In the perfect non-profit world all financial support would be either cash or liquid donation and free of any donor imposed restrictions. No matter the reason for the donor to give, you can count on donors to impose restrictions to test your comfort zone as an organization.
Whether a proposed gift is in the form of cash or property, restricted or unrestricted, the having a gift acceptance policy can help you evaluate the gift and the impact that it will have on the organization. Having a gift acceptance policy will describe the nature and types of gifts that you are willing accept, with taking into consideration your organization size and the resources you have to administer the gift. Most important it will take into consideration the various risks associated with ownership of the property.
What may be a treasure in the heart of the donor may not be such a treasure in your organization’s eyes or the open market, when it may have to be liquidated. That liquidation may take in inordinate amount of time and a drain on the organization resources.
This situation can create added administrative costs as well sour the relationship between you and the donor, particularly if this is not adequately planned. Thus the need to have ta Gift Acceptance Policy in place with mitigate these issues and ensure clear expectations and understanding is communicated to both parties.