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Gift Acceptance Policy

Purpose:

The Board of the North Scituate Public Library Association and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and missions of the Library. These policies and guidelines govern the acceptance of gifts by the Library and provide guidance to prospective donors and their advisors when making gifts to the Library. The provisions of these policies shall apply to all gifts received by the Library for any of its programs or services.

Restrictions on Gifts:

The Library will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purpose and priorities. The Library will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate the terms of the corporate charter, gifts that are too difficult to administer, or gifts that are for purposes outside the mission of the Library. All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Library Board.

Acceptable Gifts:

The following gifts are acceptable with the following criteria governing the acceptance of each gift:

1. Cash: Cash is acceptable in any form. Checks shall be payable to the North Scituate Public Library Association and shall be delivered to the Library.

2. Tangible Personal Property: All other gifts of tangible personal property shall fulfill the mission of the Library; shall be marketable; and shall have no undue restrictions on the use, display or sale thereof.

3. Securities: The Library can accept publicly traded securities. Marketable securities may be transferred to an account maintained at one or more brokerage firms or delivered physically with the transferor’s signature or stock power attached. As a general rule, all marketable securities shall be sold upon receipt. In some cases marketable securities may be restricted by applicable securities laws; in such instances, the final determination on the acceptance of the restricted securities shall be made by the Library Board.

4. Real Estate: Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest. The gift shall be approved by the Library Board and by the Library’s legal counsel. The property shall be useful for the purposes of the Library and shall be marketable.

Prior to the acceptance of real estate, there shall be determined any restrictions, reservations, easements, or other limitations associated with the property.

Prior to the acceptance of real estate, the Library shall require an initial environmental review of the property to ensure that the property has no environmental damage. The cost of the environmental audit shall generally be an expense of the donor.

When appropriate, a title binder shall be obtained by the Library prior to the acceptance of the real property gift. The cost of this title binder shall generally be an expense of the donor.

5. Remainder Interests in Property: The Library may accept a remainder interest in a personal residence, farm, or vacation property subject to the provisions of paragraph 4. The donor or other occupants may continue to occupy the real property for the duration of the stated life. At the death of the donor, the Library may use the property or reduce it to cash. Where the Library receives a gift of a remainder interest, expenses for maintenance, real estate taxes, and any property indebtedness are to be paid by the donor or primary beneficiary.

6. Charitable Remainder Trusts: The Library may accept designation as remainder beneficiary of a charitable remainder trust with the approval of the Library Board. The Library will not accept appointment as a Trustee of a charitable remainder trust.

7. Charitable Lead Trust: The Library may accept a designation as income beneficiary of a charitable lead trust with the approval of the Library Board. The Library will not accept appointment as a Trustee of a charitable lead trust.

8. Retirement Plan Beneficiary: The Library may accept as designation as beneficiary of a retirement plan.

9. Bequests: The Library may accept bequests under wills and trusts with the approval of the Library Board.

10. Life Insurance Beneficiary: The Library may accept designation as beneficiary of a life insurance policy.

Miscellaneous Provisions:

Securing appraisals and legal fees for gifts to the Library: It will be the responsibility of the donor to secure an appraisal and independent legal counsel for all gifts made to the Library.

Approved by the Board of Trustees on 5/13/08