Fitzwilliam Town Library
Donation and Gifts Policy
BACKGROUND
The Board of Trustees of the Fitzwilliam Town Library recognizes the importance of charitable giving to the well-being and future of the Library. The purpose of this policy is to establish guidelines and procedures for receipt, management and disposition of funds or other properties received by the Library as gifts. At Town Meeting March 8, 1994 the citizens of Fitzwilliam voted the authority to the Trustees of the Library to receive and expend gifts in accordance with RSA 202-A: 4-c, Section I.
POLICY
In general, the Fitzwilliam Library welcomes gifts of books, materials, equipment, works of art, documents, photographs, property of any kind, as well as money and deferred gifts such as trusts, annuities and bequests that further the mission of the Library. Gifts that may encumber the Library either financially or administratively, including for example, gifts of property and gifts of privately held or restricted securities, require the approval of the Trustees prior to acceptance. Gifts are dated at the time they leave the owner’s possession. In accordance with RSA 202-A: 4-c, Section III (a), gifts with a value of over $5,000 require a public hearing before acceptance of the gift.
GUIDELINES
Materials: Gifts of miscellaneous books or other materials in good condition are accepted with the understanding that items which are not added to collections will be disposed of at the discretion of the Library. These items may be given to the Friends of the Library for sale, given to other libraries, or discarded. (See also Section I. of Library Collection Development Policy)
Collections: Gift collections may be accepted only by the Director in consultation with the Board of Trustees, and with the understanding that the collection may not be kept intact.
Recognition gifts: The Library welcomes monetary gifts for purchase of materials of the collections given in recognition of individuals or organizations. The library staff will choose items of the donor’s subject or title preferences whenever possible. The name of the donor(s) and those recognized by the gift will be listed on a bookplate affixed to the material if so desired. The Library will acknowledge the receipt of the gift to both the given and the person honored (or their family in the case of memorials).
Other monetary gifts: The Library welcomes gifts of cash or stocks and bonds. If the gift is used to purchase library materials, library staff will try to accommodate the donor’s subject or title preferences. A plate with the donor’s name will be affixed to the item(s) purchased, if so desired and when appropriate a list of items purchased will be sent to the donor. If the gift is one of securities, the customary procedure will be to sell these immediately, but the Library retains the right to postpone sale. The donor may not stipulate the timing of a sale.
Real estate or other personal property: The Library will accept gifts of real property that support the mission of the Library. The customary procedure will be to sell these immediately, but the Library retains the right to postpone sale. The donor may not stipulate the timing of a sale. Any appraisal and environmental assessments found necessary will be conducted at the expense of the donor prior to the Library’s acceptance. The gift will only be accepted after the approval of the Trustees.
Art and decoration objects: In general, gifts of art objects shall be of local interest to the community, of professional quality, well executed, and in good condition. As with other gifts, art objects will be accepted only with the donor’s full agreement that the Library has the right to handle or dispose of the gift in the best interests of the institution.
Because of the Library’s limited display and storage areas and focus on its primary mission as a Library, potential donors of art & decorative objects are requested to discuss any possible gifts with the Director and Board of Trustees.
No gifts posing a danger or threat to patrons will be accepted (e.g. metal sculpture with sharp moving parts). No gifts that require extensive, regular special care or conservation will be accepted unless approved by the Director and Board of Trustees.
Valuation: The Library will provide a timely, written acknowledgement of the receipt of gifts to the donor. Income tax regulations leave the determination of the gift’s monetary value to the donor. Donors wishing to have an appraisal of their gifts done for income tax purposes should do so prior to donation.
Annuities: Consistent with its Investment Policy the Library will not directly manage gift annuities, and therefore such gifts must be made with the understanding that a third party will manage the annuity and make payments directly to the donor.
Restricted gifts: Gifts for restricted purposes may be accepted when those restrictions are a component of the budget or of an active campaign and after discussion with the Library Director and Trustees. Additions to existing funds will be accepted in any amount.
Approved by the Trustees November 3, 2014
Reviewed and approved by the Trustees August 7, 2017
Reviewed and approved by the Trustees November 2, 2020
Revised and approved by the Trustees May 2, 2022
Amended and approved by the Trustees July 11, 2022