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Institute for Natural Philosophy
Gift Acceptance Poliy
IRS EIN 33-3782688: 501(c)(3)
106 Newport Towne Center #100
Newport Tennessee 37821 USA
Gift Acceptance Policy
Issued April 2026
This Gift Acceptance Policy represents the policy of Institute for Natural Philosophy, hereafter referred to as the “Organization”, governing the solicitation and acceptance of gifts by the Organization. The purpose of this Policy is to provide detailed information for the public and guidance for the Organization’s board, officers, and staff with respect to their responsibilities concerning gifts to the Organization.
The provisions of this Gift Acceptance Policy shall apply to all gifts received by the Organization. Notwithstanding the foregoing, the Organization reserves the right to revise or revoke this Policy at any time, and to make exceptions to this Policy.
The mission, purpose and mission statement of the Organization is:
“The Institute for Natural Philosophy is organized exclusively for and is dedicated to the preservation, advancement and promotion of culture, heritage, history and science by way of archiving, teaching, research, research projects, presentations and publications.”
General Procedures
Receipts for financial contributions made via an online platform or ACH (electronic check or transfer) will be considered as such by the way of the statement provided by the processor of the donor (credit card statement, etc.).
Receipts for financial contributions made via paper check, cashier’s check, etc. will be considered as such by way of a photocopy taken by the donor before submission.
Physical and tangible donations received will not be sold, exchanged, or disposed of for 3 years, except real estate, from the receipt date unless received specifically for fundraising purposes or if distributed for charitable purposes.
Donations with a value of $250 – $500 will receive a Contemporaneous Written Acknowledgement (CWA), if requested by the donor, in addition to the receipt as defined above.
Physical or tangible donations with a value of $500 or higher will automatically receive a CWA by email, mail, text, or fax and must be accompanied by a signed (by doner) IRS Form 8283 which may be viewed and downloaded using the link below.
Physical or tangible donations with a value of $5000 or higher must be accompanied by an official appraisal provided by donor (unless prior approval is granted by the Organization) and a signed (by doner and appraiser) IRS Form 8283 which may be viewed and downloaded here:
https://www.irs.gov/forms-pubs/about-form-8283
The IRS Form 8283 Donee Acknowledgement section will be filled out and signed by an Organization Administrator with the original document returned to the donor.
Physical or tangible donations received during the Organization’s fiscal year that are part of an aggregated value of $25,000 or higher for the year will be included in the Organization’s IRS Form 990 Schedule M.
Physical or tangible donations valuation that do not have or require an appraisal will follow Fair Market Value and will be based on:
Market Data; Price Guides;
Comparable Sales; Purchase Price, and/or Other Reliable Sources.
General Policy
The primary consideration of gift acceptance or solicitation will be the impact of the gift on the Organization. When considering whether to solicit or accept gifts, the Organization will evaluate the following factors:
Values – whether the acceptance of the gift compromises any of the core values of the Organization,
Compatibility – whether there is compatibility between the intent of the donor and the Organization’s use of the gift,
Public Relationships – whether acceptance of the gift damages the reputation of the Organization,
Primary Benefit – whether the primary benefit is to the Organization, versus the donor,
Consistency – whether acceptance of the gift is consistent with prior practice,
Form of Gift – whether the gift is offered in a form that the Organization can use without incurring substantial expense or difficulty, and
Effect on Future Giving – whether the gift will encourage or discourage future gifts.
The Organization shall not accept gifts that:
Violate the terms of the Organization’s organizational documents, policies; or
Would jeopardize the Organization’s status as a 501(c)(3) tax exempt organization under federal and state law.
Use of Legal Counsel
The Organization shall seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by legal counsel may be utilized for:
Closely held stock transfers that are subject to restrictions or buy-sell agreements;
Documents naming the Organization as trustee;
Gifts involving contracts such as bargain sales, partnership agreements, or other documents requiring the Organization to assume an obligation;
Transactions with potential conflict of interest;
Gifts of real estate;
Oil, gas, and mineral interests; and
Gifts of any amount with unusual restrictions (e.g. gifts requiring the Organization to do work it is not already doing and/or gifts requiring the Organization to expand work it is already doing).
The Organization cannot serve as both the donor’s adviser and the recipient of the donor’s gift as this would cause a conflict of interest. Therefore, the Organization will urge all prospective donors to retain appropriate independent tax and legal counsel.
