About

Mission

Over the years our library system has delivered a wide range of resources to the people of Bedford County. As we plant the seeds for tomorrow, we can watch the community grow through the educational and recreational resources our libraries have to offer. The purpose of the Bedford Public Library Foundation is to help build the future of our community by supporting the library. If you would like to be a part of this effort or know someone who does, please contact us or click here. Our mission is to provide the means for supporting the library through donations from the public and private sector to enhance the entire library system for Bedford County.

What We Are

The Bedford Public Library System Foundation is organized as a 501(c)(3) tax-exempt non-stock corporation under Virginia law.  The Foundation’s seven member board of directors is selected by the Bedford Public Library System’s board of trustees.  The foundation holds two meetings a year, one of which is an annual meeting, and registers annually with the State Corporation Commission. The foundation’s only ongoing expense is the annual registration fee due to the SCC.  The Library Director has served as the foundation’s de facto executive director and other library staff have provided clerical support for foundation activities.
 
The Bedford Public Library System Foundation’s purpose is to help build the future of our community by supporting the library on a system-wide basis.   Foundation projects are typically long term (multi-year projects, building projects, endowments, etc.) and include big ticket expenses, like capital campaigns. The foundation is able to offer expertise in setting up planned gifts, estate planning and other donations. A detailed gift policy is available for any potential donors.  In order to have a commemorative leaf placed on our donor tree, the donation must be at least $1000.00. Please contact the library director or one of the foundation’s board members for more information.
 

Board of Directors

  • Chair – Mary Jo Krufka
  • Treasurer – E. Penny Carter
  • Members – Jan Markham, Roger Henderson, Carolyn Morehead, Lynn Boggess, 1vacant seat

Gift Policy

Bedford Public Library System encourages the solicitation and acceptance of gifts by the Bedford Public Library System (BPLS) Foundation for purposes that will help the Library to further and fulfill its mission. The following policies and guidelines govern acceptance of gifts made to the BPLS Foundation or for the benefit of any of its programs. The mission of the Bedford Public Library System is to provide the adults and children of Bedford City and County with information and resources that support lifelong learning and lifelong enjoyment.

I. Purpose of Policies and Guidelines
The Board of Directors of Bedford Public Library System Foundation and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and missions of the Bedford Public Library System. These policies and guidelines govern the acceptance of gifts by the Foundation and provide guidance to prospective donors and their advisors when making gifts to the Foundation. The provisions of these policies shall apply to all gifts received by the Foundation for any of its programs or services.

II. Procedure
Donors are requested to contact the Library Director to discuss potential gifts.

III. Conflict of Interest
Bedford Public Library System Foundation will urge all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts and the resulting tax and estate planning consequences.

IV. Restrictions on Gifts
The Foundation may accept or reject any offered gift at is discretion. The Board of Directors of the Bedford Public Library System Foundation shall make all final decisions on the restrictive nature of a gift, and its acceptance or refusal.

V. Types of Gifts
Gifts of cash or marketable securities are preferred. The following gifts are acceptable:

  1. Tangible Personal Property
  2. Non-marketable Securities
  3. Real Estate
  4. Other Gifts

The following criteria govern the acceptance of each gift form:

  1. Cash: Cash is acceptable in any form. Checks shall be made payable to The Bedford Public Library System Foundation.
  2. Tangible Property: All other gifts of tangible personal property, real estate or other items shall be examined in light of the following criteria:
    • Does the property fulfill the mission of the Library?
    • Is the property marketable?
    • Are there any undue restrictions on the use, display, or sale of the property?
    • Are there any carrying costs for the property?
    The final determination on the acceptance of other tangible property gifts shall be made by the Board of Directors of the Bedford Public Library System Foundation.
  3. Securities: The Foundation can accept both publicly traded securities and closely held securities in its discretion. Closely Held Securities: Closely held securities, which include not only debt and equity positions in non-publicly traded companies but also interests in LLPs and LLCs or other ownership forms, can be accepted subject to the approval of the Foundation Board. However, gifts must be reviewed prior to acceptance to determine that:  
    • there are no restrictions on the security that would prevent the Foundation from ultimately converting those assets to cash,
    • the security is marketable, and
    • the security will not generate any undesirable tax consequences for the Foundation.
    If potential problems arise on initial review of the security, further review and recommendation by an outside professional may be sought before making a final decision on acceptance of the gift. The final determination on the acceptance of closely held securities shall be made by the Board of Directors of the Foundation and legal counsel when necessary. Every effort will be made to sell non-marketable securities as quickly as possible.
  4. Real Estate: Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest. Prior to acceptance of real estate, the Foundation shall require an initial environmental review of the property to ensure that the property has no environmental damage. Environmental inspection forms are attached as an appendix to this document. In the event that the initial inspection reveals a potential problem, the Foundation shall retain a qualified inspection firm to conduct an environmental audit. The cost of the environmental audit shall generally be an expense of the donor. When appropriate, a title binder shall be obtained by the Foundation prior to the acceptance of the real property gift. The cost of this title binder shall generally be an expense of the donor.Prior to acceptance of the real property, the gift shall by approved by the Board of Directors of the Foundation and by the Foundation’s legal counsel. Criteria for acceptance of the property shall include:
    • Is the property useful for the purposes of the Foundation?
    • Is the property marketable?
    • Are there any restrictions, reservations, easements, or other limitations associated with the property?
    • Are there carrying costs, which may include insurance, property taxes, mortgages, or notes, etc., associated with the property?
    • Does the environmental audit reflect that the property is not damaged?

