A gift policy is a set of rules and guidelines that regulate corporate gift-giving activities. It can outline the permitted procedures and practices, gift type and value, as well as the circumstances under which gifts can be given or received.
In fact, almost all organisations in the private and public sectors have gift policies to prevent the perception of impropriety, which can lead to damaged reputation, financial and legal penalties, etc.
International Gift Policies
Countries have different gift policies, which often depend on cultural norms, beliefs, legal frameworks, political systems, as well as other factors.
For example, the United States has several gift policies depending on the government department or agency involved. The Ethics in Government Act of 1978, enacted after the political scandals at the time, established guidelines for government officials’ gift-giving and -receiving. There is also the Foreign Corrupt Practices Act (FCPA), which was enacted in 1997 to prohibit US companies and individuals from bribing foreign officials.
Australia introduced its Gifts, Benefits, and Hospitality Policy in 1994 to guide public officials, organisations, and individuals in corporate gift-giving and gift-receiving. Most countries periodically update their gift policies to reflect changes in the business environment, regulations, and laws.
Your organisation’s corporate gift-giving and -receiving policies must consider the different policies in different countries and jurisdictions to prevent legal issues or reputational damage that could arise from non-compliance. Your policies should also provide a way to keep up with the updates and changes to gift policies to remain compliant and ethical when giving or receiving gifts.
Organisational Gift Policy Examples
Examples of organisational gift policies include the following:
- United Nations gift policy
- FIFA compliance pocket guide
- U.S. Department of the Interior gift policy
- Syracuse University gift policy
- National Council of Nonprofits gift acceptance policies
These gift policies establish rules, guidelines, and procedures for giving, receiving, as well as disclosing gifts. Disclosing gifts can involve:
- Registering gifts in a central registry.
- Reporting gifts to management.
- Disclosing gifts on public records.
Disclosure is one of the most challenging aspects of corporate gift-giving and -receiving compliance with gift policies due to issues such as outdated disclosing methods, cross-cultural differences, different jurisdiction requirements, etc. That is where, Resolve, a Governance, Risk & Compliance expense reporting software, comes in.
Manual or dated methods and systems are limited, inefficient, and costly. It also discourages organisations from keeping up with their gift registering and reporting requirements, resulting in non-compliance. They include spreadsheets, gift log books, donor acknowledgment letters, etc.
Resolve is a digital solution to gift registering and reporting that simplifies the process and makes it more efficient. It speeds up data entry, improves expense management, reminds you of important dates, and keeps your data secure, eliminating compliance risks. Resolve also integrates with your existing tools and systems, so you don’t have to change them.
Some of the things it can help you with include the following:
- Quick registering and declaring of gifts given or received.
- Easy declaration of personal interests for transparency.
- Full disclosure of sponsored travel to track expenses.
- Track mileage and running costs of vehicles and provide easy access to Roadside Assist and Insurance information.
Resolve is easy to use, with a clean and simple interface, and can be used on all devices.
Comply with Gift Policies Through Resolve
You must comply with corporate gift-giving and -receiving policies to avoid legal and financial ramifications as well as perceptions of impropriety. Resolve helps you deal with one of the most challenging aspects of compliance—disclosure. It provides a quick and easy way to register corporate gifts and track other expenses. It ensures your organisation complies with gift policies, reducing the risk of penalties, legal action, and reputational damage.
Request a demo to see how Resolve is the solution you need for your reporting and compliance problems.
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