Gift Acceptance Policy
(Updated January 25, 2021)
ARTsmart Gift Acceptance Policy
This Policy represents the policy of ARTsmart (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 ensures access to quality visual arts education for all youth in Northern New Mexico’s public schools.
B. The Organization:
The Organization shall seek the advice of legal counsel in matters relating to the acceptance of the following types of gifts:
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
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.
Questions: please contact 505.992.2787 or firstname.lastname@example.org