The Wichita Symphony Society, a not-for-profit organization with its administrative office in Wichita, Kansas, encourages the solicitation and acceptance of gifts to the Wichita Symphony Society (hereinafter referred to as Symphony) for purposes that will help fulfill the Symphony’s mission. The following policies and guidelines govern acceptance of gifts made to the Symphony for the benefit of its endowment or any of its programs.
The mission of the Wichita Symphony is to enrich, educate, and entertain diverse audiences of all ages in our region through performances of orchestral music, thereby enhancing the vibrancy and vitality of Wichita.
I. Purpose of Policy
The Board of Directors of the Symphony and its staff solicit current and deferred gifts from individuals, corporations, and foundations to secure the future growth and mission of the Symphony. These policies and guidelines govern the acceptance of gifts by the Symphony and provide guidance to prospective donors and their advisors when making gifts to the Symphony. The provisions of these policies shall apply to gifts received by the Symphony for any of its programs or services. The Executive Director or the Director of Development can accept and acknowledge gifts to the Symphony and can escalate to the Gift Acceptance Commitee based on their discretion.
II. The Gift Acceptance Commitee
The Gift Acceptance Commitee shall consist of:
The Gift Acceptance Commitee is charged with the responsibility of reviewing gifts made to the Symphony, properly screening and accepting those gifts, and making recommendations to the Board of Directors on gift acceptance when appropriate. A majority of the members will constitute a quorum.
III. Use of Legal Counsel
The Symphony urges all prospective donors to seek the assistance of personal legal and financial advisors in maters relating to their gifts, including the resulting tax and estate planning consequences. The Symphony endorses the Model Standards of Practice for the Charitable Gift Planner promulgated by the National Association of Charitable Gift Planners, shown as Appendix A to this document and the Donor Bill of Rights promulgated by the Association of Fundraising Professionals (Appendix B).
The Symphony’s Gift Acceptance Commitee may obtain the use of legal counsel in maters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
IV. Restrictions on Gifts
The Symphony will accept only those gifts the transfer and ownership of which are compatible with any applicable public law or acceptable standards of practice. The Symphony will accept unrestricted gifts, and gifts for specific programs and purposes, provided that such gifts are compatible with its stated mission, purposes, and priorities. The Symphony reserves the right to refuse any gift that is too restrictive in purpose. Gifts that are too restrictive include but are not limited to those that violate the terms of the corporate bylaws, gifts that are too difficult to administer, or gifts that are for purposes outside the mission of the Symphony. The Symphony reserves the right to decline any gifts that create an undue administrative burden or may result in excessive expenses. If a gift is not accepted, the Symphony will contact the prospective donor expeditiously via writen communication.
V. Types of Gifts and Standards for Review
Cash is acceptable in any form, including by check, money order, credit card, or online. Checks should be made payable to “Wichita Symphony Society.” Upon review, the Symphony may accept various types of gifts, including but not limited to: Tangible Personal Property; Publicly Traded Securities; Life Insurance & Life Insurance Beneficiary Designations; Bequests; Beneficiary Designations under Revocable/Irrevocable Trusts, Commercial Annuities, Retirement Plans, and Donor Advised Funds; Real Estate; Oil, Gas, & Mineral Interests; Cryptocurrency; and In-Kind Gifts.
All gifts to the Symphony will be registered under current IRS expectations. The Symphony follows the Model Standards of Practice for Charitable Gift Planners (Appendix A). Detailed considerations for acceptance process of each type of gift are listed in the Symphony’s Gift Acceptance Procedures and should be used by the Gift Acceptance Commitee whenever a review is required. Donors are welcome to ask about such considerations per the Donor Bill of Rights (Appendix B).
VI. Miscellaneous Provisions
1. Securing appraisals and legal fees for gifts to the Symphony: It will be the responsibility of the donor to secure an appraisal (where required) and/or independent legal, financial or other professionalcounsel for all gifts made to the Symphony.
2. Valuation of gifts for development purposes: The Symphony will record a gift received by the Symphony at its valuation for gift purposes on the date of gift.
3. Responsibility for IRS Filings upon sale of gift items: The Executive Director of the Symphony is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold within three years of receipt by the Symphony when the charitable deduction value of the item is more than $5,000. The Symphony must file this form within 125 days of the date of sale or disposition of the asset. Form 8282 with Filing Instructions is available for download at www.irs.gov.
4. Acknowledgement of all gifts made to the Symphony and compliance with the current IRS requirements in acknowledgement of such gifts shall be the responsibility of Director of Development of the Symphony. IRS Publication 561 Determining the Value of Donated Property and IRS Publication 526 Charitable Contributions are available for download at www.irs.gov.
5. The Symphony will not knowingly accept gifts that result in an unethical or illegal advantage to the donor or to a third party. In situations where advisors or consultants retained by the Symphony prepare documents or render any advice in any form to the Symphony and/or donor to the Symphony, it shall be disclosed that the professional(s) involved is in the employ of the Symphony and is not acting on behalf of the donor.
6. All information obtained from or about donors and potential donors will be held in strict confidence by the Symphony. The Symphony adheres to the Donor Bill of Rights (linked in Appendix B) regarding donor confidentiality, anonymity, acknowledgement, and recognition.
VII. Changes to Gift Acceptance Policies
This policy has been reviewed and accepted by the Development Commitee of the Symphony and the Development Commitee must approve any changes to or deviations from these policies, with approval from the Board of Directors.
VIII. Appendices
A. Model Standards of Practice for the Charitable Gift Planner
B. Donor Bill of Rights
Approved by the Board of Directors of the Wichita Symphony Society on April 16, 2025.
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