Endowment Policy

Imagine Children’s Museum reserves the right to determine how a gift will be credited and/or recognized, as well as the right to decline any financial commitment, gift, or bequest. The Executive Director of Imagine Children’s Museum and the board of directors have the authority to solicit and/or accept gifts on behalf of Imagine Children’s Museum. The solicitation and/or acceptance of gifts on behalf of Imagine Children’s Museum shall follow all guidelines listed.

Unrestricted gifts shall be encouraged, unless (1) the donor indicated that he or she is willing to make a restricted gift only, or (2) the option of a restricted gift will otherwise significantly increase the chances of obtaining a gift from the donor.

In drafting instruments giving restricted gifts to Imagine Children’s Museum, or to any of the affiliated organizations, donors and their advisors shall be encouraged to use language that would permit application of the gift to a more general purpose if, in the opinion of the board of directors, the designated purpose is no longer feasible.

All receipts from unrestricted bequests, annuities, charitable remainder trusts, or charitable lead trusts shall become a part of the general endowment, unless the executive committee determines that a particular unrestricted gift of the type enumerated in this paragraph should be deposited in a different account.

Imagine Children’s Museum will pay no commissions or finder’s fees as consideration for directing a gift to Imagine Children’s Museum or to any of the Imagine Children’s Museum’s affiliates.

Donors are responsible for obtaining their own appraisals for tax purposes of real property or tangible or intangible personal property being given to Imagine Children’s Museum, and for any fees or other expenses related to such appraisals.

Imagine Children’s Museum retains the right to obtain its own qualified appraisals of real property or tangible personal property being offered as a gift, at its own expense.

Imagine Children’s Museum will acknowledge receipt of gifts of tangible personal or real property ion accordance with IRS requirements, and will sign any IRS form or other documents necessary for the donor to obtain a tax deduction for such gifts, so long as such acknowledgment does not entail valuing the gift.

Prospective donors shall be responsible for their owl legal, accounting, appraisal, transportation, and other fees related to Imagine Children’s Museum.

Prospective donors shall be strongly encouraged in all cases to consult with their own independent legal and/or tax advisors about proposed gifts, including tax and estate planning implications of the gifts. No representative of Imagine Children’s Museum shall provide legal or tax advice to any donor or prospective donor.

Upon request, representatives of Imagine Children’s Museum may provide to the donor sample bequest language for restricted and unrestricted gifts to ensure that a bequest is properly designated. Imagine Children’s Museum may also provide, upon request, IRS approved specimen trust agreements, for review and consideration by the donor and his or her advisors.

The specimen or sample nature of such language or agreements shall be clearly indicated on all documents given to donors, and donors shall be advised that consultation with their own legal advisors is essential prior to use of such standard language or specimen agreements.

Donors may request anonymity. All requests by donors for anonymity will be honored, except to the extent that Imagine Children’s Museum is legally required to disclose information regarding the donor, nature, and the amount of their gift.

The executive director, board chair or his/her designee is authorized to enter into planned gift agreements on behalf of Imagine Children’s Museum, and to execute any and all documents necessary or appropriate to consummate such agreements.

Any expectations to these Gift Acceptance Policies may be made only in exceptional circumstances, on an individual basis, and shall require the approval of the executive committee of the board of directors.

Gift Acceptance Policies may be amended by the executive committee, which is also the gift acceptance committee.