Gift Definition
A gift is defined as a voluntary transfer of assets from a person or an organization to the Organization. A gift is an irrevocable transfer of assets, motivated by charitable intent. Gifts are not generally subject to an exchange of consideration or other contractual duties between the Organization and the donor, except for certain split-interest gifts as set out in this Policy, although objectives may be stated and funds may be restricted to a specific purpose. A gift is not completed until it has been accepted by the Organization.
Approval of Gifts
Subject to this Gift acceptance Policy, all final decisions on the acceptance or refusal of a gift shall be made by the Board of Directors, Executive Board, an appropriate Executive Committee, Organization President and/or Organization Director of Operations, hereafter referred to as “Governing Body”.
Types of Gifts
Outright Gifts
An outright gift involves the donor’s voluntary and intentional transfer of money or assets to the Organization without expectation of receiving a benefit related to the value of the transfer. Although the donor may place restrictions on the use of the gift, the donor may not retain control over the money or property transferred to the Organization.
The following criteria govern the acceptance of each form of outright gift:
Unrestricted Gifts of Cash
The Organization will accept unrestricted gifts of cash without prior review by the Governing Body, provided that, for donations of $25,000 or more, the identity of the donor has been vetted by the Governing Body with respect to potential conflicts of interest or the appearance of conflicts of interest. Unrestricted gifts of cash are acceptable in any form. Checks shall be made payable to the Organization or one of its Doing Business As registrations.
Publicly Traded Securities
The Organization will accept unrestricted publicly traded securities without prior review by the Governing Body. Publicly traded securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. The Governing Body will ask the donor to notify the Organization in advance about the securities being transferred, the number of shares, and the intended gift date. All publicly traded securities will be sold promptly upon receipt unless otherwise directed by Governing Body. In some cases, publicly traded securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Governing Body.
Tangible Personal Property Retained for Use by Organization
Tangible personal property for use by the Organization or its clients (e.g. clothing, books, etc.) may be accepted if approved by an Organization Administrator. The Organizational Administrator may refer the decision whether to accept a gift of tangible personal property for use by the Organization or its clients to the Governing Body. All other tangible personal property for use by the Organization may only be accepted if approved by the Governing Body.
In determining whether to accept gifts of tangible personal property for use by the Organization or its clients, supervisors, the Executive Director, and/or Governing Body will consider:
Whether the property furthers the mission of the Organization,
Whether the donor has requested any restrictions on the use or display of the property, and
Whether the donor is willing and able to finance the packing, shipping, insurance, and other costs associated with transferring the gift to the Organization.
Tangible Personal Property Accepted with Intent to Sell
The Organization may accept gifts of tangible personal property with the intent to sell only upon approval of the Governing Body. The minimum value of such gift must be $1,000. The donor must provide proof of ownership and a qualified appraisal, if requested, performed within sixty days of the gift proposal date. Gifts of tangible personal property shall only be accepted if they are readily marketable and are free and clear of encumbrance. Prior to accepting the gift, the Organization will inform the donor that it intends to sell the property.
Intellectual Property/Other Intangible Interests
The Organization will consider gifts of intellectual property such as royalties, copyrights, patents, contract rights, and similar intangible interests only upon approval by the Governing Body. The Governing Body will consider the appraised value of the intangible property, the administrative costs involved in accepting such a gift, and whether the donor agrees to assign all rights related to the intangible property. Prior to acceptance of the gift, the donor must provide proof or statement of ownership of the intangible property.
In-Kind Gifts of Services
The Organization will accept an in-kind gift of services if approved by an Organization Administrator.
Closely Held Securities or Business Interests
Closely held securities or business interests, including debts and equity positions in non-publicly traded companies, interests in LLPs and LLCs, or other ownership forms, may be accepted subject to the approval of the Governing Body. The Organization will not accept an interest in a general partnership.
The following documentation must be provided to the Organization before a gift of closely held securities will be considered for acceptance:
A qualified independent appraisal,
Copies of any shareholder buy/sell agreements, and
Copies of restrictions on the transfer contained in the bylaws and/or reflected on the stock certificates.
In deciding whether to accept a gift of closely held securities or business interests the Governing Body will consider and evaluate any restrictions on the security or business interest that would prevent the Organization from ultimately converting the securities to cash, the marketability of the security, and whether the security or business interest would generate any undesirable tax consequences.
Real Estate
Gifts of real estate may include developed property, undeveloped property, or gifts subject to a prior life interest.
Upon approval of the Governing Body, the Organization may accept ownership of outright gifts of real estate. Gifts of real estate may be used for sale, to generate cash flow, or for exempt purposes. If used for exempt purposes, the Organization will consider applying for property tax welfare exemption.
