Individual Fundraising Accounts are subject to the following guidelines:
1. Students are credited only with amounts they raise or help raise selling a product or performing a service (such as selling candy bars);
2. Payments made by parents for band costs will be credited to each individual account balance;
3. Straight contributions (which are tax-deductible) by the donor may not be earmarked and credited to support a specific student;
4. Students understand that the money raised is really the property of the tax- exempt organization;
5. The tax-exempt organization, Panther Regiment Boosters, Inc., must control the funds and determine what portion, if any, of the amounts raised may be credited to students who assisted with the fund-raising;
6. All amounts raised are used for the tax-exempt purposes of the Panther Regiment Boosters, Inc.;
7. The Panther Regiment Boosters, Inc. and not the students must determine how the funds are used;
8. Students may not withdraw funds to use as they wish and students may not transfer funds to another account (siblings, friends, parents, etc.);
9. Students who leave the organization cannot receive funds credited to their name;
10. Excess funds stay with the Panther Regiment Boosters, Inc. to be used for their taxexempt purposes.
The IRS has a strict rule against private inurnment “the transfer of any of an organization's assets to, or for the benefit of, an individual for a nonexempt purpose." Therefore, individuals may not control any fundraising accounts set-up in their name, nor may they withdraw funds from the "accounts" to use as they wish. The tax-exempt organization must at all times determine how its funds, even funds credited to an individual with respect to their fundraising efforts, are used. And, all funds must be used for the organization's tax-exempt purposes.
I have read, understand, and will follow the guidelines listed above for my student account.