[Adopted 7-6-2011]
It is the policy of the Town of Islesboro Board of Selectmen
to accept gifts and donations on behalf of the Town that are not inconsistent
with articles approved at the Annual Town Meeting or at a Special
Town Meeting called for that purpose in accordance with 30-A M.R.S.A.
§ 5652 to § 5655 and Internal Revenue Service
Rule § 170(c)(1). Items purchased from the proceeds of such
unrestricted gifts or unrestricted donations shall be accounted for
on the Town's books of accounts and shall be the property of
the Town.
Items purchased from the proceeds of restricted gifts or restricted
donations shall be accounted for on the Town's books of accounts
and shall be the property of the Town.
The Selectmen shall only accept restricted gifts and donations
when they believe such acceptance is in the best interest of the Town
and can comply with 30-A M.R.S.A. § 5654.
Organizations or individuals wishing to raise funds for Town
departments for equipment, materials, programs and the like shall
inform the Board of Selectmen prior to commencement of fund-raising.
Organizers of the fund-raising shall account to the Board of Selectman
for funds raised. At their option, the Board of Selectmen may accept
cash or the item or items for which funds were raised.
It is the policy of the Board of Selectmen to encourage the
donation equities to the Town of stocks, bonds and other equities.
When equities are received, the Town Manager shall determine the value
of the equity on the day received and report that amount to the Board
of Selectmen. If the Board of Selectmen wishes to accept the donation,
it shall do so at the next meeting of the Board after the donation
is received, acknowledge the amount of the donation as of the day
of receipt and express its thanks to the donor. Disposition of the
stock shall be determined by the Selectmen after competent advice
and the proceeds, if any, credited to the proper account or to fund
balance.
