Policy:Gift policy: Difference between revisions

From Wikimedia Foundation Governance Wiki
Content deleted Content added
Cary Bass (talk | contribs)
Az1568 (talk | contribs)
Update from Gift policy/new.
Line 1: Line 1:
{{fundraising menu-en}}
{{fundraising menu-en}}
{{policy}}
{{policy}}
''Please also see the [[Donor Privacy Policy]].''
=='''WIKIMEDIA FOUNDATION GIFT POLICY'''==
===Definition of Gift===
== Purpose ==
This policy defines the basic guidelines governing Wikimedia Foundation’s acceptance and acknowledgment of gifts and grants to further its mission of encouraging the growth, development and distribution of free, multilingual content, and to providing the full content of these wiki-based projects to the public free of charge.
# 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.
== Policy ==
# The donor may direct assets for a specific purpose (e.g. project), program, or asset purchase whereby the gift is considered "restricted."
===Types of Gifts===
# 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.
The Wikimedia Foundation will accept the following:
# 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.
*Cash and cash-equivalent gifts, offered without condition, of up to $100,000.
==Policy==
*Publicly traded securities, which will be liquidated upon receipt.
===Policy===
# 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.
==Gift Procedures==
===Gift Procedures===
# 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.


The Wikimedia Foundation may accept the following, subject to the other provisions of this policy:
==POLICY ON THE RECEIPT OF GIFTS==
*Real estate, subject to title search and environmental audit. Real estate will be sold within two years of donation. Minimum value of a gift of real estate must be $1 million.
# 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.
*Other assets, including but not limited to stock in closely held businesses, patents, stock options, collectibles such as artwork, manuscripts and copyrighted works, stamps, coins, and memorabilia, provided that the minimum value of such gifts, in themselves or as part of a larger gift, is $1 million.
# 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.
===Restricted gifts===
# An offer of a gift, if any part of the gift would not be qualifying support under the applicable tests for public support, shall be subject to review by the Board of Trustees. This includes unusual grants and other gifts in excess of the limits for qualifying support. The gift may be accepted or returned at the direction of the Board. The Board may also direct that all or a portion of the gift be set aside for a capital endowment, rather than being used for operating expenses. Contributions from other publicly supported charities are not subject to this limitation. For purposes of this provision, contributions made by a donor and any person in a special relationship to the donor are considered made by one person.
*Cash and cash-equivalent gifts, offered without condition, of more than $100,000.
[[Category:English]]

===Restricted Gifts===
The Wikimedia Foundation encourages donors to make unrestricted gifts. Restricted gifts may be accepted for particular purposes or projects, as specified by the Foundation. When a donor wishes to make a restricted gift , that donor shall determine gift parameters in advance with the Wikimedia Foundation. Such parameters may include the following:
*Donation amount and type
*Restrictions and designation
*Gift date
*Distribution term
*Reporting requirements
*Provisions for disposition of gifts when the purpose or project terminates or becomes impossible to achieve.

===Accepting Gifts/Private Grants -- Board Approval===
Approval from the Board of Trustees is required to accept gifts/private grants to the Foundation which:
*are valued in excess of $100,000;
*do not conform with approved Foundation policies; or
*obligate the Foundation to expenditures or costs for which there is no established fund source.
The Foundation may accept all pledges and gifts/private grants that do not require Board approval per subsections 1-3 of this section (C). The Foundation reserves the right to refuse any gift. The Foundation reviews gift offers to ensure that the terms are in conformity with Foundation policy and do not unduly restrict the usefulness or desirability of the gift.

===Pledges===
Donors may commit to future gifts ("pledges"), which the Foundation will generally treat as gifts of cash. A donor who commits to a future gift of $100,000 or more may sign a Wikimedia Foundation pledge agreement.

