Ways to Give

The Board of Directors of the Somerville Public Library Foundation solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and mission of the Somerville Public Library. This policy governs the acceptance of gifts by the Foundation and provides guidance to prospective donors and their advisors when making such gifts. The provisions of this policy shall apply to all gifts received by the Foundation.

The Foundation may accept or reject any offered gift at its discretion.

Donations of gifts for unrestricted, general purposes are encouraged because of the flexibility they provide the Foundation in meeting the most pressing needs of the Library. In the case of restricted gifts, the Board of Directors of the Foundation may consult with the Library Director and the Library Board of Trustees if appropriate, and will make all final decisions on the acceptance of a restricted gift. No personal property shall be accepted under conditions that obligate the Foundation to own the property in perpetuity.

Gifts of cash or marketable securities are preferred. Checks shall be made payable to Somerville Public Library Foundation, Inc.

The following non-cash gifts are acceptable:

• Publicly-traded securities

• Real estate

• Future gifts and estate planning options such as Bequests and Trusts

• Other gifts

The Foundation encourages that gifts of books and other media, and cash donations of less than $100 be made to the Friends of the Somerville Public Library. Gifts of art work or items of historical value should be discussed with the Library Director.

All gifts of tangible personal property, securities, real estate or other items shall be examined in light of the following criteria:

• Does the gift fulfill the mission of the Library?

• Is the property marketable?

• Are there any restrictions, reservations, or limitations associated with the property?

• Are there any carrying costs for the property?

• Are there costs to transfer tangible property to cash?

• Will the property generate any undesirable tax consequences for the Foundation?

Gifts of real estate may require a title search and an environmental audit. The Foundation will consider arrangements for costs (legal, environmental) be taken out of the proceeds of the gift. The final determination on the acceptance of tangible property gifts shall be made by the Board of Directors of the Foundation.

Prospective Donors are encouraged to consult with their own personal advisors (accountants, certified estate or financial planners, attorneys, investment brokers, etc.) prior to making any gift to the Foundation, particularly a planned gift. The Foundation cannot provide individuals with legal advice.

The Foundation will acknowledge and record a gift received by the Foundation. Income tax regulations leave the determination of the gift’s monetary value to the donor. Donors wishing to have an appraisal of their gifts for income tax purposes should have that completed prior to donation.

The Foundation shall acknowledge all gifts and donations in an appropriate manner that respects and honors the donor. The Library will provide a timely, written acknowledgement of all gifts to the donor. In the case of a memorial gift, an acknowledgement will also be sent to the honoree or the family of a memorialized person, if applicable. The Library will maintain donor confidentiality when requested by the donor, subject to disclosure upon request for consent of the donor or pursuant to subpoena, court order, or where otherwise required by law. Gifts pledged over a period of time will be recognized at the fulfillment of the pledge.

This policy has been reviewed and accepted by the Board of Directors of the Foundation. The Board of Directors of the Foundation must approve any changes to or deviations from this policy.