High Point Public Library Foundation, Inc. reserves the right to decline any gift which does not further the mission or goals of High Point Public Library Foundation, Inc. or which would result in the incurrence of excessive expense or administrative effort.
Federal tax law does not permit donors to dictate or restrict investment decisions with regard to irrevocable gifts.
Establishment and governance of all gift plans shall be in accordance with and subject to the laws of the United States and the laws of the State of North Carolina, together with applicable regulations and rulings promulgated or pronounced by the Internal Revenue Service and the policies of the Board of Trustees of the High Point Public Library.
Banks or other corporate fiduciaries are preferred as trustees of charitable trusts naming High Point Public Library Foundation, Inc. as the sole or primary charitable remainderman. However, individual trustees are acceptable if insisted upon by a donor.
The Executive Committee must approve all gifts before the gifts are executed.
The Chair of High Point Public Library Foundation, Inc. or his/her designee shall have the sole authority to sign all giving agreements on behalf of High Point Public Library Foundation, Inc.
The Executive Secretary of High Point Public Library Foundation, Inc. shall maintain a master list of all giving agreements and all written expressions of intent to make testamentary gifts to High Point Public Library Foundation, Inc.
The High Point Public Library Foundation, Inc. reserves the right to secure a current appraisal of any marketable gift property.