ARTsmart

GIFT ACCEPTANCE POLICY
(AS OF 21 DECEMBER, 2015)

 The following is our Policy & Purposes, which constitutes Part I of our policy. Should you wish you make a gift and would like to review the document in its entirety, please contact Sharon Peterson: speterson@artsmartnm.org Thank you! 

 Policy and Purposes

This Policy represents the policy of ARTsmart, INC. (the “Organization”) governing the solicitation and acceptance of gifts by the Organization. The board of directors or trustees or authorized committee (“Governing Body”) of the Organization and its staff solicit current and deferred   gifts from individuals, corporations, foundations and others for purposes that will further and fulfill the Organization’s mission. Purposes of this Policy include: (a) guidance for the Governing Body, officers, staff and other constituencies with respect to their responsibilities concerning gifts to the Organization; and (b) guidance to prospective donors and their professional advisors when making gifts to the Organization. The provisions of this Policy shall apply to all gifts received by the Organization. Notwithstanding the foregoing, the Organization reserves the right to revise or revoke this Policy at any time, and to make exceptions to the Policy.

A. Our mission. “ARTsmart empowers and transforms lives by teaching art, literacy, and life skills. ”

B. The Organization. The Organization shall seek the advice of legal counsel in matters relating to acceptance of gifts when Review by legal counsel is recommended for:

  1. Closely held stock transfers that are subject to restrictions or buy-sell agreements;
  2. Documents naming the Organization as trustee;
  3. Gifts involving contracts such as bargain sales, partnership agreements, or other documents requiring the Organization to assume an obligation;
  4. Transactions with a potential conflict of interest;
  5. Gifts of real estate;
  6. Pledge agreements;
  7. Any gift with restrictions;
  8. Remainder interest gifts in charitable remainder trusts
  9. Lead interest gifts in charitable lead trusts

C. Donors. For non-standard gifts, in order to avoid conflicts or potential conflicts of interest, the Organization should encourage prospective donors to seek the assistance of their own legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning