Revenue Policies The major source of revenue for the USM Foundation is from individual, corporate, or foundation contributions and grants. Revenue is also received from special fundraising events, auctions, raffles, sales of merchandise, fees for conferences and seminars, affiliate programs, fees for performance, etc. These policies ensure that all revenue is properly solicited and accepted, promptly deposited, recorded, and acknowledged, and managed to comply with any and all donor restrictions. The USM Foundation will not return contributions received. While we are aware that some charities will return charitable gifts, doing so is a technical violation of the 501(c)(3) rules. A 501(c)(3) organization is required to use its assets solely and exclusively to advance its 501(c)(3) purposes. Once a contribution is received and deposited, the USM Foundation is obligated to use the funds to advance its 501(c)(3) purposes. Solicitation Policy The University System of Maryland (USM) Board of Regents Policy on Affiliated Foundations () requires that all solicitations for contributions, conferences, seminars, special fundraising events, grants, or other activities where the funds are to be deposited in a USM Foundation account MUST be identified as USM Foundation activities. USM Board of Regents Policy stipulates “all correspondence…shall be clearly identified as an activity of that foundation…” Samples of suggested wording that would be appropriate are noted below: “This event is an activity of the University System of Maryland Foundation, Inc. (USM Foundation). Funds earned or contributed will be managed by the USM Foundation for the benefit of [particular program]. Please make your check payable to the University System of Maryland Foundation, Inc.” THIS IS THE PREFERRED VERBIAGE OR “This [program/activity] is an activity of the University System of Maryland Foundation, Inc. Please make your check payable to the University System of Maryland Foundation, Inc.” OR “The funds raised will be administered by the University System of Maryland Foundation, Inc. for the benefit of [program/university]. Please make your check payable to the University System of Maryland Foundation, Inc.” Acceptable Monetary Revenue Types
Revenue Policies The major source of revenue for the USM Foundation is from individual, corporate, or foundation contributions and grants. Revenue is also received from special fundraising events, auctions, raffles, sales of merchandise, fees for conferences and seminars, affiliate programs, fees for performance, etc. These policies ensure that all revenue is properly solicited and accepted, promptly deposited, recorded, and acknowledged, and managed to comply with any and all donor restrictions. The USM Foundation will not return contributions received. While we are aware that some charities will return charitable gifts, doing so is a technical violation of the 501(c)(3) rules. A 501(c)(3) organization is required to use its assets solely and exclusively to advance its 501(c)(3) purposes. Once a contribution is received and deposited, the USM Foundation is obligated to use the funds to advance its 501(c)(3) purposes. Solicitation Policy The University System of Maryland (USM) Board of Regents Policy on Affiliated Foundations () requires that all solicitations for contributions, conferences, seminars, special fundraising events, grants, or other activities where the funds are to be deposited in a USM Foundation account MUST be identified as USM Foundation activities. USM Board of Regents Policy stipulates “all correspondence…shall be clearly identified as an activity of that foundation…” Samples of suggested wording that would be appropriate are noted below: “This event is an activity of the University System of Maryland Foundation, Inc. (USM Foundation). Funds earned or contributed will be managed by the USM Foundation for the benefit of [particular program]. Please make your check payable to the University System of Maryland Foundation, Inc.” THIS IS THE PREFERRED VERBIAGE OR “This [program/activity] is an activity of the University System of Maryland Foundation, Inc. Please make your check payable to the University System of Maryland Foundation, Inc.” OR “The funds raised will be administered by the University System of Maryland Foundation, Inc. for the benefit of [program/university]. Please make your check payable to the University System of Maryland Foundation, Inc.” Acceptable Monetary Revenue Types
policies-and-procedures-guide-final-edited-revised-5.docx