Spaulding Memorial Library, a not for profit organization organized under the laws of the State of Maine, encourages the solicitation and acceptance of gifts to the library for purposes that will help the library to further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to the library or for the benefit of any of its programs.
Spaulding Memorial Library’s mission is to inspire lifelong learning, advance knowledge, and strengthen our community.
I. Purpose of Gift Acceptance Policies and Guidelines
Spaulding Memorial Library solicits and accepts gifts for purposes that will help the library further and fulfill its mission. Spaulding Memorial Library urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. The following policies and guidelines govern acceptance of gifts made to Spaulding Memorial Library for the benefit of any of its operations, programs or services.
II. Conflict of Interest
As opposite parties in any proposed gift giving transaction, Spaulding Memorial Library as the grantee and the prospective donor/grantor have inherently conflicting interest. Spaulding Memorial Library cannot provide the donor/grantor with any legal or financial guidance concerning the proposed gift transaction. All prospective donors are urged to seek counsel and guidance from a licensed professional.
III. General Guidelines for Gift Donations:
Spaulding Memorial Library welcomes gifts of new and used books, audio recordings, videos, and similar materials. It is not obligated to accept all gifts, however, and may refuse any and all donations. Items will be added to the collection in accordance with the selection policy of the library. Once donated, items become the property of Spaulding Memorial Library, and may be given to other libraries and non-profit agencies, sold, traded, or discarded if they are not added to the collection. Donated items will not be returned to the owner and the library will not accept any item that is not an outright gift. The library will acknowledge receipt of donated items but is unable to set fair market or appraisal values. It is recommended that the donor make a list of items donated. If items are being donated to obtain a tax benefit, it is the donor’s responsibility to establish fair market value or obtain expert assistance in establishing any value. The library also reserves the right to decide when a gift added to the collection must be withdrawn.
Monetary gifts, bequests, and memorial or honorary contributions are particularly welcome. Monetary donations made as memorial gifts will be added to the Endowment Fund unless otherwise requested in writing and discussed. Other donated funds will be used to purchase items in accordance with the selection policy of the library. Books, DVDs, and other materials purchased with bequests and memorial or honorary contributions will be identified with special donor plates whenever possible. Notification of memorial or honorary contributions will be sent to the family of the person being recognized. Suggestions for subject areas or other areas of interest are welcome and will be followed to the extent possible.
Gifts of subscriptions of magazines or other materials should be cleared with the library Director before being purchased by the donor.
IV. The Gift Acceptance Committee
The Gift Acceptance Committee shall consist of:
1.) The Director of Spaulding Memorial Library
2.) The President of Spaulding Memorial Library
3.) The Treasurer of Spaulding Memorial Library
The Gift Acceptance Committee is charged with the responsibility of reviewing all gifts made to Spaulding Memorial Library, properly screening and accepting those gifts, and making recommendations to the Board of Trustees on Gift Acceptance issues when appropriate.
V. Restriction on Gifts
Spaulding Memorial Library will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with its stated mission, purposes, and priorities. The library will not accept gifts that are too restrictive in purpose. Gifts that are too restrictive are those that violate its mission or are too difficult to administer.
All final decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Gift Acceptance Committee in consultation with the Board of Trustees.
Gifts generally accepted without review:
Cash – Cash is acceptable in any form. Checks should be made payable to Spaulding Memorial Library.
Marketable Securities – All marketable securities will be sold upon receipt unless otherwise directed by the Board of Trustees. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift. In such instances the decision whether to accept the restricted securities will be made by the Gift Acceptance Committee in consultation with the Board of Trustees.
Bequests and Beneficiary Designation under Revocable Trusts, Life
Insurance Policies, Commercial Annuities and Retirement Plans –
Donors are encouraged to make bequests to Spaulding Memorial Library under their wills, and to name the library as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.
Gift Accepted Subjected to Prior Review – Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
A. Tangible Personal Property – The Gift Acceptance Committee shall
review and determine whether to accept any gifts of tangible personal
property in light of the following considerations: Does the property further
Spaulding Memorial Library’s mission? Is the property marketable? Are there
any unacceptable restrictions imposed on the property? Are there any
carrying costs for the property for which the library may be responsible? Is
B. Life Insurance – Spaulding Memorial Library will accept gifts of life insurance
where the library is named as both beneficiary and irrevocable owner of the
insurance policy. The donor must agree to pay, before due, any future
premium payments owing on the policy.
C. Real Estate – All gifts of real estate are subject to review by the Board of
Trustees. Prior to acceptance of any gift of real estate, other than a personal
residence, the library may require an initial environmental review by a
qualified environmental firm. In the event that the initial review reveals a
potential problem, the library may retain a qualified environmental firm to
conduct an environmental audit. Criteria for acceptance of gifts of real estate
include: Is the property useful for the library’s purposes? Is the property
readily marketable? Are there covenants, conditions, restrictions,
reservations, easements, encumbrances or other limitations associated with
the property? Are there carrying costs (including insurance, property taxes,
mortgages, notes or the like) or maintenance expenses associated with the
property? Does the environmental review or audit reflect that the property is
damaged or otherwise requires remediation?
VI. Use of Legal Counsel
Spaulding Memorial Library will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Not all gifts may be in the best interest of the library. Review by counsel may be requested for:
A. Gifts of securities that are subject to restrictions or buy-sell agreements.
Documents naming Spaulding Memorial Library as trustee or requiring
the library to act in any fiduciary capacity.
Gifts requiring Spaulding Memorial Library to assume financial or other
Transactions with potential conflict of interest and that may invoke IRS
Gifts of property which may be subject to environmental or other
Other instances in which use of counsel is deemed appropriate by the
Gift Acceptance Committee, or in consultation with the Board of
VII. Changes to Gift Acceptance Policies
These policies and guidelines have been reviewed and accepted by the Gift Acceptance Committee of Spaulding Memorial Library and the Board of Trustees. Both groups must approve any changes to, or deviations from, these policies.
Approved on the ___11th_______day of __March___, 2015.
V. Miscellaneous Provisions
Securing appraisals and legal fees for gifts to Spaulding Memorial Library.
It will be the responsibility of the donor to secure an appraisal, environmental audit and/or the donor’s independent legal counsel (where requested) for all gifts made to the library.
Valuation of gifts
Valuations will be made in accordance with the Internal Revenue Code.
Spaulding Memorial Library will respect donor’s wishes relating to the desire to remain anonymous. If so desired, the library will restrict information about the donor to only those staff members, or members of the Board of Trustees, with a need to know and in accordance with the Internal Revenue Code.
Responsibility for IRS Filings upon sale of gift items
The Treasurer of Spaulding Memorial Library will meet the library’s obligation
under the Internal Revenue Code.