The Nonprofit Gift Acceptance Policy guides employees and staff on what they can do with various types of gifts, including accepting or not accepting.
Nonprofits rarely have a Nonprofit Gift Acceptance Policy upon the foundation. They may focus on management, cash-related details, and staffing. When they're gifted something, they might not know how to handle it, especially if it comes with liabilities, additional expenses, or even strings attached. That's why having a Nonprofit Gift Acceptance Policy can help. The Nonprofit Gift Acceptance Policy outlines how the nonprofit will handle different types of gifts, including if the organization can accept them. The policy should also state what circumstances the nonprofit can take particular gifts and what to do with significant assets offered as a gift.
The primary goal of creating this document is to educate board members and employees. For example, if the document states that the nonprofit can't accept real estate gifts, no one can break that rule. Nonprofits are often gifted things incurring additional expenses. With this policy, they'll know how to handle such gifts and if they should accept them in the first place.
It's vital to have this document before even considering accepting gifts. Experience has shown that some gifts are hard to return once accepted and might cost time and money to transport, store, or insure.
Depending on your state, a Nonprofit Gift Acceptance Policy may also be known as:
While the Nonprofit Gift Acceptance Policy isn't mandatory, it establishes the rules for handling gifts and assets and may make everything much more comfortable in this regard. Moreover, this document is valuable for when a nonprofit receives something new or if the gift comes with strings attached.
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Nonprofits are already busy organizing events and working towards their mission. They usually do not have the time to draft a legal document. Luckily, they can use a template from 360 Legal Forms to get started.
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It's best to appoint a committee to review the document. The policy is not a legal document and does not have to be signed or notarized.
Once the document is created, print it out and educate staff about it. Furthermore, any new members should also be familiar with the Nonprofit Gift Acceptance Policy. After that, the nonprofit can store it with its other official documents for future referral.
A Nonprofit Gift Acceptance Policy isn’t a mandatory document. Since it establishes the gifts that the nonprofit can accept and what to do with them, it is a valuable document for any nonprofit.
Reviewing the Nonprofit Gift Acceptance Policy once a year enables nonprofits to update the policy as needed. The board of directors would have to approve any changes proposed prior to creating a new document.
Yes. In fact, posting the Nonprofit Gift Acceptance Policy on the website informs donors about the policy so they can determine if they still want to donate something. Whenever the document is updated, make sure to post a new version on the site as well.
Each nonprofit is free to define its list of unacceptable gifts. These may include gifts directly opposed to the organization’s mission, illegal gifts, and gifts that might cost the nonprofit a lot of money.
The size of the organization is a nonfactor as regards the Nonprofit Gift Acceptance Policy. Even smaller organizations can receive gifts in the future, so they’ll have to know how to handle them.
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