Preamble
Museum of the Bible (hereafter, the Museum) endorses and subscribes to A Donor Bill of Rights (Appendix #1 of this policy).
The Board of Directors of Museum of the Bible (hereafter, the Board) encourages donors to make outright, planned, and testamentary gifts.
The purposes of all gifts to the Museum must relate to its mission: Provide an opportunity for Museum of the Bible supporters and friends to extend their financial support of the museum’s purpose to invite all people to engage with the transformative power of the Bible.
Gift Acceptance Policies & Restrictions
The policy of the Board is to inform, serve, guide, and otherwise assist donors who wish to support the Museum’s activities but never, under any circumstances, to pressure or unduly persuade a donor.
It is the Museum’s intention to properly acknowledge all completed gifts within 10 (ten) business days of the receipt of the gift. Such acknowledgement will include a written receipt of each donation containing information as required by the Internal Revenue Service.
It is the policy of the Museum to promptly sell, dispose of, or convert to cash non-cash gifts with occasional exceptions based on the type of non-cash gift received.
All information concerning donors and prospective donors is held in strict confidence (except for disclosures to MOTB staff and agents on a need-to-know basis) by the Museum, except with donor consent and in the case of legally authorized and enforceable requests for information by government agencies and courts.
The Museum encourages donors to seek assistance and discuss any proposed gifts to the Museum with the legal and/or tax advisors of the donor’s choice, and at the donor’s expense. This is to ensure the donor receives a full, accurate, and independent explanation of all aspects of the proposed charitable gift.
It is the donor’s responsibility to obtain any necessary appraisals, file appropriate personal tax returns, and defend against any challenges to claims for tax benefits.
By making a gift to the Museum, the donor gives up all right, title, and interest to the assets contributed to the Museum.
The Museum may decline any gift for any reason, including, but not limited to, a finding that the intent of the donor or donation is not charitable, or the gift would not further the Museum’s mission.
The Museum will not accept gifts that are too restrictive in purpose. Restricted gifts will be accepted only if the Museum determines the applicable restrictions are reasonable and acceptable, and expenses required by any restrictions are underwritten by the donor or are determined to be reasonable to be incurred by the Museum in the opinion of the Museum.
The Museum will not accept gifts that have any potential negative financial implication for the Museum or are not in the best interest of the Museum. Further, it will not accept gifts that jeopardize its tax-exempt status.
Tax Aspects of Giving
The tax benefit of gifts may reduce the donor’s income taxes, inheritance taxes, and/or estate taxes. Tax valuation and reporting requirements are complex subjects, and donors should seek the advice of competent tax experts to obtain the maximum tax benefit from their giving. Museum representatives do not offer tax advice, and though the donor and Museum representatives may agree on the value of a gift, taxing authorities may differ in their evaluation. No representative of the Museum will confirm the value of a gift other than gifts of cash or checks.
Gift Types to Be Accepted/Considered by the Museum
The Museum will generally accept gifts in the form of the following asset types, subject to the conditions described below. The donor’s name and address must be provided in order to facilitate the written substantiation for gifts. Donor requests for anonymity will be honored.
Gifts that will be accepted include:
Cash/Checks — Gifts of cash or cash by check offer the simplest way to support the Museum.
Marketable securities — The Museum accepts securities traded on the New York Stock Exchange or the NASDAQ National Market. They may be electronically transferred to the Museum or conveyed through use of a stock power form. Generally, any security received will be sold upon receipt (within one to three business days). Stock controlled under Securities & Exchange Commission Rule 144 will be held until the restriction on sale expires and then will be sold. Gifts of bonds that require a holding period may be accepted and cashed when the holding period has expired. Securities that will not be accepted include those which are assessable or which in any way may create a liability for the Museum; those, which by their nature, may not be assigned (e.g., series “E” savings bonds); stocks in companies engaged in activities deemed objectionable by the Museum; and those which have no apparent value.
Closely held securities — Closely held securities are accepted only in very limited circumstances. Contact David DuBois (david.dubois@mBible.org) before initiating any such gift. Such gifts must be accompanied by a written appraisal by a qualified, independent appraiser acceptable to the Museum. The value of a gift of closely held stock to be booked is the value denoted on the appraisal document that must accompany the gift unless there is another ready source for providing the gift’s value on the date of transfer to the Museum. If not liquidated immediately, closely held stock will commonly be liquidated as soon as it is feasible to do so.
Gold and other precious metals — Donations of gold coins and bullion (or similar gifts of other precious metals) will be accepted by the Museum.
A completed IRS Form 8283 (Noncash Charitable Contributions) must accompany gifts of gold and that of other precious metals.
Tangible personal property — Occasionally, the Museum accepts gift of tangible personal property, such as art, jewelry, or valuable artifacts. Please contact David DuBois (david.dubois@mBible.org) before considering making any such gift. If a gift of tangible personal property is accepted, the gift will generally be liquidated promptly upon donation.
A completed IRS Form 8283 (Noncash Charitable Contributions) must accompany gifts of tangible personal property.
Oil, gas, and mineral interests — These will either be held at the discretion of the Museum or liquidated by a third party approved by the Museum.
A completed IRS Form 8283 (Noncash Charitable Contributions) must accompany gifts of oil, gas, and mineral interests.
Real Property — Gifts of a donor’s entire interest in real property may be accepted provided there is no mortgage, lien(s), or other indebtedness on the property and under certain other conditions to be determined by the Museum.
