Gift Acceptance Policy

Gifts of cash make up the bulk of donations made to the Library Foundation.

• The Foundation welcomes donors to make charitable contributions in the form of a cash or cash equivalent gift (including cash, credit card, cheque, or pledges).
• Cheques shall be made payable to the Foundation and not to any individual representing the Foundation.
• Donor information is required for the preparation of a tax receipt.
• Tax receipts will be issued in accordance with Canada Revenue Agency regulations.

All donated securities are sold upon receipt and the donor will receive a tax receipt for the value of the securities donated based on the closing price on the day of receipt by our custodial agent.

Acceptance of shares requires both the appropriate documentation to be received from the donor and delivery of the shares. The date of the donation is the date the shares are deposited into the Foundation’s RBC Direct Investing Account. If a real time value cannot be assessed, the value shall be based on the stock price at close on the day they are received. Stock will be sold immediately.

A gift in will (bequest) refers to a disposition in a Will to the Foundation of cash, securities, assets, and the donation of all or a percentage of the residual estate. Bequests are revocable gift commitments and most often will be credited and recognized when the funds are received.

Donors are encouraged to provide information about their bequest and, if they are willing, provide a copy of that section of their Will to the Foundation.

While a donor may direct their bequest, the Foundation encourages donors to direct all bequests to the Library’s highest priorities, as programs and areas of need may change over time. Any non-cash bequests will be reviewed and subject to guidelines set out in the Foundation policies.

Donations can be made by naming the Foundation as beneficiary on an RRSP or RRIF and qualifying the bequest as a charitable donation. The assets are paid directly to the charity upon the death of the annuitant and the Foundation will issue a tax receipt at that time. Donors are advised to contact their financial institution when deciding on this method of donating.

Life insurance policies can be donated by way of irrevocable transfer of ownership during the life of the donor, or by making the Library Foundation a beneficiary on the death of the donor. In most conditions, the Calgary Public Library Foundation will accept a Life Insurance policy under the following conditions:

• It is a whole life insurance policy
• The insurance policy has limited pay
• The Library Foundation owns the policy or is named as irrevocable beneficiary
• The life insurance policy is guaranteed with an annuity
• The donor shall provide fair market value of the life insurance policy at the time of the donation.

For Whole Life Insurance policies where ownership is irrevocably transferred at the time of gift, a tax receipt will be provided for the fair market value of the policy at that time. Premiums paid by the donor after the transfer date are also eligible for a tax receipt in the amount of the premium issued for the year of payment.

For life insurance policies where ownership is not irrevocably transferred, and the Library Foundation is designated as the beneficiary on death, the tax receipt will be issued only upon the Library Foundation receiving payment of benefits under the policy following death, provided the policy is not held in connection with certain tax plans or arrangements (such as a registered pension plan), and the value for tax receipting purposes is the value received by the Library Foundation at such time.

A gift in kind is a broad gift category including tangibles (ex. artworks, books, computers, equipment) and intangibles (ex. services, tickets to events) that a donor voluntarily transfers to the Foundation without expense or consideration. The Library Foundation will accept gifts in kind that support its mission, are consistent with its policies, and are properly accounted for and acknowledged.

• All gifts-in-kind must be supported with appropriate evidence of fair market value. The CEO or a member of the Finance & Audit Committee will determine the acceptability of the fair market value where there is any question around the validity. The donor is responsible for all costs associated with determining the fair market value of the gift in kind and donors are encouraged to contact a professional appraiser or valuator.
• Once accepted, the donated item(s) becomes the property of the Foundation, which retains the right to dispose of gifts in kind as it sees fit, at any time.
• The Foundation will consider any potential liability or issue that may arise from the acceptance of a particular gift-in-kind. The Foundation will consider such things as appraisal, storage, environmental liabilities, title, carrying costs, legal ramifications and disposal costs.

Gifts of services are not permitted under Canadian tax law, as services are not defined as “property.” Canada Revenue Agency does, however, accept the practice of cheque swapping. This entails the person billing the Foundation for the service and then donating back the amount billed, once paid by the Foundation.