Accepting gifts and donations is an important way for the public library to benefit from the generosity of the community it serves. Gifts and donations of materials are reviewed using the same criteria as new purchases. The library reserves the right to dispose of any gifts that are given to the library in a manner that best meets the needs of the library. The library will determine how to best incorporate materials into collections. Materials not added to collections may be used for programs or given to other local community organizations. As part of its fundraising initiatives, such as the annual appeal or other similar endeavors, The Library encourages financial contributions from individuals, estates, foundations, and business organizations (collectively, ‘donors’). The library may also accept unsolicited, and/or unrestricted contributions, as well as bequests and other gifts. All gifts to Handley Regional Library System are tax-deductible to the full extent allowed by applicable laws under section 170(c)(1).
Exceptions to this Gift Acceptance Policy may be made with approval of the Library Board, under special circumstances.
Routine Gifts
Unrestricted contributions will be credited to such purposes as the Library Director shall, in his or her discretion, determine after due regard for any wishes expressed by a donor.
Restricted Gifts/Endowments
Gifts to the Library may be restricted in their use if such proposed use is consistent with the library’s stated mission and the restrictions do not violate the library’s ethical standards or
require illegal discrimination. Designated gifts of any size may be made to an existing program, collection, or related fund of the library, and may be pooled with other such gifts that have been designated for a like purpose. Naming opportunities provide the library with an opportunity to recognize exceptional contributions to the library and the community. Consideration of a naming opportunity will be left to the discretion of the Library Board.
Securities
Publicly traded securities will be valued at the average of the high and low market value on the day the library receives the asset. Securities that are not readily marketable (closely held stock, limited partnerships, joint venture interests, etc.) must be approved by the Executive Committee of the Library Board and may be valued at the per-share cash purchase price of the most recent transaction, or as established by a qualified appraisal at the donor’s expense. The library reserves the right to liquidate donated securities at any time.
Noncash Gifts
Gifts of real and personal property, including, antiques, book collections, art, and real estate, will be accepted only on a case-by-case basis, subject to Board approval, when the gift is consistent with the Library’s mission and when the Library can utilize the gift in its operations, and/or when it is expected the gift can be converted into cash within a reasonable amount of time. Such gifts will be accepted only upon release of all title or other claim to the property by the donor, and only upon valuation by an accredited, independent appraiser. Property encumbered by a mortgage or other indebtedness cannot normally be accepted unless the donor agrees to assume all maintenance costs until the property is liquidated. Any gift which will cause the library to incur annual or periodic maintenance costs must be separately endowed by the donor to the satisfaction of the library. The library reserves the right to liquidate, relocate, remove, or dispose of any accepted gift at any time in the future.
Bequests and Planned Gifts
The library accepts gifts from annuities, charitable remainder trusts and charitable lead trusts and life insurance policies but does not serve as an administrator or guarantor for such gifts.
The library encourages all donors to disclose their bequest intentions to the library in writing to ensure the library can carry out the donor’s wishes and that the gifts conform to the library’s overall policy statement.
Upon request, the library may provide the donor a sample bequest language for restricted and unrestricted gifts to ensure that a bequest is properly designated. The library may also provide, upon request, IRS-approved prototype trust agreements for review and consideration by the donor and his or her advisors. The library cannot act as a professional advisor and shall encourage donors to seek their own counsel in matters related to bequests, life income gifts, tax planning and estate planning.
The following gifts cannot be accepted by the library:
- Gifts that violate any federal, state or local statute or ordinance
- Gifts that contain unreasonable or impractical conditions (e.g. a lien or other encumbrance) or gifts of partial interest in property. The library reserves the right to refuse gifts from anonymous donors.
- Gifts that are financially unsound or cannot be converted into cash within a reasonable amount of time
- Gifts that could expose the library to liability.
Adherence to the Law
The Library Board will assure itself that fundraising activities comply with local, state, and federal laws.
Adopted on February 20, 2024 by the “by the Handley Regional Library System Board