Gift Acceptance Policy
Acceptance of any contribution, gift or grant is at the discretion of the Utah Arts Festival. The Utah Arts Festival will not accept any gift unless it can be used or expended consistently with its purpose and mission and can be held or sold for economic gain.
No irrevocable gift, whether outright or life-income in character, will be accepted if under any reasonable set of circumstances the gift would jeopardize the donor’s financial security and by making a donation to the Utah Arts Festival you acknowledge and agree that your donation does not place your financial security at risk.
The Utah Arts Festival does not provide advice about the tax or other treatment of gifts. Donors should seek guidance from their own professional advisors to assist them in the process of making their gift.
The Utah Arts Festival will accept donations of cash, publicly traded securities, and valuable personal property. Certain other gifts, invaluable personal property, in-kind gifts, non-liquid securities, real estate, and contributions whose sources are not transparent or whose use is restricted in some manner, must be reviewed by the Gift Acceptance Committee* prior to acceptance due to the special obligations raised or liabilities they may pose for the Utah Arts Festival.
The Utah Arts Festival will provide acknowledgments to donors meeting IRS substantiation requirements for property received by the charity as a gift. However, except for gifts of cash and publicly traded securities, no value shall be ascribed to any receipt or other form of substantiation of a gift received by the Utah Arts Festival.
The Utah Arts Festival will respect the wishes of those relating to the desire to remain anonymous. With respect to anonymous gifts, the Utah Arts Festival will restrict information about the donor to only those staff members with a need to know. The Utah Arts Festival is excited and honored to accept donations intended for specific purposes. If you wish to make a donation restricted to a particular use or purpose, please contact our Development Director to make sure that your donation can be made in the way that both accomplishes your giving objectives and is most beneficial to the Utah Arts Festival.
The Utah Arts Festival may accept any designated contribution, grant, bequest, or devise consistent with its general charitable and tax-exempt purposes. As so limited, donor-designated contributions will be accepted for special funds, purposes, or uses, and such designations generally will be honored. However, the Utah Arts Festival reserves all right, title, and interest in and to and control of such contributions, as well as full discretion as to the ultimate expenditure or distribution thereof. Further, the Utah Arts Festival will acquire and retain sufficient control over all donated funds (including designated contributions) to assure that such funds will be used to carry out the Corporation's tax-exempt purposes.
The Utah Arts Festival will not compensate, whether through commissions, finders’ fees, or other means, any third party for directing a gift or a donor to the Utah Arts Festival.
Multiyear pledges will be accepted, but for no more than five years. Donors should complete and sign a gift or pledge agreement form detailing the purpose of the gift, payment schedule and recognition preferences.
* Gift Acceptance Committee
The primary role of the Gift Acceptance Committee is to review proposed gift transactions that are out of the ordinary. The Committee shall be made up of one member of the Board of Directors to be appointed annually, the Executive Director, the Development Director, and an attorney or other professional persons as relevant to the nature of the potential gift (e.g. real estate professional, insurance specialist, CPA, financial advisor, etc.).