Environmental Review & Structure Inspection
Prior to acceptance of real estate, the Organization will require an initial environmental review of the property to ensure that the property has no environmental problem. If the initial inspection reveals a potential problem, the Organization shall retain a qualified inspection firm to conduct an environmental audit. Property with a structure will require a property inspection. The costs of the environmental audit and the property inspection will be an expense of the donor unless prior approval is granted by the Organization.
Title Binder
A title binder shall be obtained by the Organization prior to the acceptance of the real property gift when appropriate. The cost of this title binder shall be an expense of the donor.
Appraisal
The Organization may obtain an independent appraisal prior to the acceptance of the real property gift.
Factors for Acceptance
The Governing Body and legal counsel, if applicable, shall review and decide whether to accept real property based on the following factors:
Whether the property is useful for the purposes of the Organization;
The marketability of the property;
Any tax consequences that may result from the acceptance, sale or lease of the property;
Any encumbrances, leases, restrictions, reservations, easements, or other limitations associated with the property;
Any carrying costs associated with the property, including insurance, property taxes, mortgages, notes or other costs; and
Any concerns which the environmental audit revealed.
Acceptance with Intent to Sell
If the Organization plans to accept a gift of real estate with the intent to sell, it will inform the donor of its intent to sell prior to accepting the gift.
Remainder Interests in Property
The Organization will accept a remainder interest in a personal residence, farm, or vacation property subject to the provisions of this Gift Acceptance Policy. The donor or other occupants may continue to occupy the real property for the duration of the stated life. At the death of the life tenant(s), the Organization may use the property or reduce it to cash. Expenses for maintenance, real estate taxes, and any property indebtedness shall be paid by the donor or primary beneficiary. Proof of payment and certificates of insurance may be required by the Organization.
Oil, Gas, and Mineral Interest
The Organization may accept oil, gas, and mineral interests upon approval of the Governing Body, and potentially by the Organization’s legal counsel, subject to the following limitations:
Gifts of surface rights will have a value of $ 36,000 or greater,
Gifts of oil, gas, and mineral interests will generate at least $12,000 per year in royalties or other income as determined by the average of the three years prior to the gift, and/or
The property should not have extended liabilities or other considerations that make receipt of the gift inappropriate.
A working interest will only be accepted after consideration of potential liability and tax consequences. The property shall undergo an environmental review to ensure that the Organization has no current or potential exposure to environmental liability.
Restricted Gifts
The Organization will accept gifts for specific programs and purposes, provided that such gifts are not inconsistent with the Organization’s stated mission and purposes. The Governing Body reserves the right to review, accept, or reject any conditions or obligations proposed by a donor prior to the Organization’s acceptance of a gift. The Governing Body may determine that the proposed conditions or limitations of a gift are too restrictive and reject such gift for any lawful reason, including, but not limited to, if such gift violates the charitable trust of the Organization, if the gift is accompanied by an improper economic benefit to the donor, if the gift provides too much control to the donor, or if the gift requires the Organization to take any action deemed inappropriate by the Governing Body.
Named Funds
A donor, or group of donors, may contribute and name a fund and restrict the use of the income or principal of the fund. Named funds are subject to Governing Body approval.
Estate Gifts
Estate Gifts include Bequests and Beneficiary Designations under Wills, Revocable Trusts, Life Insurance Policies, Commercial Annuities, and Retirement Plans.
Donors are encouraged to make bequests to the Organization under their wills, and to name the Organization as the beneficiary under trusts, life insurance policies, commercial annuities, and retirement plans. A bequest or designation will not be recorded as a gift until the gift is irrevocable. When the gift is irrevocable, but is not due until a future date, the gift will be recorded in accordance with GAAP (Generally Accepted Accounting Principles).
The Organization encourages donors to disclose their bequest and beneficiary designation intentions to the Organization in writing to ensure that the Organization is able to carry out their wishes and that the gifts conform to the principles in this Gift Acceptance Policy.
Gifts from estates of deceased donors that do not conform to the Organization’s policies may be accepted or rejected by the Governing Body, and such decision will be communicated to the legal representative of the estate. If possible, a mutually agreeable plan shall be negotiated between the Organization and the representative to make the gift acceptable.
