Contributions for USAWCT, Inc.
Donation Policy set by Contributions Committee on September 1, 2004 and ratified by the Board of Directors by an e-mail Vote.
Voting in the affirmative were:
Brian Onofrio, Committee Chair, Mark Cammisa, Melissa Mckelvey, Joe Gaboury, Thomas Johnston, Sarah Jadach, Mike Marcucio, Mike Quibble, Rodger Shaw and
Brian Reardon, however, Brian wants to have meeting to discuss disclosure of contributing parties name to the Board of Directors as a minimum requirement
Board members that did not vote, were counted as a NO votes
Rob Czaplicki, Dave Kanute, Ron LaBeef, Steve Makein, Wayne Stofann, Chris Travato, Policy on how contributions (donations) will be handled carried 10-6.
Ralph Powers abstained.
Contributions USAWCT, Inc may accept will be categorized as one of these three.
Unrestricted Contributions:
These funds maybe mailed to USAWCT based upon direct solicitations or from our web site. The committee decided that the amounts received in such a manner must be reported to the Board of Directors as amounts pledged to no specific organization or purpose and that these proceeds go into the General Fund for USAWCT general use. Any contribution under $100 will be processed as anunrestricted contribution. All Donationsare to be monies contributed to USAWCT with no direct benefit to the contributor or their family member(s).
Restricted Contributions:
All restricted contributions (donations) must be intended for anon profit organization incorporated in the State of Connecticut(NON StockCorporation). In addition, the organization must be a USAWCT, Inc sanctioned Club (member) in good standing. There will be a processing fee of 5% of the contributed amount or $100.00, which ever is less. The net amount received is to be paid immediately (as soon as the funds become available and cleared funds) to the qualified organization.
Special Purpose Contributions:
A member of USAWCT or the Board Directors can ask that a special fund, be established, which is restricted for a specific purpose to benefit the wrestlers of Connecticut. These funds do not go into the general fund, but would remain with USAWCT, Inc segregatedfor the purpose as intended and approved by the Board of Directors, provided it benefits wrestling in the state of Connecticut.
Processing fee is intended to offset some expected costs that we may incur such as but not limited to, legal review costs, stationary supplies, postage and tax return costs
A thank you letter or receipt in which is also a disclaimer will recommend that the contributor consult their tax advisor on the tax deductibility of the contribution.