Gift and Recognition Policy

PANAMA CITY BEACH LIBRARY FOUNDATION, INC.
Gift Acceptance and Recognition Policy
Adopted: July 15, 2010

Part I. Acceptance of Gifts

Section I.
Purpose of Policy
This policy is established to provide uniform guidelines to be followed by the Board of Directors of the Panama City Beach Library Foundation, Inc. (PCBLF) in the solicitation, acceptance, utilization and recognition of gifts contributed to it. The policy is to encourage, inform and assist donors who wish to support the PCBLF.

Section II.
The PCBLF Development Committee
The Development Committee of the PCBLF shall develop, expand and advance major sources of non-tax revenue for the Library primarily through gifts, bequests and special fundraising activities.

Section II.
Guidelines for Acceptance of Outright Gifts
Outright gifts are contributions in which complete title is immediately received by PCBLF.
A. Cash and Publicly Traded Marketable Securities: Gifts of cash and readily marketable securities may be accepted without limitation. Publicly traded marketable securities are securities that may be converted to cash by sale on recognized security exchanges or “Over the Counter” markets.
B. Real Estate: Because of the time, costs and complexity with administering and managing real property, gifts of real estate will be considered on an individual basis by the Development Committee with recommendations to the Board of Directors of PCBLF.
C. Tangible Personal Property: Gifts of tangible personal property may include automobiles, furniture, jewelry, artworks, books, or any other tangible non-real estate property. The donor must determine the value of tangible personal property and at no time will the Development Committee and/or Board of Directors of PCBLF provide an appraised value of tangible personal property. A gift-in-kind transmittal form will be utilized with gifts of tangible personal property (Attachment I).
1. Gifts of Books and Other Library Resources: The Development Committee and/or Board of Directors of PCBLF in consultation with the Branch Manager of Panama City Beach will determine whether to accept or decline gifts of books and other library resources that will be owned by the PCBLF .
2. Artworks. The Development Committee may appoint an Art Sub-Committee to assess and accept/decline gifts of artworks for a permanent collection. A deed of transfer will be utilized when accepting gifts of artworks by the Board of Directors of PCBLF.
3. Other gifts of tangible personal property will be individually considered by the Development Committee with a recommendation to the Board of Directors of PCBLF.
D. Life Insurance Policies: The PCBLF may accept gifts of life insurance policies by a transfer of ownership from the owner of the policy to PCBLF. PCBLF may exercise any of the rights of ownership of the policy at any time, including continuation of premiums on the policy if not a paid up policy, redemption of the policy, or any other ownership right under the policy.
E. Gifts of Other Assets: Gifts of assets for which guidelines have not been provided in this policy may be accepted with prior approval of the Development Committee and the Board of Directors of PCBLF.

Section III.
Guidelines of Acceptance of Planned Gifts
A planned gift is any gift made by a donor by will, trust, or other legal instrument in which title to the property may not convey immediately to PCBLF. Such gifts may be revocable or irrevocable.

Planned gift instruments, e.g. wills, trusts, may be utilized for the purpose of conveying a gift. Planned gift donors will work with professional advisors to execute planned gifts designated for PCBLF. The Board of Directors of PCBLF will provide information and documents, e.g., Bylaws and Policies, relevant to creating a planned gift for PCBLF. The long term commitment of planned gift donors enables the Library to plan for the future and ensures that the lifelong learning needs of the community will continue to be met.

Part 2. Recognition of Gifts

Section I. General Recognition Practices
Appropriate donor recognition is essential to the development efforts of the PCBLF and helps ensure the Library’s long-term financial stability; therefore the following policy will acknowledge contributions in a meaningful and consistent manner in order to promote philanthropy for the Library.

Recognition of donors will be made on the basis of the value of gifts donated. For public recognition purposes, gifts will be categorized by the value of the gifts. Requests declining public recognition will be documented and retained by PCBLF.

The Board of Directors of PCBLF will ensure that written acknowledgement of gifts is processed in a timely manner. The acknowledgement should include the amount of the gift (or gift-in-kind description), date, and name/address of donor.

Section II. Public Recognition

WALL OF HONOR

ANNUAL GIVING PLAQUE: Each year the Board of Directors of PCBLF will produce an annual list of donors who make a contribution. Although the annual list of donors will not provide the specific amounts of individual gifts, donors will be listed within broad categories of giving. The list will be displayed on the Wall of Honor until it is replaced by the subsequent year’s list of annual donors.

PLANNED GIVING PLAQUE: A planned gift is the gift that keeps on giving. It can range from a simple bequest to a complex trust. Generally a donor works with a professional team of advisors to develop an estate plan that may include a major gift to the PCBLF. Planned gift donors will be permanently recognized on the designated plaque on the Wall of Honor.

___________________________________ Date:__________________
President, Board of Directors

PANAMA CITY BEACH LIBRARY FOUNDATION, INC.
GIFT-IN-KIND TRANSMITTAL FORM

All non-cash gifts to Panama City Beach Library Foundation, Inc. must be completed and retained by the Board of Directors of PCBLF.

Name(s) of donor(s)_______________________________________
Address of donor(s)_______________________________________
_______________________________________
Telephone:_____________________________ e-mail___________
Description of item(s):____________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________

Date received___________________________________________
Value of item(s) as assigned by donor_______________________

Signature to accept gift:

____________________________________
President, Board of Directors
Panama City Beach Library Foundation, Inc.

Date:__________________________________________________

Backup documentation may be attached to the transmittal form.