Gift Acceptance Policy

The Library Foundation of Kanawha County, Inc.
Gift Acceptance Policy

The Library Director or Marketing & Development Manager will be authorized to accept gifts of cash or marketable securities, unrestricted donations of books and other library materials, and in-kind donations specifically designated or solicited for existing projects, or acceptance of any gift may be referred to the Foundation board for consideration.

The Foundation reserves the right to decline any gift: (1) that interferes with its ability to fulfill its mission; (2) that unduly encumbers either the Foundation or the KCPL; (3) that results in a significant administrative or management burden to the Foundation or the KCPL; or (4) when the Board determines that acceptance of a proffered gift is not in the best interests of the Foundation or the KCPL.

Donors may place restrictions on gifts of cash and securities subject to the following conditions:

• Such restriction must be consistent with the overall mission of the Foundation.
• Such restriction shall not impede the ability of the library to acquire gifts from other sources.
• Such restriction shall not place undue burden on the Foundation’s resources.
• Such restriction shall not subject the Foundation to adverse publicity.

The conditions described above may be modified or waived by the vote of a majority of Board members present at any duly convened meeting of the Board.

The vote of a majority of Board members present at any duly convened meeting of the Board shall be required before any of the following types of gifts may be accepted:

• Gifts of art or other valuables that will encumber the Foundation or KCPL either financially or administratively.
• Securities that are not readily marketable. Such securities may include closely held stock, limited partnership interests, join venture interests and other forms of investments that may not fall into the marketable securities category.
• Real estate. Every proposed gift of real estate must be examined on its individual merits, including, but not limited to, the title to the property and its insurability, the results of any environmental investigations performed in respect of the property, and marketability. A current appraisal completed by a qualified appraiser must be provided by the donor and at the donor’s cost.
• Gift annuities, charitable remainder or lead trusts or other deferred gifts of a unique nature
• Named endowment funds
• Other gifts referred to the Foundation board by Marketing & Development Manager or Library Director.

Gifts that may encumber The Library Foundation of Kanawha County, Inc. either financially or administratively require approval of the library director before acceptance. The cost of any appraisal for all gifts requiring an appraisal will be the donor’s responsibility. Examples include gifts of books given under the condition that they be placed in the collection; gifts of art given on the condition that it be displayed in the library; and cash given to create a new library program.

The Foundation may accept in-kind gifts as charitable contributions which are donations of property other than cash and marketable securities.

Examples could include real estate, art works, books, equipment and furnishings.

Individuals or corporations must communicate and coordinate with the Foundation prior to the acceptance of any such in-kind gift and are required to submit a form detailing the in-kind gift. The donor must formally transfer ownership of the property to the Foundation.

Receipts will be prepared by the Foundation and issued to the donor of in-kind gifts. These receipts will not list an amount – it is the donor’s responsibility to determine the firm market value of the gift for IRS purposes – but will list a description of the in-kind gift donated. Although the amount is not included on the donor’s receipt, the fair market value is recorded on the Foundation’s financial statements.

Any in-kind gift in excess of $5,000 requires the donor to complete IRS form 8283 and requires the Foundation’s acknowledgement statement verifying the receipt of the donated in-kind gift. An individual who donates an in-kind gift greater than $5,000 must get a qualified appraisal in order to deduct for tax purposes.

KCPL staff who are stationed in public service areas during library business hours will not accept unsolicited gifts of tangible personal property brought to the library.

• Potential donors of in-kind gifts are to contact the Marketing and Development Manager before bringing the gift to the library.
• Gifts of tangible personal property will only be accepted if there are no restrictions placed upon the donation and it has been determined that the gift is significantly marketable.

Drafted 2/04, revised 6/7/22