Adopted May 24, 2005
Gifts may be accepted on the condition that the Library retains the right to dispose of the gift in the way the Board deems most beneficial to the Library. The wishes of the donor will be followed insofar as they are aligned with the Mission of the Library.
The Library does not appraise gifts and will not assign a dollar value to gifts. Letters acknowledging receipt of a gift will indicate only the nature and quantity of the gift and the Library’s non profit status. The Library reserves the right to refuse gifts. Circumstances under which a gift may be refused include but are not limited to:
•The cost to manage the asset will exceed the benefit of the gift.
•The gift or gift purpose might jeopardize the Library’s non profit status.
The Petoskey Public Library welcomes gifts of all kinds, including but not limited to:
Gifts of materials for the collection
Gifts for the Library’s collections must meet the same standards as materials purchased with Library funds. Gift items will be treated like any other library material. A bookplate or other appropriate marker may be placed in the material.
Cash and cash equivalents
Publicly traded securities will generally be sold immediately.
Closely held stock will be accepted, sold or held, on a case-by-case basis.
Harbor Springs Community Foundation
Tangible personal property, including works of art.
Gifts for the Library’s endowment fund will be directed to the Library’s account in Petoskey Harbor Springs Community Foundation.
Planned and Deferred Gifts:
Anyone contemplating a deferred gift to the Library should consult his or her own financial, legal, and/or tax advisors. Examples of such gifts include:
Charitable Fit Annuities
Charitable Remainder Trusts
Charitable Lead Trusts
Retained Life Estates