GIFT ACCEPTANCE POLICIES AND GUIDELINES
Kingman Museum, Inc., a not for profit, 501(c)(3) organization organized
under the laws of the State of Michigan, encourages the solicitation
and acceptance of gifts to help the organization further and fulfill
its mission. The following policies and guidelines govern acceptance
of gifts made to Kingman Museum or for the benefit of any of its
programs.
The mission of Kingman Museum is to promote an
understanding and appreciation of our natural world, the universe,
and human cultures.
I. Purpose of Policies and Guidelines
The Board of Directors of Kingman Museum and its staff solicit current
and deferred gifts from individuals, corporations, and foundations
to sustain the organization and to ensure its continuation and future
growth. The policies and guidelines set forth below are designed
to ensure that all such gifts protect the best interests of the donor
and the welfare of Kingman Museum. They govern the acceptance of
gifts and provide guidance to prospective donors and their advisors.
The provisions of these policies shall apply to all gifts offered
to or received by Kingman Museum for any of its programs or services.
II. Donor Consultation with Independent Advisors
Kingman Museum will urge prospective donors of "non-routine gifts"
(defined below) to seek in advance the assistance and advice of
independent professional advisors (e.g., accountants, certified
estate or financial planners, attorneys, and investment brokers)
in matters relating to their gifts and the resulting tax and estate
planning consequences.
III. Acceptable Gifts; Restrictions on Gifts
Kingman Museum will accept unrestricted gifts, and gifts for specific
programs and purposes, provided that such gifts (1) are not inconsistent
with Kingman Museum's stated mission, purposes, and priorities,
and (2) place no undue financial or other burdens on the organization.
Kingman Museum will not accept gifts that are too restrictive in
purpose or that come from sources which represent interests contrary
to those of Kingman Museum. Gifts that are too restrictive may
include those that: (1) violate the terms of the corporate charter
or by-laws, or (2) 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 Fund Development Committee.
IV. The Fund Development Committee: Responsibilities and
Membership
The Fund Development Committee, a standing committee, is charged
with the responsibility of reviewing all "Non-Routine" gifts offered
or made to Kingman Museum, properly screening these gifts, accepting
or declining them, and making recommendations to the Board on gift
acceptance issues when appropriate. For purposes of this
policy, the term "Non-Routine" means any gift other than: cash,
cash pledges, or publicly-traded securities. Even if received in
the form of cash or securities, gifts from the campaign funds of
politicians and contributions intended to create permanently restricted
accounts are considered to be Non-Routine and are accordingly subject
to review by the committee. (In-kind gifts that are received for
use at Kingman Museum events or by its programs generally need not
be reviewed by the Fund Development Committee.)
The Fund Development Committee shall consist of:
Kingman Museum's
- Chief Executive Officer (ex-oficio)
- President of the Board (ex-oficio)
- At least one at-large member of the Board of Directors
- Members of the community
The CEO will provide notice of potential contributions requiring
review and ensure that the Chair of the Fund Development Committee
includes it on the agenda.
Kingman Museum may seek the advice of legal counsel in matters relating
to acceptance of gifts when appropriate. Review by counsel is recommended
for:
a. Transactions with potential conflicts of interest
that may invoke IRS sanctions,
b. Any Non-Routine gifts (for example, closely held stock, closely
held stock subject to buy-sell agreements, real estate, and works
of art) for which outside expertise is needed.
V. Types of Gifts
Kingman Museum will gratefully consider the following kinds of gifts
subject to the provisions and procedures set forth above. Through
the Fund Development Committee, the organization will also consider
additional types of gifts if and when they are offered and on a
case by case basis.
a. Cash
b. Tangible Personal Property
c. Publicly-Traded Securities
d. Other Securities
e. Real Estate
f. Life Insurance
g. Charitable Remainder Trusts
h. Charitable Lead Trusts
i. Retirement Plan Beneficiary Designations
j. Bequests
k. Life Insurance Beneficiary Designations
l. Charitable Gift Annuities
Through the Fund Development Committee, the organization will also
consider additional types of gifts if and when they are offered and
on a case by case basis.
VI. Criteria for Gift Acceptance
The Fund Development Committee will take into account the following
criteria in determining gift acceptance and any conditions or requirements
relating to such acceptance.
a. Cash:
Cash gifts are acceptable in the form of checks, credit card payments,
and other cash equivalents. Checks shall be made payable to Kingman
Museum, Inc. and shall be delivered to Kingman Museum, 175 Limit
Street, Battle Creek, Michigan 49037.
b. Tangible Personal Property:
All other gifts of tangible personal property (for example, works
of art) shall be examined in light of the following criteria:
- Does the property support the mission of Kingman Museum?
