bedford Public Library System Foundation. The Board of Directors of the Bedford Public Library System Foundation must approve any changes to or deviations from these policies.
Approved on the __5th__ day of __March__, 2008.
Chairman, Board of Directors, The Bedford Public Library System Foundation ______________________________