Saratoga Springs Public Library welcomes and encourages monetary gifts, bequests, endowment funds, and gifts of property or materials from individuals, groups, foundations, or corporations that help to further and fulfill its mission. The Library accepts such gifts at the discretion of the Library Director and/or the Library Board of Trustees under the following conditions:

Tangible Gifts

General Library Materials

All gifts of library materials are accepted with the understanding that they become library property and can be added to the collection, sold, or discarded as deemed necessary. In general, such gifts are judged by the standards set forth in the library’s material selection policy. Books must be in reasonably good condition, free of mildew or odor. No conditions regarding location, use or eventual withdrawal from the collection or building can be imposed.

Unless an arrangement to the contrary has been made with the donor, gift materials not used by the library will become the property of the Friends of the Saratoga Springs Public Library to be sold to raise funds in support of the library. If such items are not made available for sale, the Friends of the Library are expected to assist in their prompt removal from library property by recycling, donation, etc.

Specialized Collections

Special collections and memorial collections may be accepted at the discretion of the library director with the understanding that they may not be shelved as a single physical entity, but will be integrated into the general collection. Memorial identification will normally be in the form of a special bookplate.

The role of the Saratoga Springs Public Library in collecting historical artifacts relating to the history of the City of Saratoga Springs is limited to photographs, papers, maps, newspapers, scrapbooks, diaries, and other print material.

Realia, Paintings, Objects

Personal property, art objects, memorial or commemorative objects, displays or plaques, portraits, artifacts, antiques, museum objects, and similar items are not generally accepted as gifts. Under certain circumstances and with approval of the Library Board of Trustees, when such a gift meets the mission and needs of the library, the gift will be accepted.

The decision to accept gifts such as furnishings, artwork, or equipment shall be made by the Library Board of Trustees on the advice of the Library Director. Among the criteria on which the decision shall be based is need, space, impact on staff time, and expense and frequency of maintenance. Such gifts will be accepted only on condition that they may be used, sold, given away, or discarded at the discretion of the Library Board and Library Director.

The acceptance of gifts designated for public display on Library property shall be considered with attention to the ongoing cost of display, maintenance, and security, as well as suitability, including location. No guarantee is made that any gift will be permanently displayed or kept by the Library.

Monetary Gifts

Gifts of cash, securities, and bequests that support the mission of the Library will be handled by the Library Director, who, with the Library Board of Trustees, will work out terms of acceptance that are compatible with Library policies, the donor’s intent, and applicable laws.

Memorial or Commemorative Gifts

The Library accepts donations of money for the purchase of material in memory of or to honor community residents or others. Library staff will use guidelines set forth in the Materials Selection Policy in determining which materials to purchase. Although the Library cannot guarantee the purchase of specifically identified titles with such funds, donors are encouraged to suggest subject areas for the use of their donation. A bookplate may be affixed to such material with wording determined by the donor in consultation with Library staff.

Unrestricted Cash Donations

Monetary gifts without restriction are encouraged, and will be directed to the Saratoga Springs Public Library Endowment Fund at the Community Foundation for the Greater Capital Region, to help insure the long-term health of the library.

Major Gifts

The Library welcomes major gifts including those directed towards a building project or other large project, and especially welcomes donations to the Saratoga Springs Public Library Endowment Fund at the Community Foundation for the Greater Capital Region.

Endowment Funds

The Library welcomes monetary gifts to be used as an endowed gift fund. Such funds require a minimum donation of $1,000 for an expendable trust, and $5,000 for a non-expendable trust. Such gifts will be accepted on condition that if a specific use is requested, that it is consistent with the mission, goals, and objectives of the Library, and must be approved by the Library Board.

The Library Board may authorize expenditure of the balance of a Gift Fund, without regard to restrictions when it has been reduced to a level of $500 or less.

The Library Board may remove all restrictions from a specific Gift Fund when, as a result of restriction, there has been no expenditure from such Fund for at least two years, and the Board, by a majority vote of the entire Board, decides that the restrictions do not reasonably provide a benefit for the Library.

