Why having a Gift Acceptance policy helps you
At the very least, a gift acceptance policy provides you and your volunteers with guidelines on such topics as:
- when and how to accept and receipt various kinds of gifts
- possible gift restrictions
- types of gifts to be accepted.
Gift Acceptance policies also help to:
- avoid misunderstanding with donors
- provide transparency
- build confidence both for staff and supporters
- ensure requirements under the Income Tax Act are met.
It's definitely to your advantage to have a gift acceptance policy in place; they facilitate both gift solicitation and management and help to avoid unexpected surprises and costs.
Gift acceptance policies don't have to be complicated, they are guidelines.
If you are just starting your gift planning program, a basic Gift Acceptance policy of 2 or 3 pages is sufficient.