From the Wikimedia Foundation
Revision as of 21:14, 16 January 2007 by Anthere
WIKIMEDIA FOUNDATION GIFT POLICY
Definition of Gift
- A gift or donation (gift) is a voluntary, irrevocable transfer of assets (e.g. cash, securities, real or personal property) made by a donor without any expectation or receipt of direct economic benefit or tangible compensation (i.e., goods or services) from the recipient commensurate with the worth of the gift.
- The donor may direct assets for a specific purpose (e.g. project), program, or asset purchase whereby the gift is considered "restricted."
- Gifts of cash and fungible assets may include a conditional clause that provides for “matching” donations, for which (1) a not-to-exceed amount and (2) date of termination of the applicable “matching” condition, are specified.
- In all other cases, the gift is "unrestricted" or "undesignated" and can be used at the Foundation's discretion. The gift may or may not involve an expectation of an "informal" summary at the end of the giving period.
- If any one of the following indicators exists, the Wikimedia Foundation, Inc., (Foundation) shall have responsibility for solicitation, negotiation, receipt, and administration of the gift or donation.
- The gift is from a private individual, corporation, trust, or foundation.
- The gift is from a non-governmental not-for-profit source.
- The gift specifies conditions or stipulations placed on the intended use of the gift which do not constitute a grant, contract, or other sponsored agreement, but do direct the funds to support general Foundation mission and functions.
- The donor specifically intends the award to be a charitable gift as reflected by the characteristics of the award instrument and pertinent documentation and as defined by the IRS.
- The donor intends the gift to be irrevocable and, therefore, relinquishes the right to reclaim the gift or any unused remainder. (There can be certain "challenge grant" situations, whereby not securing the appropriate level of funding negates the gift.)
- The donor makes the gift without expectation of direct economic benefit or other tangible benefit commensurate with the worth of the gift. Indirect benefits such as tax advantages, business or personal goodwill derived from close association with the Foundation, including website “thank you” messages, and miscellaneous benefits derived from acknowledgement of donor status are not sufficient to negate gift intent.
- All gift solicitations and negotiations should be coordinated with the Foundation Grants Coordinator, or in his absence, the Executive Director.
- Prior to acceptance by the Foundation, all gifts are subject to the approval of the Grants Coordinator, Executive Director, General Counsel, or by the Foundation Board. Any gift or donation with terms or conditions which would violate law or the policies and procedures of the Foundation will not be accepted.
- Cash, checks, negotiable securities, and other forms of donation must be accompanied by proper documentation specifying the donor's name and address as well as the donor's wishes (if any) with respect to the use of the gift and the intended recipient of the gift.
- Donations through electronic means must be logged and electronic information identifying the donor and donation retained.
- Designations of unrestricted gifts to the Foundation, including bequests, are made through a review process specified by the Executive Director and Foundation Grants Coordinator.
- All gifts transmitted to the Foundation must be recorded through the Foundation's gift recording and accounting system within two business days of receipt.
- Upon acceptance, the Foundation will provide the donor with gift acknowledgment adhering to Internal Revenue Service guidelines and all applicable laws.
- If the gift is to be used as a required match or cost sharing on a grant, the Foundation will coordinate with the Foundation’s Grant Coordinator, or in his absence, the Executive Director.
- The Foundation provides stewardship functions for the gift and maintains records that can be audited.
POLICY ON THE RECEIPT OF GIFTS
- All gifts and matching gifts from individuals, foundations, corporations, trusts, etc., and other donations such as real property transmitted to the Foundation must be recorded through the Foundation's gift recording and accounting system within two business days of receipt. Proper documentation specifying the name and address of the individual donor as well as the donor's wishes with respect to the use of the gift (if any) and the intended recipient of the gift must accompany cash, checks, negotiable securities, and other forms of donation. The Foundation will provide the donor with acknowledgment of all gifts keeping in mind Internal Revenue Service guidelines.
- Grants and contracts are not gifts, and they are processed in a different manner. Grants and contracts in support of specific sponsored programs and projects which require periodic reporting and financial accounting to the grantor or contractor must be processed through the Foundation Grants Coordinator, or in his absence, the Executive Director.