===Required Accompanying Documentation===
Electronic donations made on the Foundation website need no further indication of donative intent. All other gifts must be clearly identified as gifts by the donor. Checks may be accompanied by a declaration of donor's intent. In-kind donations such as computer or office equipment may be accompanied by a declaration of donor's intent, and delivery should be arranged with Foundation staff. Gifts must also be accompanied by other documentation as required by applicable state and federal law. Endowments must be accompanied by a statement in writing from the donor, which must:
*express the donor's intent to make a gift;
*describe the gift;
*declare the irrevocability of the transfer;
*if the donor wishes, designate the purpose(s) for which the gift is to be used;
*authorize the Foundation to:
*combine the endowment with other funds for investment purposes;
*transfer the income to the principal;
*authorize the Executive Director to identify a new purpose if the original purpose is no longer valid, and to transfer funds to other Foundation priorities;

===Determining Value of Gift===
The dollar amount of a gift/private grant shall be the amount of cash actually received; or, if in the form of a pledge, the full amount pledged; or the equivalent to the fair market value of securities or other property. The valuation of stock depends upon the date of its receipt.

===Conflicts of Interest===
There may be a conflict of interest if the acceptance of a gift is placed in a fund in which the recipient retains control of expenditures (e.g., if an employee or Board member makes a gift in support of a project or department the employee or Board member administers). All such gifts should be assigned to an account over which the Executive Director has signature authorization that is not shared by the designated recipient.
===Accepting Gifts of Securities===
The Foundation is the official custodian of all securities (e.g., stocks and bonds). When securities are received by any department, that fact should be made known immediately to the Executive Director or to the Chief Financial and Operating Officer.

===Accepting Bequests or Devises===
All papers and documents relating to probate matters, including notices of hearings, wills, documentary evidence of assets, and forms of receipt for distribution as assets, should be forwarded promptly to the Executive Director or to the Chief Financial and Operating Officer. Acknowledgment of a testamentary gift is generally made after distribution from the estate. In some cases, however, acknowledgment prior to receipt may be appropriate. The Executive Director or the Chief Financial and Operating Officer should be consulted in advance concerning prior acknowledgment of a testamentary gift.
===Accepting Gifts-in-Kind===
Gifts-in-kind may only be accepted by the Executive Director or by an officer delegated in writing by the Executive Director with the authority to accept such a gift.

==Donor Benefits and Constraints==
===Tax Consequences===
The Wikimedia Foundation is unable to offer tax advice to would-be donors. Donors who are concerned about tax-deductibility of donations should consult with their own tax advisers. The Foundation is a 501(c)3 tax-exempt organization operating under United States law as a Florida corporation.

===Naming Opportunities===
The Wikimedia Foundation does not normally offer naming opportunities

===Donor Expenses===
The Wikimedia Foundation does not typically cover donors' donation-related expenses such as travel, shipping, and appraisals.

[[Category:English]]
[[Category:Policy]]

Revision as of 20:18, 12 December 2008

Template:Fundraising menu-en

Please also see the Donor Privacy Policy.

Purpose

This policy defines the basic guidelines governing Wikimedia Foundation’s acceptance and acknowledgment of gifts and grants to further its mission of encouraging the growth, development and distribution of free, multilingual content, and to providing the full content of these wiki-based projects to the public free of charge.

Policy

Types of Gifts

The Wikimedia Foundation will accept the following:

  • Cash and cash-equivalent gifts, offered without condition, of up to $100,000.
  • Publicly traded securities, which will be liquidated upon receipt.

The Wikimedia Foundation may accept the following, subject to the other provisions of this policy:

  • Real estate, subject to title search and environmental audit. Real estate will be sold within two years of donation. Minimum value of a gift of real estate must be $1 million.
  • Other assets, including but not limited to stock in closely held businesses, patents, stock options, collectibles such as artwork, manuscripts and copyrighted works, stamps, coins, and memorabilia, provided that the minimum value of such gifts, in themselves or as part of a larger gift, is $1 million.

Restricted gifts

  • Cash and cash-equivalent gifts, offered without condition, of more than $100,000.

