Full Text
Palmdale Community Foundation Donation Policy and Procedure November 30, 2016 1. PURPOSE The purpose of this policy is to provide adequate and consistent procedures for acceptance and documentation of donations made to the Palmdale Community Foundation (Foundation). It is the Policy of the Foundation to encourage and support the pursuit of donations to provide supplemental financial support for the community programs in the City of Palmdale. This Policy is intended to support the ability to increase revenue and partnerships and does not limit the Foundation's ability to apply for grant funding. 2. POLICY Types of Donations Donations may be received in the form of cash, in-kind services, materials or sponsorships. Designated donations are those donations that the donor specifies for a particular community program, or purpose. Undesignated donations are those donations that are given to the Foundation for unspecified use. Acceptance of undesignated donations of cash or tangible items. A. Based on the value of the donation as outlined below, the appropriate officer of the Foundation will review the acceptability of any donation and determine if the benefits to be derived warrant acceptance of the donation. Criteria for evaluation include consideration of any immediate or initial expenditure required in order to accept the donation, the potential and extent of the Foundation's obligation to maintain the donation, and the community benefit to be derived from the donation. B. All undesignated or unfettered donations of cash may be accepted by the Treasurer or Assistant Treasurer. C. Designated donations of cash or items valued at $10,000 or below may be accepted by the Treasurer or Assistant Treasurer. D. Designated donations of cash or items valued more than $10,000 and up to $50,000 may be accepted by the President or the Vice President. A copy of the signed donation acceptance form shall be forwarded for information to the Treasurer or Assistant Treasurer. E. Donations of cash or items valued more than $50,000 must be reviewed and accepted by the Board of the Foundation. A copy of the signed donation acceptance form shall be forwarded for information to the Treasurer or Assistant Treasurer. ---PAGE BREAK--- Palmdale Community Foundation Donation Policy and Procedure November 30, 2016 Declined donations The donation must have a purpose consistent with the Foundation goals and objectives. The Palmdale Community Foundation reserves the right to decline or return any donation if, upon review, acceptance of the donation is determined to be not in the best interest of the Foundation. Acknowledgement of donations Acknowledgement of donation should be in writing and all donations made through the Palmdale Community Foundation will be the responsibility of the City of Palmdale's Finance Department. All letters of acknowledgement shall be signed by the President of the Foundation. A written acknowledgment is required to substantiate a charitable contribution of $250 or more must contain the following information: • Name of the Foundation; • Amount of cash contribution; • Description (but not value) of non-cash contribution; • Statement that no goods or services were provided by the Foundation, if that is the case; • Description and good faith estimate of the value of goods or services, if any, that organization provided in return for the contribution; and • Statement that goods or services, if any, that the organization provided in return for the contribution consisted entirely of intangible benefits, if that was the case. ---PAGE BREAK--- 38300 Sierra Hwy, Suite A Palmdale, CA 93550 661/267-5115 Name of Donor: Address: City: State: Zip: Description of donation: Donor estimate of current value: Potential immediate or immediate or initial acquisition or installation cost, any on- going maintenance or replacement cost: Intended use: Conditions of acceptance or donor designation: Remarks: Palmdale Community Foundation Official receiving donation: Approved Disapproved Date: Officer’s Signature: