What if there is no existing fund?
If no fund exists, you may establish a new one with a $1,000 transfer from your discretionary fund in the foundation.
What about term sponsorships?
A term sponsorship is when someone gives a set amount of money for a set number of years and in exchange receives naming recognition for that term on a select item/place/location. A term sponsorship will count as voluntary service credit and not a tax-deductible gift.
Term sponsorships will be turned into DPAE on the provided Sponsorship Contract form.
Will this sponsorship be deemed a charitable gift?
When an individual or organization is providing the money for a sponsorship opportunity, it can be deemed a gift and will be added to their Banner record as such. They will receive a tax receipt that represents the tax-deductible amount of the gift (minus benefits received), unless they meet the criteria below:
When a sponsor gets to hand out marketing materials, price lists or coupons, the sponsorship cannot be deemed a gift by CASE guidelines and will be counted as voluntary service credit amount.
Sponsorship solicitation materials must include language that says, “Due to advertising benefits available to the sponsor, this sponsorship will not count as a tax-deductible gift.”