Montclair Free Public Library
Montclair, New Jersey
Gift Acceptance Policy
The Library welcomes gifts from the public to assist the Library in meeting it objectives and serving the public. However, certain gifts may be unsuitable for the Library because of the nature of the gift, its conditions, or the ongoing costs of managing the gift.
The Board of Trustees of the Library adopts this Gift Acceptance Policy to assist donors in structuring gifts or deciding how to make an appropriate useable gift to the Library, by providing these guidelines.
This policy is subject to change by the Board; it is intended only as a guide and allows for some flexibility on a case-by-case basis upon approval of the Board. 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.
Generally Acceptability of Gifts
The Library will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are not inconsistent with the stated mission, purpose and priorities of the Library. The Library will not accept gifts that are too restrictive in purpose or costly to manage.
In certain instances the acceptance of a gift by the Library could have tax and other consequences for the donor. All donors are advised to seek their own counsel and advisors with respect to any gift; the Library will not give advice on these subjects to donors. The Library may seek advice from its own counsel with respect to the consequence of gift acceptance to the Library.
The Library, acting through it Board, may, in its sole discretion, accept or reject any offered gift.
The Montclair Public Library Foundation
The Montclair Public Library Foundation, is an organization separate from the Library, but generally engaged in raising funds for the Library and independently seeking gifts from the public for the Library. The Foundation has been determined to be exempt from taxation under section 501(c) (3) of the Internal Revenue Code; gifts to the Foundation, except as limited by law, may be tax deductible by donors.
Funds collected by the Foundation made available to the Library are subject to this policy. It is the intention of the Board that the executive designee of the Foundation and the Executive Director of the Library will coordinate in advance with respect to the receipt of restricted gifts or gifts with conditions so as to facilitate the donor’s intentions while assuring that the gift facilitates the objectives of the Library. The Foundation has its own gift acceptance policy which is available to the public.
Types of Gifts
Cash: Cash is acceptable in any form. Checks may be made payable to the “Montclair Public Library, Montclair, NJ.”
Tangible Personal Property: All gifts of tangible personal property shall have no undue restrictions on the use, display or immediate or subsequent sale thereof by the Library.
Gift-In-Kind: The Library welcomes gifts of goods and services that are consistent with the objectives of the Library, its operation, or the improvement of its amenities.
Book Endowment: A contribution to the Book Endowment Program of at least $1,000 may be placed in a permanent endowment. The interest/revenue from the endowment may be used to add new books or other circulating materials to the library’s collection in recognition of the person or occasion for which the endowment gift was made or as the donor specifies, subject to approval of the Board. Contributions to the endowment will not be separately managed in a distinct account, but rather will be held together with all other endowment funds of the Library; for gifts in excess of $25,000, the Library may furnish a year end account of the gift and it uses, but the gift will not be in a separate identifiable account.
Charitable Lead Trust: Distributions shall be made in accordance with the donor’s intent with respect to trusts having assets in excess of $25,000, subject to the approval of the Board. The Library will 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 having assets in excess of $25,000, with the approval of the 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.
Securities not publicly traded: As a general rule the Library will not accept securities that are not publicly traded.
Real Estate: As a general rule the Library will not accept title to real estate, but will accepts the publicly traded securities of an entity that owns real estate.
Gift Recognition and Valuation
In general, donors should consult with their own advisors with respect to the determination 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. All forms of donor recognition are subject to Board determination.
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 respects the preference of donors who wish to remain anonymous, subject to any legal or other requirement for disclosure. However the identity of all donors must be known by the Executive Director and, at the time of the gift, the president of the president of the Board.
The Library keeps records of donations received. Donors may request the opportunity to discuss how donated funds are utilized with the Board or the Executive Director of the Library.