The Wellesley Free Library Board of Trustees (the “Trustees”) welcomes and appreciates offers of gifts and donations. In accepting or declining any such gift, the Trustees, as a public entity, must always make decisions that are in the best interest of both the Library and the community that it serves. The Trustees make the final decision on acceptance of gifts.
The acceptance of gifts does not constitute or imply endorsement by the Trustees of any service, product or business of the donor. Publicity given to such gifts or donations that implies or conveys endorsement or promotion of the donor’s services or products by the Wellesley Free Library (WFL) is strictly forbidden.
This policy has been developed to ensure:
These policies apply to all parts of the WFL, including all entities under its auspices such as supporting 501(c)(3) funds or organizations. Examples include the Wellesley Free Library Foundation and the Friends of the Wellesley Free Libraries. These policies will be reviewed regularly to ensure compliance with IRS regulations, general accounting standards, Wellesley Town Bylaws and other guidelines as needed.
Gifts accepted by the Trustees or their designated representatives will be accepted only if they:
The following rules will guide the Trustees and their designees (e.g. Wellesley Free Library Foundation, Friends of the Wellesley Free Libraries):
Pledges shall be paid within three years. The Trustees must approve any exceptions to this. See the Wellesley Free Library Naming Policy for additional information on naming considerations/restrictions in exchange for a donation.
The Trustees may, in their discretion, require written documentation for any gift.
The following represent common vehicles for giving. The Wellesley Free Library does not provide tax, legal or financial advice to donors. The Wellesley Free Library recommends that donors obtain such advice from their own advisors. Additional options will be considered by the Trustees or supporting organizations on an as needed basis.
The Trustees will accept marketable securities as outright gifts or payments toward pledges or life income gifts. Such gifts will be valued at the mean market value on the date of the gift, in accordance with IRS regulations. Publicly traded securities will generally be sold on the next business day or the next day the exchange is open.
Acceptance of specific materials donated to the Library will be at the discretion of the Trustees. The Trustees reserve the right to retain or dispose of any accepted materials, as they deem appropriate. It is the responsibility of the donor to secure independent expert appraisals to establish tax-deductible values for non-monetary gifts. The WFL, as donee, is not regarded as “independent” by the IRS, and therefore maintains a policy of not paying for appraisals.
Tangible property gifts may be counted toward fundraising goals, but not used as a vehicle for pledge payments.
An in-kind donation, also called gift in-kind, refers to the provision of goods or services to an organization, such as office equipment, computers and software or administrative and financial support. These donations generally fall into one of three categories: direct payment by a donor of bill owed by the organization to a third party, donations of goods or donations of services. The donor is responsible for valuing the in-kind donation.
In-kind gifts may be counted toward fundraising goals, but not used as a vehicle for pledge payments.
Insurance policies may be gifted if the Library through the WFL Foundation is assigned as irrevocable beneficiary and owner. Such gifts will be counted toward fundraising goals and recognized at full value if the donor is at least 80 years of age. Bequests from donors less than 80 years of age will be recognized for the gift valued according to the donor’s actuarial life expectancy.
Newly established bequests to the Library through the WFL Foundation will be counted toward fundraising goals and recognized at full value if the donor is at least 80 years of age. Intended bequests from donors less than 80 years of age will be recognized for the gift valued according to the donor’s actuarial life expectancy.
The minimum dollar amount required to establish an endowed fund is $50,000. Preauthorized endowments and naming opportunities are identified on an ongoing basis and listed in the “Naming Opportunities” maintained by the WFL Foundation.
If the commitment does not reach the specified level and the fund in question is not fully endowed within a three-year period, or if the balance of an endowed fund falls below $10,000, the fund may become part of a general endowment and used for purposes as close to donor’s intent as possible.
Memorial Funds are the summation of several gifts from individuals that are designated for a collective memorial. Gifts received in memory of an individual will be designated as unrestricted and placed in a collective fund unless specified for a restricted purpose.
Exceptions to the policy may be made at the Trustees’ discretion.
Notwithstanding the above, this policy may be subject to exception at the discretion of the director and/or board of library trustees.
Approved 9/9/2019 by the WFL Board of Trustees
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