2. Finance & Insurance
Finance & Insurance
Board, Executive Director
Sat, Nov 10, 2012
Date Last Amended:
Sat, Nov 10, 2012
Date of Next Review:
Wed, Nov 30, 2016
Board Chair, Executive Director
1 Introduction1.1 Youth Science Canada encourages the solicitation and acceptance of gifts for purposes that will help to further and fulfill its mission. 1.2 Volunteers, staff or third parties who solicit or receive funds on behalf of the organization must:
- act with fairness, integrity, and in accordance with all applicable laws;
- cease solicitation of a prospective donor who identifies the solicitation as harassment or undue pressure, or who states that he/she does not wish to be solicited;
- disclose immediately to Youth Science Canada any actual or apparent (perceived) conflict of interest or loyalty; and
- not accept donations for purposes that are inconsistent with the organization's mission.
2 Ethical Fundraising2.1 Youth Science Canada undertakes a limited amount of fundraising - the following polices have been put in place to guide those activities.
Fundraising Solicitations2.2 All fundraising solicitations by or on behalf of Youth Science Canada must:
- be truthful;
- accurately describe the organization's activities;
- disclose the organization's name;
- disclose the purpose for which funds are requested; and
- disclose, upon request, whether the individual or entity soliciting donations is a volunteer, employee or contracted third party.
Treatment of Donors and Donor Information2.4 Youth Science Canada honours donors' and prospective donors' requests to:
- limit the frequency of solicitations;
- not be solicited by telephone or other technology;
- receive printed material concerning the organization; and
- discontinue solicitations where it is indicated they are unwanted or a nuisance.
Payment of Fundraisers2.7 Youth Science Canadadoes not, directly or indirectly, pay finder's fees, commissions or percentage compensation based on contributions.
3 Gift Acceptance Policies3.1 Youth Science Canada will accept unrestricted gifts and gifts for specific programs and purposes, including endowment gifts. The following policy governs acceptance of gifts made to Youth Science Canada. All gifts must have purposes that align with Youth Science Canada's mission and priorities.
Types of Gifts Accepted
- Gifts of Cash
- Gifts of publicly traded securities
- Gifts of shares in privately owned companies (see below for conditions)
- Life Insurance Policies
- Charitable Gift Annuities
- continue to pay the premiums;
- convert the policy to paid up insurance; or
- surrender the policy for its current cash value.
Endowments3.13 Youth Science Canada will accept endowed gifts. 3.14 When an endowment fund is created, a signed endowment agreement between the donor(s) and Youth Science Canada is required. The minimum amount required to establish a named endowment is $25,000. Any amount may be contributed to a general endowment or for any previously established named endowment. 3.15 The treatment of interest earned from the endowment is outlined in Youth Science Canada's Investment Policy.
4 Administration of Gifts4.1 Gifts to Youth Science Canada are officially received when the following conditions are all met:
- there is an intention to give the gift;
- the gift is delivered; and
- Youth Science Canada accepts and acknowledges the gift.
Restricted Gifts4.5 Youth Science Canada will accept restricted gifts for existing core programs. Youth Science Canada will also consider gifts for new programmatic initiatives, pilot projects or in support of activities that are not part of our existing core programs, provided that they fit within Youth Science Canada's mission and priorities. 4.6 Youth Science Canada's Board of Directors and the senior representative of the program involved will review the terms of each restricted gift to ensure they do not hamper the usefulness and desirability of the gift. 4.7 If a gift is deemed undesirable, the donor will be requested to remove or modify the restrictions. Youth Science Canada reserves the right to accept only gifts that are consistent with its mission. 4.8 Each restricted contribution will be used as designated, with the understanding that when the need for a program or project has been met, or Youth Science Canada's Board determines the program or project cannot be completed for any reason, then Youth Science Canada may seek the donor's (or the donor's legal designate's) permission to, and in consultation with the donor or representative, re- designate the gift to another purpose that fits within Youth Science Canada's mission and priorities. Youth Science Canada shall use its best efforts to ensure that such re-designated purpose is as much in keeping as possible with the donor's original intent for the funds. 4.9 If the donor is deceased or legally incompetent and the charity is unable to contact a legal designate, the donation will be used in a manner that is as consistent as possible with the donor's original intent. If necessary, Youth Science Canada will apply to the courts or the appropriate regulatory body to obtain legal authorization to use the donation for other purposes.
Offers to Make a Gift4.11 A cheque or other instrument of conveyance received by Youth Science Canada with the requirement that it be used with certain restrictions does not constitute a gift until those conditions have been determined to be acceptable to Youth Science Canada. 4.12 A pledge is a promise to make a gift, and cannot be receipted. The receipt will be issued when the gift is received.
Issuance of Charitable Receipts4.13 Tax receipts will be issued in accordance with the guidelines of the Canada Revenue Agency. Youth Science Canada will issue an official receipt for donations of $25 or more that qualify as charitable gifts. Receipts for donations of less than $25 will be issued only when requested by the donor. 4.14 If, following internal consultations, uncertainty remains as to whether a donation qualifies as a charitable gift, a ruling may be sought from Youth Science Canada's legal counsel, independent counsel, and/or the CRA.
Authorization Required to Accept a Gift4.15 The authority to accept most types of gifts on behalf of Youth Science Canada is delegated by the Board of Directors to Youth Science Canada staff. The following chart illustrates who can accept gifts, of what type and in what amount:
|Type of Gift||Amount||Administrative Assistant||Executive Director||Board of Directors|
|Cash, Cheques, Credit Card Payments, and Money Orders||up to $10,000||X||X||X|
|Cash, Cheques, Credit Card Payments, and Money Orders||over $10,000||X||X|
|Gifts of Publicly Traded Securities||-||X||X|
|Life Insurance Policies||-||X||X|
|Charitable Gift Annuities||-||X||X|
|Gifts of Shares in Privately Owned Companies||-||X|
Use of Legal Counsel4.16 Youth Science Canada is committed to meeting all its legal and regulatory obligations, and retains the right to, in its sole discretion, determine such obligations and take any steps necessary with respect to gifts or donations to comply with legal or regulatory requirements. 4.17 Youth Science Canada will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:
- Transactions with a potential conflict of interest;
- Gifts that require Youth Science Canada to assume unusual or extraordinary obligations; and
- Other instances in which use of legal counsel is deemed appropriate by Youth Science Canada's Executive Director.