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LANTANA LIBRARY FOUNDATION, INC.
205 West Ocean Avenue · Lantana, Florida 33462
Phone (561) 540-5740 · Fax (561) 540-5742
Members of the Board Robert Barfknecht -- Chairman For more information, please contact the Lantana Library. A copy of the Lantana Library Foundation policies may also downloaded below.
Policies
Acceptance of Contributions and Donations 1. Types of gifts a. The Foundation will accept gifts of cash and non-cash property. b. Gifts of non-cash property may include: securities; a. The Foundation may accept gifts subject to economic conditions. These may include: assumption of donor indebtedness; c. Generally, the Foundation will accept such gifts if there is a reasonable expectation that periodic cash flow from the properties will exceed any debt service requirements and/or obligations. d. The Foundation will not enter into agreements which will place a material obligation or a lien upon the Foundation’s general budget revenues. e. If the gift produces unrelated business income to the Foundation, for Federal income tax purposes, the Board will take any income tax obligation into consideration in assessing the periodic cash flow requirements mentioned in paragraph c above. 3. Restricted gifts a. The Foundation may accept gifts restricted by donors provided that the restriction’s nature is consistent with the Foundation’s overall programs; c. The Treasurer will summarize and present to the Board for consideration the terms and conditions of any proposed gifts subject to substantive restrictions.
Acceptance of Real Estate
1. The Foundation will accept gifts of land or interests in real estate at the Board’s discretion and in accordance with its Bylaws.
2. The Board will request any donor offering a gift of land or interest in real estate to furnish an appraisal containing a description and information respecting
restrictions; improvements; topography; current or delinquent taxes, assessments, etc.
The Board will encourage donors to submit a MAI or SREA appraisal. 3. The Foundation will accept only gifts of land or real estate transferred by warranty deed or its equivalent.
4. The Foundation will encourage donors to offer land or interest in real estate not later than December 1 in the year of the gift.
5. If the Foundation receives an offer of real estate or interests in real estate not readily saleable, the Board will accept the property only if its ownership imposes no financial, management, or other burden on the Foundation. For example:
the Board will not accept vacant buildings and property requiring significant repairs unless immediately saleable;
the Board will accept an undivided fractional interest in real estate or an interest in a partnership owning real estate which is not readily saleable only if the donor makes appropriate provisions to protect the Foundation from any obligation to contribute funds or assume management responsibilities; the Board will accept only raw land which is wholly or at least in part reasonably marketable; the Board will accept single family houses, even if the donor retains occupancy rights, provided he or she assumes all related costs; if a donor imposes any restriction on the immediate sale of donated property, the Board will accept the property only if the donor provides a fund from which to pay all costs of its retention or otherwise satisfies the Board that he or she will make money available for this purpose when required. |
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