Gift Acceptance Policy- adopted May 18, 2006.
St. Charles City-County Library Foundation
Gift Acceptance Policy
The Board of Directors of the
1. Gifts,
Bequests, and Contributions
The Board of Directors shall the authority to determine, by majority vote, whether acceptance of any contemplated gift, bequest, devise, beneficial interest in trust, or other contribution of property to the Foundation would be in the best interest of the Foundation and consistent with its purposes and mission.
In the event that the Board should determine that such contemplated gift is not in those best interests, the Board may refuse acceptance and execute and deliver such instruments or other documents deemed necessary to effect the refusal and / or return the contribution to its owners or owner’s agents.
Without limiting its own power of acceptance, the Foundation Board may adopt or modify this policy by majority vote, and shall be empowered to consider contemplated contributions on a case-by-case basis should it be deemed so advisable.
2. General Policy
on Acceptance of Gifts
A. Gifts of “Qualifying Assets” as defined below, do not require the Board’s Prior review, nor formal acceptance, unless mandated by provisions of certain gifts, bequests, or distributions. The Director, Deputy Director, Coordinator of Finance, or Planning and Development Coordinator of the St. Charles City-County Library District may accept gifts of Qualifying Assets on behalf of the Library Foundation without prior notice or approval of the Foundation Board.
B. Qualifying Assets - Defined
Qualifying Assets shall include any of the following asset types, which the Foundation is to receive without restriction as to use or continuing obligation or liability of any kind to any donor or third party.
a. Cash
b. Checks
c. Marketable Securities (stocks or bonds traded on a national exchange,
mutual funds comprised of stock or bonds traded on an exchange)
d. Precious metals where the value is readily ascertainable
e. Tangible personal property for programs sponsored or supported by
the Library Foundation
C. Gifts of “Unique Assets,” as defined below, and which shall generally include all types other than Qualifying Assets, shall require formal review and acceptance by the Foundation Board, unless otherwise specifically directed by the Foundation Board
D. Unique Assets - Defined
Unique assets are those other than Qualify Assets, including, but not necessarily limited to:
a. Any asset which, by the terms or conditions of the gift would 1) restrict the use and / or expenditure of the asset; or 2) create any liability
of the Foundation Board to the donor or any third party.
b. Real Estate
c. Stock or other security of a closely held (non-public company)
d. Works of art, jewelry, or other tangible personal property (except as noted in Section B, Paragraph e above)
e. Limited partnership interests
f. Working mineral interests
g. Life insurance
h. Promissory notes or other installment obligations
i. Deferred gifts or split-interest gifts
j. Other property which is unusual, or whose value is not readily ascertainable, or is not readily marketable, or is of a type not
usually acceptable to the Foundation.
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