Gift Acceptance Policy



American Friends of the Louvre, Inc. (the “Corporation”) is a Delaware non-stock, not-for-profit corporation organized for purposes which are exclusively charitable and educational within the meaning of section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).

The Board of Directors of the Corporation (the “Board”) has adopted the following Gift Acceptance Policy (the “Policy”), effective as of the date written below.

I.               Purpose of the Policy.  The purpose of the Policy is to govern the acceptance of charitable gifts by the Corporation.  The Policy will apply to all gifts received by the Corporation for any of its activities.
II.             Authority.  The Board retains the ultimate decision-making authority with respect to whether or not a gift should be accepted and the terms of the gift.  The Board has delegated the authority for reviewing a gift for conformance with Board policy to the Executive Director and the Chairman of the Board.  The Executive Director and the Chairman of the Board may vary from the terms of the Policy on a case-by-case basis when they deem such variance to be in the Corporation’s best interests.  Any proposed material variance from the Policy will be referred to the Board.

III.           Use of Advisors. The Corporation may seek the assistance of legal counsel and/or other advisors in matters relating to the acceptance of gifts.  It is the donor’s responsibility to retain the appropriate advisors to represent the donor’s interests.

IV.          Conflict of Interest.  Any gift to the Corporation that may reasonably be perceived as creating a conflict of interest must be brought to the attention of the Chairman of the Board and the Executive Director.  Under no circumstances may a gift provide an improper financial or personal benefit to the donor, or to any employee, officer or director of the Corporation.

V.            Prohibited Gifts.  The Corporation reserves the right to refuse or return gifts to donors in its discretion.  Gifts containing restrictions that are inconsistent with, or restrict the Corporation’s ability to carry out, the Corporation’s purposes may be refused or returned.

VI.          Endowment Gifts.  The Corporation may accept gifts that will create or become part of an endowment fund.  The Corporation and the donor should agree in writing at the time the gift is made whether the gift will be considered an endowment gift.  The Corporation will pre-approve endowment gifts from donors.

VII.        Restricted Gifts.  The Corporation may accept gifts, to an endowment fund or otherwise, that are restricted for a specific program or purpose, provided that: (a) the specified program or purpose is consistent with the Corporation’s purposes and activities; (b) the restriction does not place an undue burden on the Corporations’ resources; (c) the restriction does not subject the Corporation to adverse publicity; and (d) the restriction does not impede the ability of the Corporation to acquire gifts from other sources.

VIII.      Gifts from Donor Advised Funds and Private Foundations.

A.            General. The Corporation accepts gifts from donor advised funds (each, a “DAF”) and private foundations.

B.             Return Benefits. Where benefits are provided in return for a gift from a DAF or private foundation recommended by either a donor/donor advisor (in the case of a DAF) or a director/officer/trustee/substantial contributor (in the case of a private foundation­) and the relevant individual does not waive the benefits, the Corporation will not provide an acknowledgement to the DAF or private foundation representing that no goods or services were provided in return for the gift, even if the relevant individual pays the Corporation separately for the value of the return benefits (i.e., the non-deductible portion of the gift). Similarly, the Corporation will not accept a gift from a DAF or private foundation that is provided to the Corporation subject to accompanying “terms and conditions” that restrict the Corporation from providing return benefits.

C.             Binding Pledges. The Corporation will not accept gifts from a DAF or private foundation to satisfy a legally binding pledge made to the Corporation by a donor/donor advisor to the DAF or a director/officer/trustee/substantial contributor of the private foundation.

IX.          Gifts of IRA Charitable Rollovers.

A.            General. The Corporation accepts gifts in the form of IRA charitable rollovers (i.e., where a donor age 70 ½ or older transfers up to $100,000 annually directly from his or her IRA to the Corporation).  The donor does not recognize the distribution to the Corporation as taxable income, but at the same time is not eligible to claim a Code section 170 charitable deduction for the distribution.

B.             Return Benefits.  Where benefits are provided in return for an IRA charitable rollover and the donor does not waive the benefits, the Corporation will not provide an acknowledgement to the donor that states that the distribution is a qualified charitable distribution from an IRA, even if the donor pays the Corporation separately for the value of the return benefits (i.e., the amount that would have been the non-deductible portion if the IRA rollover distribution had qualified for the Code section 170 charitable deduction).

X.            Gifts of Cash and Assets.

A.            Types of Gifts.  The Corporation may accept the following types of gifts:

1.              Cash.  The Corporation may accept gifts of cash, which may be in the form of checks, credit card payments, and other cash equivalents.

2.              Publicly-Traded Stock and Securities.  The Corporation may accept gifts of publicly-traded stock and securities.

3.              Tangible Personal Property.  The Corporation may accept gifts of tangible personal property on a case-by-case basis as determined by the Executive Director and the Chairman of the Board.  Any gifts of artworks or similar assets having artistic value may only be accepted after consultation with the Musée du Louvre.

4.              Other Gifts.  The Corporation may accept other types of gifts on a case-by-case basis as determined by the Board of Directors.

B.             General Considerations.  The Corporation will consider the following non-exclusive list of factors in deciding whether or not to accept gifts of assets other than cash: (i) the expense involved in owning the asset; (ii) the expense involved in selling the asset; (iii) staff and volunteer time required to manage or sell the asset; (iv) whether owning or selling the asset will expose the Corporation to liability; and (v) the marketability of the asset and the cash flow it can be expected to generate.

C.             Disposition of Gifts.  Except to the extent otherwise agreed to with a donor, the Corporation may dispose of any gift at any time in its sole discretion.

XI.          Miscellaneous Provisions.

A.            Appraisals.  It is the responsibility of the donor to secure and cover the cost of an appraisal whenever an appraisal of a gift is necessary.

B.             Sale of Assets.  The Corporation is responsible for filing Form 8282 with the Internal Revenue Service upon the sale or disposition of any asset to which Form 8282 applies that is sold or disposed of by the Corporation within three (3) years after the date the property was received.

C.             Gift Acknowledgement.  The Corporation will acknowledge the receipt of all gifts in writing and in a manner which satisfies the substantiation requirements for the deduction of charitable gifts by individual and corporate donors as set forth in the Code, as applicable.

D.            Cost Allocation.  Unless otherwise agreed by the parties, the donor and the Corporation will each bear their respective costs associated with making or accepting the gift.

XII.        Changes to Policy.  The Board may amend this Policy from time to time.

This Policy is effective as of June 16, 2020