Gifts of real estate must be tested to be in conformity with state and federal laws, including, but not limited to, environmental regulations. The donor must provide satisfactory evidence of environmental compliance and shall provide such other information as required by the Museum, all to be paid for by the donor.
Prior to acceptance of a gift of real property, the Museum and the donor must agree, in writing, on arrangements for paying expenses associated with the property between the date of donation acceptance and the sale of the property, including taxes and assessments, insurance coverage, and maintenance costs.
In addition to the considerations listed above, commercial properties and businesses will be examined in relationship to the potential for exposure of the Museum to unrelated business taxable income.
A completed IRS Form 8283 (Noncash Charitable Contributions) must accompany gifts of real property.
Royalties & Distribution Rights — The Museum may accept gifts of non-oil and non-gas royalties or distribution rights on published works (e.g., books, films) where there is clear evidence of marketability or assurance of an income stream. A qualified appraisal is required.
A completed IRS Form 8283 (Noncash Charitable Contributions) must accompany gifts of non-oil and non-gas royalties or distribution rights.
Planned/Testamentary Gifts — The Museum accepts planned/testamentary gifts whose benefits do not fully accrue to the Museum until some future time (such as death of the donor or other income beneficiaries or the expiration of a predetermined period of time).
Donors using planned and testamentary gifts must specify the Museum in their wills, trusts, or other planned giving documents as the charitable recipient and name the General Fund of the Museum as the designation for the gift.
Gifts of this type may include:
A. Bequests — The simplest form of a deferred gift is made when a donor makes a gift to the Museum in a will or trust that takes effect at his or her death. A specific bequest is a bequest that stipulates a specific dollar amount, or a specific percentage of the estate. A residuary bequest stipulates an amount left over after the specific bequests are made. A contingent bequest stipulates the gift is dependent upon the occurrence, or nonoccurrence, of a specific event.
The Museum encourages donors to inform it of the bequest through wills and trusts. However, no representative of the Museum will draft or prepare the will, trust, or other estate planning documents.
A bequest through will or trust to the Museum must include the following:
1) The name of The Museum of the Bible, Inc., an Oklahoma not-for-profit corporation with principal offices in the City of Oklahoma City in said State.
2) A designation of General Endowment Fund or Where Needed Most.
The Museum reserves the right to decline any bequest or planned gift if it is determined that the gift is not in the best interest of the Museum and its mission.
B. Insurance Policies and Proceeds — Donors may designate the Museum as the beneficiary of a life insurance policy. Approved types of life insurance include whole life, universal life by its numerous trade names, and variable life. A donor may designate the Museum as a beneficiary on a term insurance policy, but ownership by the Museum of straight term insurance is not allowed.
A gift of life insurance may be in the form of an existing policy that is paid up, a new policy, or an existing policy (with both of the last two options having premiums payable). Donors may transfer ownership of premium-due policies to the Museum and make income tax deductible contributions to the Museum in the amount of the premiums. (The donor must provide written evidence to the Museum of the transfer of ownership.) In either case, the Museum shall be the owner and permanent beneficiary of the policy and retain the policy in its offices. Upon redemption, the value of the policy will be added to the General Endowment Fund or Museum’s gifts of Where Needed Most.
Contributions for premium-due policies must be made by direct payment to the Museum a minimum 10 days prior to the premium due date. The Museum will not assume delinquent premium payments. If a donor elects to not continue making contributions required to cover the premium payments at any future time, the policy will be surrendered, and any cash value derived from the policy surrender will be added to the General Endowment Fund or Museum’s gifts of Where Needed Most.
Donation of policies written for a year-end tax purpose must have a certifiable date from the insurance company to be a qualified donation for that tax year.
The Museum does not enter into charitable reverse split dollar agreements, nor will it endorse any specific insurance product, company, or agent.
C. Retirement Assets — Retirement plans of an “account” type, in which a balance accumulates as principal, may be gifted to the Museum. These include Individual Retirement Accounts (IRAs), 401(k), 403(b), and other defined contribution plans. (Defined benefit plans that are “annuity” plans, in which retirement benefits are paid out as income and principal does not accumulate, generally cannot be used for charitable gifts.)
Gifting retirement assets may be accomplished by naming the Museum as successor or contingent beneficiary for all, or part, of the assets upon death of either the retirement asset owner or spouse. Spousal consents will be requested as required by law.
Gift Types Generally Not Accepted by the Museum
The following gift types are generally not accepted by the Museum:
v Bitcoin or any other such digital currency
v Closely held securities
v Remainder interests in property
v Time shares
Donor Responsibilities
A letter of understanding from a donor of a non-cash gift may be required along with proof of outside advice being rendered before such a gift will be accepted. Although representatives of the Museum will provide all appropriate assistance, the ultimate responsibility regarding evaluations, tax deductibility, and/or such counsel as the donor may wish to secure is the responsibility of the donor.
Donors are advised to seek their own counsel, including tax advisors, in all aspects of a proposed gift. Museum representatives do not offer tax advice.
Should a planned gift type require a trustee, donors are encouraged to use an individual or corporate trustee of their choice. The Museum will not act as a trustee.
Accounting
Accounting principles generally accepted in the United States of America will govern in all matters related to the Museum’s accounting practices.
While the Museum makes every effort to apply a donation toward direct costs for the purpose for which it was given, the Museum reserves the right to apply up to 12 (twelve) percent of a donation towards indirect costs of overhead, which helps support the direct costs of a program.