Gift Acceptance Policy
Purpose and Procedure
The Board of Directors and staff of EPL solicit current and deferred gifts from individuals, corporations, and foundations to secure the library’s future growth and accomplish its mission. This gift acceptance policy shall govern the acceptance of gifts and provide guidelines to representatives of the library of who may be involved in the acceptance of gifts, to outside advisors who may assist in the gift planning process, and to prospective donors who may wish to make gifts to the Ephrata Public Library. This policy is intended only as a guide and allows for some flexibility on a case-by-case basis upon approval of the Library Board of Directors.
The Library Executive Director is charged with reviewing and discussing with donors potential gifts and policies on gift acceptance. The Board of Directors shall act on the recommendations of the Director.
The Library shall 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.
Conflict of Interest
To assure that each donor has a complete and independent explanation of their charitable gift giving options and to avoid any potential conflicts of interest EPL will urge all prospective donors to seek independent counsel through their own personal legal and financial advisors.
Use of Legal Council
EPL shall seek the advice of Legal Counsel in matters relating to acceptance of gifts when appropriate.
Restriction of Gifts
The Ephrata Public Library may accept or reject any offered gift at its discretion. The Board of Directors shall make all final Decisions on the restrictive nature of a gift and its acceptance or refusal.
Restricted gifts must be accompanied by a written intention by the donor to make the gift and a statement defining the restriction of the gift.
Types of Gifts
- Cash: Cash is acceptable in any form. Checks shall be payable to the Ephrata Public Library.
- Tangible Personal Property: All gifts of tangible personal property shall have no undue restrictions on the use, display or sale thereof.
- Gift-In-Kind: The Library welcomes gifts of goods and services that are consistent with the mission of the library; its day to day operation or improvement of the library’s amenities.
- Book Endowment Program: A contribution to the Book Endowment Program of $1,000 shall be placed in the “permanent” Endowment Trust. The interest/revenue from the trust will be used each year to add a new book to the library’s collection in recognition of the person or occasion for which the endowment gift was made or as the donor specifies.
- Charitable Lead Trust: Distributions shall be made in accordance with the donor intent. EPL shall not act as personal representative for a donor’s estate
- Charitable Remainder Trust: 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.
- Publicly Traded Securities. Publicly traded securities may be accepted. Unless otherwise directed by Board of Directors, all securities will be liquidated for cash as soon as practicable.
In general, a gift to the library is tax deductible. However, we recommend consulting with the Internal Revenue Service (IRS) or a tax expert for detailed information on appraisals and donated materials for acceptability as a charitable tax deduction. Please note that IRS laws prohibit the Library and its employees from assessing the monetary value of any non-cash donations. Thank you letters are sent in response to most donations and are prepared by the Executive Director. However, donors may request a more specific written acknowledgment of any donation.
Donors may choose not be recognized by name when bestowing gifts to the library. This wish will be reflected on published lists and other forms of donor recognition.
The Board of Directors respects the preference of donors who wish to remain anonymous. However the identity of all donors must be known by the Executive Director and Board President. The identity of a donor may also need to be revealed for other legal purposes.
The Ephrata Public Library shall keep accurate records of all donations received. Donors may request the opportunity to discuss how donated funds are utilized with the Board of Directors or Executive Director.