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 (link to case request) form.
Will this sponsorship be deemed a charitable gift?
When an individual 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).
When an organization or business (corporation, foundation, LLC) is providing the money for a sponsorship opportunity, the sponsorship cannot be deemed a gift by CASE guidelines and will be counted as voluntary service credit amount. Soft credit will be allocated.