Why does your nonprofit need a gift acceptance policy?

GuideStar.org points out in its November newsletter that adopting, implementing and monitoring sound governance policies to accomplish an organization’s mission continues to be at the forefront of issues of concern to the nonprofit community. Even implementing the most basic policies encourages operational and managerial efficiency.

By now, most organizations have completed the inaugural filing cycle of the new Form 990 and are familiar with the “Governance, Management and Disclosure” section, which addresses the existence of —or lack of — policies, including conflicts of interest, whistleblower, document retention and destruction, joint ventures, review of the 990 and executive compensation.

Organizations required to file Schedule M for non-cash contributions have also been confronted with the question concerning the Gift Acceptance Policy, or “GAP”. ... Read more