Life Insurance
Gifts of life insurance may only be accepted upon approval of the Governing Body. The Organization must be named as both beneficiary and irrevocable owner of an insurance policy before a life insurance policy can be recorded as a gift. In determining whether to accept the gift, the Organization will consider the life expectancy of the insured and whether the policy has been fully paid. The gift shall be valued in accordance with GAAP rules by the Organization’s Finance Department. If the donor contributes future premium payments, the Organization will include the entire amount of the additional premium payments as a gift in the year that it is made. If the donor does not elect to continue to make gifts to cover premium payments on the life insurance policy, the Organization, upon approval of the Governing Body, may:
Continue to pay the premiums;
Convert the policy to paid up insurance; or
Surrender the policy for its current cash value.
Life Income Gifts
General
The Organization accepts donations of life income gifts subject to the terms of this Gift Acceptance Policy. If a donor desires to make a life income gift, the directors, officers, senior staff, and workers of the Organization will not offer advice on any income tax consequences of such a gift. The Organization will advise the donor to seek independent counsel on any tax consequences.
Charitable Remainder Trusts
The Organization may accept designations as remainder beneficiary of a charitable remainder trust subject to approval by the Governing Body. The Organization will not accept fiduciary responsibility for management of investments of the trust assets prior to the distribution of the remainder interest.
Charitable Lead Trusts
The Organization may accept designations as income beneficiary to a charitable lead trust subject to approval by the Governing Body. The Organization will not accept fiduciary responsibility for management of investments of the trust assets.
Charitable Gift Annuities
The Organization does not offer charitable gift annuities at this time due to the necessary financial and administrative preparation required to administer these annuities. This Gift Acceptance Policy may be revised in the future to offer charitable gift annuities if and when the Organization has the financial and administrative capacity to provide such annuities and the Governing Body approves it.
Other Gifts
All other types of gifts or assets will only be accepted upon approval of the Governing Body.
Additional Provisions
Gift Agreements
Where appropriate, the Organization will enter into a written gift agreement with the donor, specifying the terms of any restricted gift, which may include provisions regarding donor recognition.
Pledge Agreements
Acceptance by the Organization of pledges by donors of future support of the Organization (including by way of matching gift commitments) shall be contingent upon the execution and fulfillment of a written charitable pledge agreement specifying the terms of the pledge. If the Organization intends for the pledge agreement to be legally binding, there must be consideration either in the form of the donor receiving something in return (such as recognition) or reliance by third parties of the Organization. All pledge agreements require prior approval from the Governing Body.
Fees
The Organization will not accept a gift, without prior Board approval, unless the donor is responsible for:
The fees of independent legal counsel retained by donor for completing the gift;
Appraisal fees;
Environmental audits and title binders (in the case of real property); and
All other third-party fees associated with the transfer of the gift to the Organization.
Valuation of Gifts
The Organization will record gifts received at their valuation on the date of gift, except that, when a gift is irrevocable, but is not due until a future date, the gift may be recorded at the time the gift becomes irrevocable in accordance with GAAP by the Organization’s Finance Department.
Appraisal and Legal Fees
It will be the responsibility of the donor to secure a qualified appraisal (where required) and independent legal counsel (if desired) for all gifts made to the Organization unless prior approval is granted by the Organization.
An Organization Administrator shall promptly after request from the donor, complete and sign Part IV, “Donee Acknowledgment” of IRS Form 8283 for donated property (except publicly traded securities) with a value over $5,000.
IRS Filings upon Sale of Gifts
To the extent applicable, the Organization shall file IRS Form 8283 upon the sale or disposition of any charitable deduction property sold within three (3) years of receipt by the Organization. “Charitable deduction property” means any donated property (other than money and publicly traded securities) if the value claimed by the donor exceeds $5,000 per item or group of similar items donated by the donor to one or more donee organizations (e.g., the property listed in Section B on Form 8283). The Governing Body shall file this form within 125 days of the date of sale or disposition of the asset.
Contemporaneous Written Acknowledgement
The Organization will provide Contemporaneous Written Acknowledgement (CWA) of all gifts made to the Organization as outlined in this Policy and comply with the current IRS requirements on acknowledgement of the gifts.
Changes to or Deviations from the Gift Acceptance Policy
This Gift Acceptance Policy has been reviewed and accepted by the Organization’s Board of Directors which has the sole power to change this Gift Acceptance Policy. In addition, the Organization’s Board of Directors or Executive Board must approve in writing any deviations from this Policy.
Physical or Tangible Donations Received for Museum, Library, and Educational Center Purposes
See the posts for additional information related to physical or tangible donations specifically donated to the Knoxville Global Heritage Initiative Museums (here), Libraries (here), and/or Educational Centers (here).