Gift Acceptance Policy

Williamsburg Aquatic Club · Adopted by the Executive Board on October 29, 2026.


1. Purpose. This policy tells WAC's volunteers which gifts they can accept, which need the Board, and which WAC declines. Every gift should help the club, and none should cost it something it can't afford.


2. Accepted without further approval. The President, or an officer the President designates, may accept:

  • cash, checks, card and bank-transfer gifts, including gifts through WAC's online giving pages;
  • grants from donor-advised funds;
  • donated goods the club will actually use (equipment, event supplies, food), once the President confirms the need. For equipment used in training, Harold or the coaching staff confirms it.


3. Requires approval by both the President and the Treasurer: gifts of publicly traded stock. They are accepted only through an account that sells them promptly, and WAC does not hold them as investments.


4. Requires Board approval:

  • any single gift over $10,000;
  • real estate, vehicles, boats, privately held stock, or other property that is hard to value or sell;
  • any gift carrying a restriction that doesn't match a fund the Board has already established;
  • any request to name something after a donor;
  • any gift that commits WAC to ongoing costs, such as equipment with subscription or maintenance fees.


5. Declined. WAC does not accept a gift that:

  • would put its tax-exempt status at risk, or that is illegal;
  • conflicts with WAC's mission or Codes of Conduct;
  • comes with conditions over coaching, practice-group placement, team selection or personnel decisions. No gift buys a lane, a level, a meet entry, or a say in coaching.


6. Restricted gifts. A gift given for a stated purpose is used only for that purpose. It is accounted for separately, and the Board does not redirect it. If the purpose becomes impossible, WAC asks the donor how to proceed or returns the gift.


7. Non-cash gifts.

  • Acknowledgment. WAC acknowledges a non-cash gift by describing it, never by stating its value. Valuing the gift is the donor's responsibility.
  • Gifts over $5,000. For a non-cash gift valued over $5,000, WAC signs the donee section of the donor's IRS Form 8283. If WAC sells the item within three years, it files IRS Form 8282.
  • Not deductible. The use of property (a week at a vacation home, for example) and donated services are not tax-deductible. WAC tells the donor this before accepting.


8. Gifts from insiders. Gifts from directors, officers, coaches and their families are welcome. The club's accountant keeps a record of them, because the IRS counts them differently when calculating WAC's public support.


9. Anonymous gifts. A donor's request for public anonymity is honored. WAC still records the donor's identity internally for receipts and legal compliance.


10. Refunds. Gifts are not generally refundable. The President and Treasurer together may refund a gift made in error or charged twice.


11. Review. The Board reviews this policy every year.