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Student Life
> Scots Guide >
Fundraising |
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Fundraising
2009-2010
The IRS classifies Monmouth College as a 501( c)3
charitable organization , with the authority to accept
tax-deductible gifts. 501(c)3 organizations include many (but not
all) non-profit organizations such as charitable homes for the
elderly, charitable hospitals, alumni associations, schools, the Red
Cross, churches and other “charitable organizations.” Occasionally,
the College is asked to make contributions to other not-for-profit
entities. This most commonly happens when student groups have
conducted fund raising programs to benefit another not-for-profit
organization. IRS regulations restrict the College from making
donations to organizations that are not also 501(c)3 organizations.
Thus, donations of funds to such organizations, handled by the
College, will only be made after the College has received a copy of
the donee organization's IRS letter confirming the donee's status as
a 501(c)3 organization. (This is a common request made to charities
and NOT out of the ordinary.)
Organizations are encouraged
to request copies of this letter prior to conducting fund raising
efforts on the donee organization's behalf in order to confirm the
501(c)3 status, and the letter will be required BEFORE the Business
Office will process such request for payment.
Fraternal
organizations (fraternities and sororities) are classified as 501
(c) 7 organizations. Typically they have their own checking accounts
and when they conduct fund raising activities it is appropriate for
them to manage those donations through their own checking accounts.
IF any Monmouth College
organization or individual raises money to donate to an INDIVIDUAL
(fire victim, cancer victim flood victim) or an organization that is
NOT 501 (c) 3 classified, an account needs to be set up with a local
bank where deposits would be made. The bank then would disperse the
funds. Fundraisers need to contact a local bank about what they need
in order to do this. They will need a tax id number to put on the
account which normally is the tax id (S.S. number) of the individual
beneficiary.
Last Updated:
March 27, 2009 |
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Student Affairs
700 E. Broadway
Monmouth, IL 61462
Residence Life
& Housing:
(309) 457-2113
reslife@monm.edu
Other Important Phone Numbers
MC
Security: (309) 337-5708
Medical Emergency: 911
Monmouth Police: 911
Stockdale Center: (309) 457-2345
Dean on call: (309) 337-5713
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