Gift Policy
Adopted by the Timberland Regional Foundation Board March 3rd 2003
The Timberland Regional Library Foundation (TRLF) Board encourages giving from private individuals, corporations, and foundations in order to supplement library funds. The Timberland Regional Library Foundation acknowledges the importance of private gifts and donations to the library’s development and growth. The TRLF board members, Library Director and staff have the authority to solicit and/or accept gifts on behalf of Timberland Regional Library Foundation in accordance with the agreement between Timberland Regional Library and Timberland Regional Library Foundation.
I. Giving Options
TRLF accepts gifts of the following types:
Cash.
Tangible personal payments.
Real estate.
Services.
Bequests.
Planned gifts such as charitable gifts annuities, charitable land trusts, life estate contracts and life insurance policies.
Gifts of stocks, bonds, and securities are prohibited by state law to the Library. Such gifts may be made to TRLF or the donor may be asked to convert the gifts into cash before donating.
II. Acceptance of gifts
Gifts are considered to be unrestricted unless TRLF agrees in writing to the restrictions.
Gifts become property of TRLF and fiscal items that are accepted are added to TRL’s inventory.
TRLF may refuse gifts if they are incompatible with the mission of the library, or if the gifts do not meet library standards for usability, quality or safety or if the acceptance would have a negative fiscal impact.
The TRLF and TRL Board must approve gifts of real estate and of defined or planned gifts such as charitable gifts annuities, trusts, life estate contracts, and life insurance proceeds.
Decisions on acceptance or refusal of gifts must be made in a timely and consistent manner.
III. Donor Confidentiality
Personal or financial information about donors or prospective donors to TRLF will not be released to the public except to the extent required by law unless the individual grants permission.
IV. Donor Recognition
All gifts to TRLF will be acknowledged and donors will be recognized in an appropriate manner. Recognition and benefits may include, but not be limited to, recognition in TRLF publications, special plaques, assignment of named gift opportunities, and donor recognition events.
Revised 10/18/06