Gifts of In-Kind Services

Gifts of in-kind services will be accepted at the discretion of the Library.

Review Requirements

The Library will accept donations of cash or publicly traded securities. Certain other gifts, real property, personal property, in-kind gifts, non-liquid securities, and contributions whose sources are not transparent or whose use is restricted in some manner, must be reviewed prior to acceptance due to the special obligations raised or liabilities they may pose for the Library.

Gifts Generally Accepted Without Review

Cash

Cash gifts are acceptable in any form, including by check, money order, credit card, wire transfer, or online.

Marketable Securities

Marketable securities may be transferred electronically to an account maintained at the Library’s bank, or delivered physically with the transferor’s endorsement attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by Saratoga Springs Public Library’s Board of Trustees. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Library’s Board.

Gifts Accepted Subject to Prior Review

Certain forms of gifts or donated properties may be subject to Board review and consideration and majority vote approval prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:

Charitable Remainder Trusts

Saratoga Springs Public Library will accept designation as a remainder beneficiary of charitable remainder trusts.

Charitable Lead Trusts

Saratoga Springs Public Library will accept designation as an income beneficiary of charitable lead trusts.

Bequests and Beneficiary Designations under Revocable Trusts, Commercial Annuities and Retirement Plans

Donors are encouraged to make bequests to Saratoga Springs Public Library under their wills, and to name Saratoga Springs Public Library as the beneficiary under trusts, commercial annuities and retirement plans.

Tangible Personal Property

The Board of Trustees shall review and determine whether to accept any gifts of tangible personal property, including works of art, in light of the following considerations: does the property further the organization’s mission? Is the property marketable? Are there any unacceptable restrictions imposed on the property? Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear?

Life Insurance

Saratoga Springs Public Library will accept gifts of life insurance where Saratoga Springs Public Library is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.

Real Estate

All gifts of real estate are subject to review by the Board of Trustees. Prior to acceptance of any gift of real estate other than a personal residence, Saratoga Springs Public Library shall require an initial environmental review by a qualified environmental firm. In the event that the review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. Criteria for acceptance of gifts of real estate include: Is the property useful for the Library’s purposes? Is the property readily marketable? Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property? Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property? Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?

Restrictions on Use

Donors may place restrictions on gifts under the following conditions:

• The restriction must be one considered compatible with the overall mission of the Library.
• The restriction shall not impede the ability of the library to acquire gifts from other sources.
• The restriction shall not place undue burden on the Library’s resources.
• The restriction shall not subject the Library to adverse publicity.

Restrictions on Acceptance

The Library will not accept any gift unless it can be used or expended consistently with the purpose and mission of the Library. The Library reserves the right to decline any gift which:

• Does not further the mission or goals of the library;
• Would result in the incurrence of excessive expense or administrative effort in relation to its value;
• Would result in Saratoga Springs Public Library violating its corporate charter;
• Would result in any unacceptable consequences for the Library; or
• Under any reasonable set of circumstances, would jeopardize the donor’s financial security.

Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Trustees, in consultation with the Director. Acceptance of any contribution, gift or grant is at the discretion of Saratoga Springs Public Library. All gifts may be utilized, sold or disposed of in the best interest of the Library

Valuation

The Library will provide acknowledgments to donors for tangible property received as a gift. However, except for gifts of cash and publicly traded securities, no value shall be ascribed to any receipt or other form of substantiation of a gift received by the Library. If appraisals are desired, they must be accomplished by the donor and at their own expense by a qualified appraiser.

Use of Legal Counsel

Saratoga Springs Public Library will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:

• Gifts of securities that are subject to restrictions or buy-sell agreements.
• Documents naming Saratoga Springs Public Library as trustee or requiring the Library to act in any fiduciary capacity.
• Gifts requiring Saratoga Springs Public Library to assume financial or other obligations.
• Transactions with potential conflicts of interest.
• Gifts of property which may be subject to environmental or other regulatory restrictions.