ISKCON of DC (hereinafter, “Temple”) is a qualified charitable organization exempt from Federal Income Taxes under IRC Sec. 501(c)(3). Cash contributions to the Temple are deductible by donors under the current provisions of the Internal Revenue Code.
Undesignated gifts are those gifts given without stipulation by donor. These gifts comprise the majority of the Temple’s total receipts. They are relied upon to fund the budget/services and programs of the Temple.
The Temple will accept designated gifts if they are specified for a pre-approved project, ministry or program administered by the Temple. All other contributions will go to the Temple's general fund and be utilized per the discretion of its President, Board and other designated authorities.
Personal Services Donated
The value of personal services donated is not deductible as a charitable contribution. The Temple relies heavily on volunteers to fulfill its ministry. However, donations of this type will not be reflected on the individual’s record of contribution. Unreimbursed out of pocket expenses incurred on behalf of services donated are deductible on the individuals tax return. Travel and transportation expenses are deductible, on the individual’s tax return, to the extent no personal pleasure or recreation was received. These expenses will not be reflected on the individual’s record of contribution.
Receipt of Benefit by Donor
Any benefit or premium received by a donor in exchange for a contribution reduces the amount of the deduction of the contribution. In the event of such a contribution where a benefit was received, the Temple will inform the donor of the estimated value of the goods or services received by the donor. If the amount of the contribution exceeds the value of the benefit received, the donor may deduct the amount over the value of the benefit as a charitable contribution.
The Temple will accept most types of non-cash gifts, provided the gift is determined to be related to the purpose of the Temple and in the Temple’s best interest. All non-cash gifts will be reviewed and approved by the Temple. The Temple will acknowledge receipt of the gift by letter. The letter will provide a brief description of the item donated. The Temple is not responsible for appraisals and will not determine the fair value of donated property. The estimated fair value of the gift will not be reflected on the letter or the donor’s record of contribution. It is the donor’s responsibility to determine the fair market value of the gift.
Donations of Stock
Whereas neither the members of the Temple’s board of directors nor its staff are professional investment portfolio managers, it is the policy of this organization to liquidate stock immediately upon receipt. The possible transaction cost of this sale is considered small compared to the risk of loss that can be experienced with delay in the sale of the stock. Donors should be aware of this policy so that they are not surprised by the immediate liquidation of the gift.
An investment account or accounts will be maintained with a minimum balance of cash or stock as required to facilitate the donation of stock to the Temple and liquidation of the stock. The maintenance of this account to accommodate these transactions is the responsibility of a delegate of the Temple’s Community President in conjunction with the Board of Directors of the Temple.
The Temple shall periodically review of Stock/Investment account transactions in collaboration with the treasurer to ensure accuracy of balances reported to the board. The foregoing delegate will provide a brief summary report reflecting activities within the account on a monthly basis and verify the account balance.
Proceeds from the sale of the stock are considered unrestricted contributed income unless the donor has imposed a restriction as a condition of the gift in which case procedures for accounting for restricted contributions will be followed.
Donation of the Use of Property
Use of property cannot be claimed as a charitable contribution. The Temple may determine to accept the use of property in such cases where the donor understands no deduction from the contribution is allowed.
Gifts to Individuals
Gifts designated to individual or groups of individuals do not qualify as charitable contributions. Such gifts donated to the Temple will not be reflected on the donor’s record of contributions.
Substantiation of Contribution
The Temple will provide annually to donors a record of cash contributions received in accordance with rules and regulations required by the IRS. Non-cash gifts will be acknowledged by letter as described above in compliance with IRS rules and regulations.
Returns of Contribution
It is the Temple’s policy that gifts made in good faith will not be returned. However, we understand circumstances arise; if a return is requested in writing within 7 days of making a qualifying contribution, the ISKCON of DC Board will review the request and make a determination. The written request should detail any special circumstances that merit the return of the good faith contribution.
Year of Contribution
All contributions must be received by December 31 to be included on the donor’s record of contribution. If mailed, the gift must reflect a postmark no later than December 31.
The Temple respects the donor’s decision to give as inspired by the Lord. The above policies are meant to provide guidance to the donor and the Temple body as well as comply with tax laws. The Temple reserves the right to refuse contributions that are not related to the primary purpose of the Temple, not in the best interest of the Temple, or those not qualified for tax purposes.
Effective Date: December 2, 2018