IOLI GIFT ACCEPTANCE POLICY
Approved by the Board August 2000/ Amended 2001/Ammended 2003
In order to maintain an archived list of items donated to the organization, the IOLI has developed a Gift Acceptance Policy. Individuals wishing to donate items or funds to the organization may do by completing a form requested from the Corresponding Secretary or photocopy from the Members’ Handbook.Types of gifts that are acceptable:
- Identify specific fund for donation (Education Fund, Grant Fund, Lace Study Fund)
- Books and or periodicals
- Used – complete (no missing pages)
- Pieces suitable for use in the study box
- Items that do not require substantial funding for preservation or storage
- Videos – lace related
- Used in viewable condition
- Slide sets
- Lace or lace related topics
- Equipment - pillows, bobbins, shuttles, etc.
All Donations will be recognized via a letter of thanks from the organization. Donations with a value greater than $500 must be accompanied by a valid appraisal from a third party source. The letter of thanks will identify the value of the gifts greater than $500 for income tax purposes.Disclaimer:
- The organization reserves the right to refuse any gift that would be cause for a drain of funds for maintenance.
- The organization reserves the right to dispose of any donated items (via sale, auction, donation) that is not of direct interest and funds received from such disposal to be placed with one of the approved funds supported by the group or donated to another not-for profit organization.
- I.O.L.I. does not accept liability for the accuracy of valuations by the donor or appraiser or for the proper tax treatment of the gift.
- Contact the President of I.O.L.I. to discuss your donation so that we can advise you on the best way to submit your gift.
- Obtain copy of donor form (from Corresponding Secretary) or photocopy from this handbook.
- Submit two copies of the completed form with donation. One copy will remain with IOLI records and one copy will be returned to the donor.