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Artworks that are donated by the person who created them.
Examples: Paintings, sculptures, jewellery, etc., produced by the artist. Artworks or cultural property donated by the artist are considered to be donated from the artist’s inventory. Inventory is normally valued at fair market value.
In...
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Why is it important to give a letter of employment to all individuals who are offered a position? Although many organizations prefer to extend offers of employment in person or over the phone,1 a formal letter of employment allows an organization to clearly communicate its expectations to new...
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Definition: Finder’s Fees1 A fee paid to a third party for bringing together two or more people or companies in a business transaction, as in the borrowing or lending of money. In the fundraising context, a finder’s fee refers to the payment of a fee to a third party that is contingent upon...
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What are considered fundraising activities? The CRA considers any activity that involves asking for support to be fundraising, unless it satisfies The Substantially All Test.1
The Substantially All Test: If substantially all (90% or more) of an activity is not asking for support, the CRA...
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Why is it important for nonprofit and charitable organizations to hold at least two meetings with an unrestricted agenda? Board meetings are the most significant venue in which board members are made aware of and assess the activities of a charity or nonprofit.1 This standard recognizes that in...
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A donor cannot specify the ultimate beneficiary of a gift, and the gift generally cannot benefit the donor or anyone who is not at arm’s length from the donor. That is, there can be no private benefit. If either of these conditions apply to the gift, CRA does not allow the charity to issue a tax...
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When a donor gives the use of property (for example, provides the use of one's cottage or car) to a charity, this is not a transfer of property and is therefore not a gift. No tax receipt may be issued.
When a charity gives the use of property in return for a gift, however (for example, use of a...
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Why is it essential for employees to be provided with appropriate orientation and training? Orientation improves an employee’s performance, strengthens their commitment to their organization,1 and can promote staff retention.2 An effective orientation process not only conveys the practical...
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Why is it important that anyone seeking or receiving funds on behalf of the organization:
a. act with fairness, integrity, and in accordance with all applicable laws – Volunteers, employees, and contracted third parties engaged in fundraising should conform to all standards in Section C of Imagine...
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What is a mission statement and why is it important? A mission statement is a short, written statement that describes the core purpose of the organization including what it does, for whom and why. The mission statement should be sufficient to guide the strategies and actions of an organization,...
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