- Is the property marketable?
- Are there any undue restrictions on the use, display, or sale of
the property?
- Are there any carrying costs for the property?
Kingman museum may require an appraisal of the property and, where
appropriate, may obtain a title binder prior to acceptance of the
gift. Costs associated with the appraisal and title binder shall
generally be an expense of the donor. As a general rule, accepted
gifts of tangible personal property may be sold upon receipt.
c. Publicly-Traded Securities:
Marketable securities may be transferred to an account maintained
at one or more brokerage firms or delivered physically with the
transferor's signature or stock power attached. As a general rule,
all marketable securities may be sold upon receipt. In some cases
marketable securities may be
restricted by applicable securities laws. In such instance the final
determination on acceptance shall be made by the Fund Development
Committee.
d. Closely Held Securities
Closely held securities, which include not only debt and equity positions
in non-publicly traded companies but also interests in LLPs and
LLCs or other ownership forms, can be accepted subject to the approval
of the Fund Development Committee. If potential problems arise
on initial review of the security, further review and recommendation
by an outside professional may be sought before making a final
decision on acceptance of the gift. As a general rule, accepted
gifts of closely held securities may be sold upon receipt.
e. Real Estate:
Prior to acceptance of real estate, Kingman Museum will require an
initial environmental review of the property to ensure that the
property has no environmental damage or special requirements. Environmental
inspection forms will be developed and made available as needed
at the time of the intended donation. In the event that the initial
inspection reveals a potential problem, Kingman Museum will retain
a qualified inspection firm to conduct an environmental audit.
The cost of the environmental audit shall generally be an expense
of the donor. Kingman Museum will also require an appraisal of
the property, and, when appropriate, will obtain a title binder
prior to the acceptance of the real property gift. The cost of
the appraisal and title binder shall generally be an expense of
the donor. Criteria for acceptance of the property shall include:
- Is the property useful for the purposes of Kingman
Museum?
- Is the property marketable?
- Are there any restrictions, reservations, easements, or other limitations
associated with the property, including restrictions on its transferability?
- Are there carrying costs, which may include insurance, property
taxes, mortgages, or notes, etc., associated with the property?
- Does the environmental audit reflect that the property is not damaged
or otherwise restricted?
f. Life Insurance Policies:
Kingman Museum must be named as both beneficiary and irrevocable
owner of a life insurance policy before such policy can be recorded
as a gift. Kingman Museum will ask that the donor contribute all
future premium payments. Valuation of life insurance gifts may
require the advice of outside financial and/or legal advisors upon
acceptance of each gift.
g. Charitable Remainder Trusts:
Kingman Museum may accept designation as remainder beneficiary of
a charitable remainder trust.
h. Charitable Lead Trusts:
Kingman Museum may accept a designation as income beneficiary of
a charitable lead trust.
i. Retirement Plan Beneficiary Designations:
Kingman Museum encourages donors and supporters to name Kingman Museum
as a beneficiary of their retirement plans. Such designations will
not be recorded as gifts to Kingman Museum until such time as the
gift is irrevocable.
j. Bequests:
Kingman Museum encourages donors and supporters to make bequests
under their wills and trusts. Such bequests will not be recorded
as gifts to Kingman Museum until such time as the gift is irrevocable.
k. Life Insurance Beneficiary Designations:
Kingman Museum encourages donors and supporters to name Kingman Museum
as beneficiary or contingent beneficiary of their life insurance
policies. Such designations shall not be recorded as gifts until
such time as the gift is irrevocable.
l. Charitable Gift Annuities
Kingman Museum encourages donors and supporters to name the Kingman
Museum of Natural History Fund as beneficiary of deferred gift
annuities given to the Battle Creek Community Foundation.
VII. Stewardship
In accepting a gift, Kingman Museum also accepts a responsibility
to administer the gift properly, provide formal acknowledgement
and financial information about the gift, comply with donor requests
for anonymity and, if agreed when the gift is accepted, report
to the donor about use of the funds.
VII. Changes to Gift Acceptance Policies
Kingman Museum's Fund Development Committee has reviewed
and accepted these policies and guidelines. The Fund Development
Committee intends to arrange for annual reviews of this policy and
must approve any future changes. |
