Gift Acceptance Policy

By its incorporation as a 501(c)(3), tax exempt charitable organization, the Friends of Mills Mansion dba Friends of Mills at Staatsburgh, supports the preservation, restoration and interpretation of Staatsburgh State Historic Site.

The Friends of Mills at Staatsburgh (FOMAS) encourages the solicitation and acceptance of gifts from thoughtful supporters that will help FOMAS fulfill its mission. In order to be assured that FOMAS is a responsible steward of these gifts and that these gifts are in the best interest of FOMAS, Staatsburgh State Historic Site (SSHS) and the donor, the Board of Trustees adopted the following policy as of April, 2026.

Purpose of the Policy

The purpose of this policy is to govern the acceptance by FOMAS of gifts, pledges, bequests, and other planned gifts, and to provide guidance to prospective donors. The policy applies to all gifts received by FOMAS.

The policy serves solely as a guide for FOMAS, and FOMAS is not legally bound by the same. The adoption of this policy does not create a duty or legal responsibility by FOMAS to any third party or donor.

Gift Review Committee

The Gift Review Committee, comprised of officers of FOMAS: the President, Vice President and Treasurer, or any such member’s designees, is authorized to accept gifts. Any gift that does not comply with this policy must be reviewed and approved by the entire committee, before acceptance. As indicated below, certain proposed gifts (such as gifts of art or collections) require the approval of the Board of Trustees and possibly the curator of Staatsburgh State Historic Site.

Legal and Tax Counsel

Donors are responsible for seeking independent legal and tax advice in advance of making a gift to FOMAS.

Prospective donors are advised to consult with their legal counsel and tax advisors in all matters related to deferred gift instruments, such as drafting wills, trusts, agreements, contracts or other. Donors are advised to consult with their attorney or accountant on matters related to tax implications.

Compliance with Tax Laws and Requirements

FOMAS shall comply with all tax laws and other legal requirements regarding gifts. FOMAS will not knowingly facilitate a donor claiming an improper tax deduction or other benefit.

FOMAS shall acknowledge all gifts in writing to the extent required by law. Donors are responsible for obtaining appraisals of gifts valued over $2000 where required for the donor’s tax return. FOMAS does not select the appraiser, hire the appraiser, or pay for such appraisals.

Types of Gifts Accepted by FOMAS

FOMAS may receive gifts of cash, regular publicly traded securities, or personal property which may be in the form of an outright gift, or a deferred gift. In most cases, an asset will be sold for cash to add to FOMAS financial resources.

The most impactful gift is unrestrictive, allowing FOMAS to apply your generosity where it is needed most. However, the Review Committee will discuss restricted fund requests. If the desired purpose is not viable or no longer available, FOMAS will need to have the ability to shift the focus in alignment with their mission. Any restricted gifts must be accompanied by a written understanding signed by the donor and an authorized member of FOMAS.

No gift is too small to be accepted.

Gifts of Cash or Publicly-Traded Securities

FOMAS accepts gifts of cash and publicly-traded securities. Securities will be sold upon receipt.

FOMAS will accept a Qualified Charitable Donation from retirement assets such as IRAs or 401K type of tax deferred plans. Funds from Donor Advised/Charitable Giving Funds are also accepted.

Gifts of Tangible Personal Property including Art

In considering whether to accept a proposed gift of tangible personal property including art, the FOMAS Gift Review Committee and possibly Staatsburgh’s curator considers:

1. whether the proposed gift is related to their mission (e.g., resources for SSHS collection or resource library)
2. the financial value of, and any potential liabilities associated with, the proposed gift
3. the costs associated with receiving, maintaining, or selling the proposed gift (including costs of insurance, shipping, storage, care, and/or appraisals)
4. any restrictions on the use or sale of the proposed gift
5. whether, if appropriate, the proposed gift can be sold easily without significant cost.

Deferred Planned Giving

The benefits of planned gifts continue well beyond a donor’s lifetime. By definition, deferred gifts don’t cost a donor anything during their lifetime. No other planned gift is as simple to implement or as easy to change should you ever need the assets during your lifetime.

FOMAS accepts charitable bequests as a beneficiary of a will, life insurance, marketable securities, and retirement assets. All need to adhere to requirements as explained in other parts of this FOMAS Gift Policy.

Bequests

A bequest is one of the most meaningful and straightforward ways to support the future of the Friends of Mills at Staatsburgh. It can be tailored to reflect your personal wishes and may take several forms:

• A specific dollar amount
• A percentage of the estate, account or an asset
• A residuary bequest, which allocates all or a portion of the remainder of your estate after other commitments have been fulfilled
• A contingent bequest, which directs a gift to FOMAS only if another named beneficiary is unable to accept it

Life Insurance

The various methods for FOMAS to accept gifts of life insurance include:

• FOMAS is simply named as a full or partial beneficiary of a policy.
• FOMAS will not accept a policy that requires ongoing premium payments by FOMAS.

Types of Gifts Not Accepted by FOMAS

• Cryptocurrency
• Closely-Held or Restricted Securities
• Interests in Partnerships, Subchapter S Corporations or Limited Liability Companies
• Real Estate including buildings, land and contents of a house
• Cars and boats
• Life Income or Annuity that need to be administered and managed by FOMAS

Other Gifts

FOMAS may accept other types of gifts on a case-by-case basis with the approval of the Gift Review Committee.

Contact Information

Friends of Mills at Staatsburgh

PO Box 416, Staatsburg, NY 12580

email: friends@millsfriends.org

www.millsfriends.org

Federal Tax ID # 14-1706748