Policy:Gift policy: Difference between revisions

From Wikimedia Foundation Governance Wiki
Content deleted Content added
No edit summary
Line 2: Line 2:
''Please also see the [[Donor Privacy Policy]].''
''Please also see the [[Donor Privacy Policy]].''


This policy was approved by the board in 2007–2008 with [[Resolution:Gift Policy]] and [[Resolution:Update of Gift Policy - January 2008]].
This policy was approved by the board in 2007–2008 with [[Resolution:Gift Policy]] and [[Resolution:Gift Policy Amendments Increase Threshold]] was revised in May, 2016.


== Purpose ==
== 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.
Gifts and grants serve to support Wikimedia Foundation’s mission to encourage 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. This work is made possible, in part, by donations made by individuals and organizations from around the globe. We are incredibly grateful for their support, and we are committed to honoring the wishes of our donors. Through this policy, Wikimedia Foundation defines the basic guidelines governing acceptance and acknowledgment of gifts and grants to further its mission.

== Policy ==
== Policy ==
===Types of Gifts===
===Gifts Not Requiring Board Notice===
The Wikimedia Foundation will accept the following:
The Wikimedia Foundation will accept differing types of grants and gifts without board notice, including:
*Cash and cash-equivalent gifts, offered without condition, of up to $100,000.
*Cash and cash-equivalent gifts, offered without condition, of up to|$250,000.
*Publicly traded securities, which will be liquidated upon receipt.
*Publicly traded securities, which will be liquidated upon receipt, up to $250,000 in value.


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

===Gifts Requiring Board Notice===
The Wikimedia Foundation takes its commitments to our donors very seriously. To help ensure that we honor those commitments, the foundation shall provide the Board of Trustee with notice and the opportunity to review gifts or private grants to the Foundation which:
*are valued in excess of $250,000;
*include any restriction on how the gift may be used;
*do not conform with approved Foundation policies; or
*obligate the Foundation to expenditures or costs for which there is no established fund source.

In most cases, the Board will be given 7 business days to decline a proposed gift or private grant if they feel that the Foundation cannot meet the commitment to the donor or if the grant obligates the foundation to unfavorable terms.

The Foundation may accept any pledges and gifts/private grants that do not require Board notice according to this policy. 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.

===Restricted Gifts===
===Restricted Gifts===
*Cash and cash-equivalent gifts, offered without condition, of more than $100,000.


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:
The Wikimedia Foundation encourages donors to make gifts for unrestricted use. The Foundation may accept gifts with appropriate restrictions for particular purposes or projects. When a donor wishes to make a restricted gift, that donor may determine gift parameters in advance with the Wikimedia Foundation. Such parameters may include the following:
*Donation amount and type
*Donation amount and type
*Restrictions and designation
*Restrictions and designation
Line 25: Line 37:
*Reporting requirements
*Reporting requirements
*Provisions for disposition of gifts when the purpose or project terminates or becomes impossible to achieve.
*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===
===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.
Donors may commit to future gifts ("pledges"), which the Foundation will generally treat as gifts of cash.


===Required Accompanying Documentation===
===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:
Electronic donations made on the Foundation website do not need further declaration of donor's intent. In-kind donations, such as computer or office equipment{{highlight|,}} 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 may be accompanied by a statement in writing from the donor, which may:
*express the donor's intent to make a gift;
*express the donor's intent to make a gift;
*describe the gift;
*describe the gift;
Line 51: Line 58:


===Conflicts of Interest===
===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.
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 that 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===
===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.
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 an officer delegated by the Executive Director.


===Accepting Bequests or Devises===
===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.
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 an officer delegated by the Executive Director. 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 an officer delegated by the Executive Director should be consulted in advance concerning prior acknowledgment of a testamentary gift.
===Accepting Gifts-in-Kind===
===Accepting Gifts-in-Kind===
Line 64: Line 71:
==Donor Benefits and Constraints==
==Donor Benefits and Constraints==
===Tax Consequences===
===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.
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===
===Naming Opportunities===
Line 74: Line 81:
== See also ==
== See also ==


* [https://wikimediafoundation.org/wiki/Delegation_of_authority_policy#References Delegation of Authority Policy]
* [[Delegation of authority policy#References]]
* [https://wikimediafoundation.org/w/index.php?title=Gift_policy&oldid=104442 Previous Gift Policy]


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

Revision as of 19:55, 27 May 2016

Please also see the Donor Privacy Policy.

This policy was approved by the board in 2007–2008 with Resolution:Gift Policy and Resolution:Gift Policy Amendments Increase Threshold was revised in May, 2016.

Purpose

Gifts and grants serve to support Wikimedia Foundation’s mission to encourage 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. This work is made possible, in part, by donations made by individuals and organizations from around the globe. We are incredibly grateful for their support, and we are committed to honoring the wishes of our donors. Through this policy, Wikimedia Foundation defines the basic guidelines governing acceptance and acknowledgment of gifts and grants to further its mission.

Policy

Gifts Not Requiring Board Notice

The Wikimedia Foundation will accept differing types of grants and gifts without board notice, including:

  • Cash and cash-equivalent gifts, offered without condition, of up to|$250,000.
  • Publicly traded securities, which will be liquidated upon receipt, up to $250,000 in value.

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.

Gifts Requiring Board Notice

The Wikimedia Foundation takes its commitments to our donors very seriously. To help ensure that we honor those commitments, the foundation shall provide the Board of Trustee with notice and the opportunity to review gifts or private grants to the Foundation which:

  • are valued in excess of $250,000;
  • include any restriction on how the gift may be used;
  • do not conform with approved Foundation policies; or
  • obligate the Foundation to expenditures or costs for which there is no established fund source.

In most cases, the Board will be given 7 business days to decline a proposed gift or private grant if they feel that the Foundation cannot meet the commitment to the donor or if the grant obligates the foundation to unfavorable terms.

The Foundation may accept any pledges and gifts/private grants that do not require Board notice according to this policy. 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.

Restricted Gifts

The Wikimedia Foundation encourages donors to make gifts for unrestricted use. The Foundation may accept gifts with appropriate restrictions for particular purposes or projects. When a donor wishes to make a restricted gift, that donor may 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.

Pledges

Donors may commit to future gifts ("pledges"), which the Foundation will generally treat as gifts of cash.

Required Accompanying Documentation

Electronic donations made on the Foundation website do not need further 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 may be accompanied by a statement in writing from the donor, which may:

  • 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 that 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 an officer delegated by the Executive Director.

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 an officer delegated by the Executive Director. 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 an officer delegated by the Executive Director 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.

See also