Gifts to the Library
The Fargo Public Library welcomes and gratefully accepts monetary donations to purchase library materials, furniture and fixtures, and for program support. The library accepts equipment and artifacts at its discretion. Gifts of materials or money to support the library’s collection development efforts are discussed in the Collection Development Policy. Donations become library property.
- Donations of equipment, furniture, and other artifacts will be accepted provided they meet the needs of the institution and are in accordance with the library’s strategic plan. Donations that do not meet the library’s selection criteria will be disposed of as the library deems appropriate.
- The Library Director will acknowledge monetary gifts. Donated equipment or artifacts will be acknowledged if the donor provides a name and address. Notice of memorial contributions will be made to the family or designated representative and a description of the benefit received by the library will be included in the acknowledgement letter.
- The library, as an interested party, cannot appraise equipment, furniture, or any other donated items. Reasonably detailed receipts will be issued stating the number and type of items contributed. In accordance with federal law the library will file IRS form 8282 for items valued at more than $250 which are disposed of within two years of the donation. Form 8282 need not be filed if the item is valued at less than $500 and is distributed to another charitable organization. Appraisal is the donor’s responsibility.
- The Library recognizes that in-kind or non-cash contributions may be received in the form of services, real estate, or marketable securities. Non-cash contributions over a fair market value of $250 will be documented by donor name, address, date of contribution, market value, and description. Fair market value shall be determined by the donor by such means as receipt, manufacturer's list price, or appraisal. Gifts that are difficult to value, illiquid, or cannot be used by the Library will not be accepted unless an exception is granted. Marketable securities and real estate will be sold at the earliest opportunity with proceeds to be received to the appropriate Library donations fund. Exceptions to the gift policy may be allowed with approval of the Library Board of Directors.
- Any assets donated to the Fargo Public Library become property of the Library and may be disposed of as deemed necessary or useful, pursuant to the restrictions listed below.
- Property valued at less than $500 may be disposed of by the director of the Fargo Public Library, as he or she determines. The director is responsible for keeping yearly records of property disposal including the estimated value, how such value is determined, if relevant, the recipient of the property, and the value of any assets received in exchange.
- Property valued at over $500 shall be disposed of through public auction or through appropriate third parties such as brokers, real estate agents, etc., if the property warrants such disposal. The disposal of such property and the means of disposal, including the selection of sales agents, shall be made only with the knowledge and approval of the Fargo Public Library Board.
- No disposal of donated property shall be made to related parties of the director, library staff, or the Fargo Public Library Board regardless of the value of the property. All members of the library staff and board are responsible for proactively notifying the director or the other members of the board of any known conflicts of interest whether actual or in appearance that might affect the disposal of donated property.
- Contributions in the form of real estate or marketable securities may be held by the library for future liquidation at more favorable prices or as part of the library’s endowment portfolio if they produce income. Any such decisions must include an explicit rationale for holding the assets including projected future revenues and the market conditions under which a sale is anticipated. The decision to hold such assets rather than liquidate them shall be made only with the approval of the Library Board. The Board shall also periodically review whether such assets should still be retained.
Approved by the Library Board of Directors 08-20-2002