VII. Miscellaneous Provisions

A. Securing appraisals and legal fees for gifts to the Foundation: It will be the responsibility of the donor to secure an appraisal (where required) and independent legal counsel for all gifts made to the Foundation.

B. Valuation of gifts for development purposes: The Foundation will record a gift received by the BPLS Foundation at its valuation for gift purposes on the date of gift.

C. Responsibility for IRS Filings upon sale of gift items: The Bedford Public Library System Foundation is responsible for filing any required IRS Forms upon the sale or disposition of any asset sold.

D. Acknowledgements: Acknowledgement of all gifts made to the Foundation and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of the BPLS Foundation.

VIII. Changes to Gift Acceptance Policies
These policies and guidelines have been reviewed and accepted by the Board of Directors of the Bedford Public Library System Foundation. The Board of Directors of the Bedford Public Library System Foundation must approve any changes to or deviations from these policies.

Approved on the __5th__ day of __March__, 2008.

Chairman, Board of Directors, The Bedford Public Library System Foundation

Spending Policy

Approved, October 2018

It shall be the policy of the BPLS Foundation to disburse at least 10% of the funds available in a restricted fund as of June 30 of any given year, during the following fiscal year. The Executive Director will research the BPLS needs to determine the best use of these funds in accordance with the donor’s wishes. Funds will be spent, as needed, for marketing and fundraising efforts on behalf of the Foundation or on other literacy-related community initiatives that benefit the BPLS or the BPLSF.  For expenses over $500, two signatures will be required to approve the expenditure, the second being the Foundation Board treasurer. A full accounting of all spending will be presented to the Board of Directors at each meeting, or upon request of any Board member.

The BPLSF subscribes to the Donor Bill of Rights which was created by the American Associate of Fund Raising Counsel (AAFRC), Association for Healthcare Philanthropy (AHP), the Associate of Fundraising Professionals (AFP), and the Council for Advancement and Support of Education (CASE).

The Donor Bill of Rights

Philanthropy is based on voluntary action for the common good. It is a tradition of giving and sharing that is primary to the quality of life. To ensure that philanthropy merits the respect and trust of the general public, and that donors and prospective donors can have full confidence in the nonprofit organizations and causes they are asked to support, we declare that all donors have these rights:

  1. To be informed of the organization’s mission, of the way the organization intends to use donated resources, and of its capacity to use donations effectively for their intended purposes.
  2. To be informed of the identity of those serving on the organization’s governing board, and to expect the board to exercise prudent judgment in its stewardship responsibilities.
  3. To have access to the organization’s most recent financial statements.
  4. To be assured their gifts will be used for the purposes for which they were given.
  5. To receive appropriate acknowledgement and recognition.
  6. To be assured that information about their donation is handled with respect and with confidentiality to the extent provided by law.
  7. To expect that all relationships with individuals representing organizations of interest to the donor will be professional in nature.
  8. To be informed whether those seeking donations are volunteers, employees of the organization or hired solicitors.
  9. To have the opportunity for their names to be deleted from mailing lists that an organization may intend to share.
  10. To feel free to ask questions when making a donation and to receive prompt, truthful and forthright answers.

Approved in October 2018.

Document Retention Policy

As approved by the Board of Directors, all business records and document of the Bedford Public Library System Foundation will be retained for the minimum number of years indicated in the chart below.

Type of Document Minimum Requirement
Accounts payable ledgers 7 years
Audit reports Permanently
Bank reconciliations 3 years
Bank statements 3 years
Contracts, mortgages, notes and leases (expired) 7 years
Contracts (still in effect) Permanently until expired
Correspondence (general) 3 years
Correspondence (legal and important matters) Permanently
Correspondence (with customers/vendors) 3 years
Deeds, mortgages, and bills of sale Permanently
Depreciation schedules Permanently
Duplicate deposit slips 2 years
Financial Statements (year-end) Permanently
Insurance Policies (expired) 3 years
Insurance records, current accident reports, claims, policies, etc Permanently
Internal audit reports 3 years
Inventories of products, materials, supplies 7 years
Invoices (to customers, from vendors) 7 years
Meeting minutes, agendas, organization by-laws Permanently
Tax Records 7 years
Major donor records Permanently
   

Approved in October 2018.

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