Restricted Gifts

The Wikimedia Foundation encourages donors to make unrestricted gifts. Restricted gifts may be accepted for particular purposes or projects, as specified by the Foundation. When a donor wishes to make a restricted gift , that donor shall determine gift parameters in advance with the Wikimedia Foundation. Such parameters may include the following:

  • Donation amount and type
  • Restrictions and designation
  • Gift date
  • Distribution term
  • Reporting requirements
  • Provisions for disposition of gifts when the purpose or project terminates or becomes impossible to achieve.

Accepting Gifts/Private Grants -- Board Approval

Approval from the Board of Trustees is required to accept gifts/private grants to the Foundation which:

  • are valued in excess of $100,000;
  • do not conform with approved Foundation policies; or
  • obligate the Foundation to expenditures or costs for which there is no established fund source.

The Foundation may accept all pledges and gifts/private grants that do not require Board approval per subsections 1-3 of this section (C). The Foundation reserves the right to refuse any gift. The Foundation reviews gift offers to ensure that the terms are in conformity with Foundation policy and do not unduly restrict the usefulness or desirability of the gift.

Pledges

Donors may commit to future gifts ("pledges"), which the Foundation will generally treat as gifts of cash. A donor who commits to a future gift of $100,000 or more may sign a Wikimedia Foundation pledge agreement.

Required Accompanying Documentation

Electronic donations made on the Foundation website need no further indication of donative intent. All other gifts must be clearly identified as gifts by the donor. Checks may be accompanied by a declaration of donor's intent. In-kind donations such as computer or office equipment may be accompanied by a declaration of donor's intent, and delivery should be arranged with Foundation staff. Gifts must also be accompanied by other documentation as required by applicable state and federal law. Endowments must be accompanied by a statement in writing from the donor, which must:

  • express the donor's intent to make a gift;
  • describe the gift;
  • declare the irrevocability of the transfer;
  • if the donor wishes, designate the purpose(s) for which the gift is to be used;
  • authorize the Foundation to:
  • combine the endowment with other funds for investment purposes;
  • transfer the income to the principal;
  • authorize the Executive Director to identify a new purpose if the original purpose is no longer valid, and to transfer funds to other Foundation priorities;

Determining Value of Gift

The dollar amount of a gift/private grant shall be the amount of cash actually received; or, if in the form of a pledge, the full amount pledged; or the equivalent to the fair market value of securities or other property. The valuation of stock depends upon the date of its receipt.

Conflicts of Interest

There may be a conflict of interest if the acceptance of a gift is placed in a fund in which the recipient retains control of expenditures (e.g., if an employee or Board member makes a gift in support of a project or department the employee or Board member administers). All such gifts should be assigned to an account over which the Executive Director has signature authorization that is not shared by the designated recipient.

Accepting Gifts of Securities

The Foundation is the official custodian of all securities (e.g., stocks and bonds). When securities are received by any department, that fact should be made known immediately to the Executive Director or to the Chief Financial and Operating Officer.

Accepting Bequests or Devises

All papers and documents relating to probate matters, including notices of hearings, wills, documentary evidence of assets, and forms of receipt for distribution as assets, should be forwarded promptly to the Executive Director or to the Chief Financial and Operating Officer. Acknowledgment of a testamentary gift is generally made after distribution from the estate. In some cases, however, acknowledgment prior to receipt may be appropriate. The Executive Director or the Chief Financial and Operating Officer should be consulted in advance concerning prior acknowledgment of a testamentary gift.

Accepting Gifts-in-Kind

Gifts-in-kind may only be accepted by the Executive Director or by an officer delegated in writing by the Executive Director with the authority to accept such a gift.

Donor Benefits and Constraints

Tax Consequences

The Wikimedia Foundation is unable to offer tax advice to would-be donors. Donors who are concerned about tax-deductibility of donations should consult with their own tax advisers. The Foundation is a 501(c)3 tax-exempt organization operating under United States law as a Florida corporation.

Naming Opportunities

The Wikimedia Foundation does not normally offer naming opportunities

Donor Expenses

The Wikimedia Foundation does not typically cover donors' donation-related expenses such as travel, shipping, and appraisals.