Fund Raising Procedures for Scholarship and Financial Assistance
Purpose:
To make a positive difference in our life and the lives of people we care about and to contribute to
society.
In summary, the main overriding reason we donate to make a positive impact in our lives and the lives of people we care about. Therefore, our giving is pragmatic, in that sense. We do not really donate from a sense of "obligation" or "because it is the right thing to do" because there is much less of a goal or purpose if that is what is motivating you.
Fundraiser:
1. All fundraisers must be approved first by Director of Administrator and Board of Directors prior to the
derby in which a fundraiser is to occur. The sponsor (Member) will submit the attached fund-raising form
to the appropriate Director of Administrator. The Director of Administrator then should check the
fundraiser calendar to be sure that it will fit into calendar. If approved, the Director of Administrator will
submit the signed form to the Board of Directors for approval. Fundraisers will be limited to one (1) to
each member per year. When the sponsor (s) (Member (s)) gets approval of their fundraiser, they need
to have it on the fundraiser calendar.
2. If sponsor (member) does not have the capacity to manage an event, the association will assist in any
way it can and provide manpower support.
3. Board of Directors will provide adequate oversight of the fundraiser operations and its staff. Indication of
adequate oversight includes, but is not limited to, evidence of disbursement controls, fund raising
practices, establishment of a conflict of interest policy, and establishment of accounting procedures
sufficient to safeguard fundraiser funds.
4. No transaction(s) in which any board or members have material conflicting interests with the fundraiser
resulting from any relationship. Factors that will be considered when concluding whether or not a related
party transaction constitutes a conflict of interest and if such a conflict is material, include, but are not
limited to: any arm's length procedures established by the fundraiser; the size of the transaction relative
to like expenses of the fundraiser; whether the interested party participated in the board vote on the
transaction and whether the transaction is one-time, recurring or ongoing.
5. Make available to all, on request, complete quarterly financial statements prepared in accordance with
generally accepted accounting principles. Fundraiser whose total annual gross income exceeds Php
250,000, these statements will be audited and review by a certified public accountant is sufficient to
meet this standard. Fundraiser whose annual gross income is less than $100,000, these complete
financial statements will be audited internally.
6. Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that
shows what portion of these expenses was allocated to program, fund raising, and administrative
activities. If the fundraiser has more than one major program category, the schedule should provide a
breakdown for each category.