These policies refer to the Library’s capital campaign only. This is a campaign with specific goals and objectives. The Library will continue its annual fundraising and other activities aimed at strengthening the Library’s overall development program throughout the course of the campaign.
These policies are an addendum to the Library’s standing Gift Acceptance policies. All standard gift acceptance policies will apply to gifts received for the capital campaign unless otherwise noted.
The Library will count all gifts and pledges made during the campaign period designated by the donor to be used toward the campaign goals. The Library will honor and uphold donor designations for specific purposes within the campaign. The Library reserves the right to refuse such gifts that are not consistent with campaign goals.
All gifts and pledges received during the specified campaign time period will be counted. The concluding date may be extended by vote of the Board of Trustees. These gifts and pledges will be counted only once for only one campaign.
The following outlines the general standards for such gift accounting. The Library, upon approval of the Board of Trustees, reserves the right to modify these standards either in general or to accommodate specific situations.
I. Holding of Gifts
Monies collected for the campaign will be segregated from other Library assets and held in an account designated as the “campaign fund.” including any such sub‐portfolios or sub‐accounts contained as part of such campaign fund. These funds will be overseen by the Board of Trustees of the Library under the guidance of the finance committee of the board.
II. Gift Acceptance
All gifts of cash, securities, gifts in kind and real and personal property will be accepted in accordance with the standing Gift Acceptance policies. Caution will be exercised with acceptance of gifts in kind to ensure that only such gifts as are convertible to cash or which are of actual value to the campaign goals be accepted and counted.
In addition the following gift acceptance policies will apply;
Premium payments or cash surrender value. The amount of premiums paid or pledged during the period of the campaign, or the cash surrender value of fully paid up life insurance policies for which the Library is owner and irrevocable beneficiary, may be reported in campaign totals.
The campaign will count deferred gifts providing that such gifts are irrevocable. The gifts will be reported both to show the fair market value at the time the gift was received as well as its present value to the campaign based upon standard calculations that are updated annually.
Trusts administered by others
The present value of the trusts established during the solicitation period and administered outside of the Library, to which the Library has irrevocable right, may be reported in campaign totals.
Testamentary Pledge Commitments
Testamentary pledges will be reported in a separate deferred or “future commitments” portion of campaign reports, and such commitments must satisfy all of the following requirements:
1. The donor must be at least 70 years of age when the commitment is made;
2. If the commitments should encompass two lives, the youngest of the two donors must conform to the age 70 limitation;
3. A specified amount or percentage of the estate must be stated in the will based on a credible estimate of the future value of the estate at the time the commitment is made.
Matured Testamentary Gifts
All bequests realized during the campaign period will be credited to the campaign total goal unless otherwise specified by the donor.
All other Pledged Testamentary Gifts will be reported as deferred gifts in the Library’s organizational portfolio.
The standard pledge will be in writing, for duration of up to five years, and will constitute a contractual obligation of the donor. There may be exceptions to this policy made with the approval of the Library board. The value of any canceled or unfulfilled pledge will be subtracted from campaign totals. The value of oral pledges will not be counted in committed or publicly announced campaign totals but may be included in projected/anticipated campaign totals for internal use. On the rare occasion when special circumstances may warrant making an exception, the Library should write to a donor making an oral pledge to document the understanding between the donor and the Library.
IV. Naming and Recognition
The Library may create naming opportunities for its facility and programs, and it invites its friends to link their names with the Library through these naming opportunities. All naming and recognition are subject to ratification by the Board of Trustees. Naming is contingent upon fulfillment of the donor’s pledge.
Naming Opportunities will be permanent, except in the case of a major renovation, relocation or new construction. The Library will continue to recognize the generosity of the donor, but the Naming Opportunity will not continue to the new area or building.
Further, all naming opportunities are created and established by the Library in recognition of and in reliance upon the high moral character of the honoree. In the event that the Board of Trustees determines that the actions or conduct of an honoree – including but not limited to conviction of a felony ‐ are contrary to the values of the Library and expose the Library to public scorn and ridicule, it may in its sole discretion remove that person's name from the facility or program.
V. Contingency Policy
Early gifts and lead gifts that are designated as “start‐up funds” may be expended to fund early hard and soft costs of the Westport Public Library Transformation Project (“Project”). Donors will be made aware and shall agree as to whether their funds can be designated as “start‐up funds” commitments. It is possible that funds that are designated and agreed as “start‐up funds” gifts may be expended during a period time in which the Project scope could be amended or even abandoned. In the event that the scope of the Project is (i) substantially amended; (ii) substantially postponed or tolled; or (iii) terminated:
i. “Start‐up funds” gifts already expended shall not be returned or refunded;
ii. “Start‐up funds” and other gifts made but not expended may be redirected to other activities of Westport Public Library at the direction of the donor or, if requested, returned (provided that the donor shall be required to pay any applicable tax on the returned donation as income); and
iii. Pledges made but not paid would be redirected to other activities of Westport Public Library at the direction of the donor or, if requested, rendered null and void.
Adopted by the Library Board of Trustees May 18, 2011
Amended November 18, 2011.
Amended May 15, 2013