GIFT ACCEPTANCE POLICY
VITAL OPERA, INC. solicits and accepts gifts for purposes that will help the organization further and fulfill its mission. VITAL OPERA, INC. urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, including the resulting tax and estate planning consequences. VITAL OPERA, INC. also advises prospective donors to consult the Donor Bill of Rights. The following policies and guidelines govern acceptance of gifts made to VITAL OPERA, INC. for the benefit of any of its operations, programs or services.
- Donations and other forms of support will generally be accepted from individuals, partnerships, corporations, foundations, government agencies, or other entities, subject to the following limitations:
VITAL OPERA, INC. will not accept gifts that (a) would result in VITAL OPERA, INC. violating its corporate charter, (b) would result in VITAL OPERA, INC. losing its status as an IRC § 501(c)(3) not-for-profit organization, (c) are too difficult or too expensive to administer in relation to their value, (d) would result in any unacceptable consequences for VITAL OPERA, INC., or (e) are for purposes outside VITAL OPERA, INC.’s mission. Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Directors, in consultation with the Executive Director.
- Cash gifts in the form of cash, check, or credit card donation and in-kind services will generally be accepted without restriction.
- Certain forms of in-kind gifts or donations may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:
a. Tangible Personal Property. The Board of Directors shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations:
- Does the property further the organization’s mission?
- Is the property marketable?
- Are there any unacceptable restrictions imposed on the property?
- Are there any carrying costs for the property for which the organization may be responsible?
- Is the title/provenance of the property clear?
- VITAL OPERA, INC. will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate.