Donations, Sponsorship and Fundraising Policy
POLICY PURPOSE
The Hamilton Public Library (HPL) welcomes and encourages donations, gifts and sponsorship from individuals, groups, foundations and corporations to enhance library system services. The Library provides service to the community in accordance with the Library’s missions, values and strategic goals. The Hamilton Public Library gratefully accepts donations and sponsorship and fundraising opportunities based on this policy.
KEY POINTS SUMMARY
- The Library gratefully accepts donations and welcomes sponsorships and fundraising opportunities with third parties in order to advance its mission, adhere to its values and meet its strategic goals.
- Undesignated cash donations are set aside in a Donations Reserve. Use of funds from the Donations Reserve shall be approved by the Library Board. Designated donations that are specified for particular uses by the donor are directed to the appropriate cost centre.
- The Library has a long-standing partnership with the Hamilton Community Foundation (HCF) in managing its endowment funds. Endowment funds are gratefully accepted and directed to the HCF on behalf of the Library. The HCF manages the Library’s endowments and provides the Library Board with the investment income annually. The Library Board approves the expenditures of these funds consistent with the specifications of the funds.
- The Hamilton Public Library Board will maintain a donor recognition program in support of this policy. The purpose of the donor recognition program is to thank donors, to encourage others to give, and to steward a healthy long-term relationship between the Library and its donors. The Library respects the wishes of the donors who wish to remain anonymous.
- Charitable receipts are issued for cash donations, appraised donations of art and valuable papers, as well as in-kind donations. Charitable receipts cannot be issued for more than the fair market value as determined by an independent appraiser.
DEFINITIONS
Financial Services Office of HPL - This office is responsible for financial services of the Library and facilitates tax receipts and donations. Activities of this office are overseen by the Director of Finance & Facilities.
Cash - Cash includes cheques, money orders, bank drafts, and money (bills & coin). Donations made by debit card and by credit card are also considered cash gifts.
Donation- A donation is a gift, contribution of cash, or goods given voluntarily to the Library as a philanthropic act without expectation or requirement of reciprocal benefit. A designated donation is one that is to be used for a specific purpose. An undesignated donation is one that has no stipulations on use.
Gifts In-Kind - Gifts in-kind, also known as non-cash gifts, are gifts of property. They cover items such as artwork, equipment, securities, and cultural and ecological property. A contribution of service, that is, of time, skills or effort, is not property and, therefore, does not qualify as a gift or gift in-kind for purposes of issuing official donation receipts. CRA charities & giving glossary
Sponsorship - A sponsorship is a mutually beneficial exchange between the Hamilton Public Library and an outside organization, in which an external party makes a contribution of cash or in-kind goods or services to the Library in return for recognition, acknowledgements or other considerations. Sponsors receive a benefit of reciprocal value in return for their support and contribution.