Fundraising Gift Policy

Marketable Securities

Stock gifts are received/processed by the Library’s investment advisor and sold at the first opportunity.  For purposes of acknowledging to the donor the value of the gift received, the value shall be determined to be the mean market price on the day received by the broker.  The proceeds of the sale shall be forwarded to the Library and entered into the library database.  The receipt supplied to the donor may differ from the amount deposited.

Cash

All cash donations (including proceeds from the sale of securities or proceeds from the sale of other assets which have been donated to the Library shall be deposited in the regular checking account and entered into the library database.   Any new bequest donations will be deposited into the Endowment Fund unless a majority of trustees vote to appropriate the funds for another purpose.  Based on cash flow analyses by the treasurer, bookkeeper, and library director, and at the conclusion of the year’s annual appeal solicitation, the treasurer shall recommend to the trustees an appropriate amount, if any, to be transferred to the Endowment under management by the library investment advisor.

Artwork and similar property

When property—except cash or securities–is donated to the Library as a contribution which the donor intends to be sold, it shall be accepted on a case-by-case basis under the certain conditions and by the direction approved by the Executive Committee.  These conditions would include the marketability of the item and the prospects for a reasonably prompt sale.  Any tangible property donated to the library intended for use in the library shall be accepted at the discretion of the Library Director.

Account placement of funds

After funds received are entered into the library’s database and the gift has been acknowledged to the donor, these funds shall be deposited into the regular checking account and applied to the Annual Fund unless otherwise specified by the donor.  For example, funds earmarked for a specific project or campaign shall be deposited into a specially named savings account.  Funds received for which there is no specific campaign in progress but are restricted, example books, shall be considered donor restricted funds and shall be used for the specified purchase or services.  If the funds are restricted for items which are not normally part of our usual operating budget and for something we cannot use, the Library Director shall contact the donor to discuss this matter personally.

Withdrawals from the special projects savings accounts other than for the designated purpose may be made upon approval of a majority of the Board of Trustees.

Endowment Investment Account

Guidelines for short-term and long-term investments are covered by the BHML Investment Policy dated May 11, 2010.  Additions to and withdrawals from investment accounts shall be determined by a majority of the Trustees.

 

Approved 2012.