Use of Donation Funds and In-Kind Gifts



Executive Policy

Use of Donated Funds and In-Kind Gifts

Alliance for Astronomy, Inc. is chartered as a public benefit corporation under the laws of the State of Missouri and has been recognized as a tax exempt entity by the IRS under the provisions of 501(c)(3) of the tax code. Alliance takes seriously our obligation and fiducial duties to the public and, especially, to the donors who have and will provide financial and other support to meet our mission. Accordingly, the following elements of our policy will be carefully observed by the Corporation.

  1. No gift of any nature will be used for private gain.

  2. All funds, in-kind or other items that are accepted will be used for the specific purpose indicated by the donor. Such assets will be classified in the records of the Corporation as “Restricted” or “Unrestricted” with appropriate sub classifications. Donations for which the donor does not express an intended use or restriction will be classified as “Unrestricted” and may be used for any mission-related purpose.

  3. A written receipt for all cash donations at or above $250 will be issued suitable for documenting the donation for income tax purposes.

  4. The Corporation will publish its financial statements on its web site within 45 days of the end of its fiscal (calendar) year.

  5. All information about donors will be protected unless expressly permitted by the donor. IRS regulations will be followed, however.

  6. The Executive Director reserves the right and option to decline any proposed donation which, in his/her sole determination, is deemed not suitable for the Corporation.

Issued this 6th Day of January, 2007


Comments