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C2-4 Gifts In Kind

Page history last edited by Bonnyville Baptist Church 5 years, 7 months ago

 

DATE

Feb 6, 1995

Finance Policy

Reference

C2-4

REVIEWED/

REVISED

Jan 30, 2003

GIFTS-IN-KIND

Approved By

Admin Team

 

         

SECTION ONE:   PURPOSE

 

To ensure gifts in kind (non-monetary donations) are appropriate for the ministry of the church and that requirements for documentation for receipt purposes are met.

 

The Administration Team may not allow acceptance of a gift-in-kind or designated funds that are not supported by the strategic plan.  (Governance Manual C3 .4.4)

 

                                                                                               

SECTION TWO: POLICY

 

1.         All gifts in kind must be approved by authorized individual (ministry leader, pastor, committee or board chair, as applicable).

 

2.         Businesses giving tangible gifts may be receipted on submission of an invoice.  Businesses wishing to donate services may do so only by being paid for the service and then making an approved free will designated contribution to the church.

 

3.         Individuals wishing to give a tangible gift to the church may do so only by being paid for the item or service and then making an approved free will designated contribution to the church.

 

 

SECTION THREE:   PROCEDURES

 

1.         Approved tangible gifts in kind from businesses will be receipted on submission of invoice and approval of authorized individual using receipt format approved by CRA (see attached).   Receipts may be issued immediately if requested, but will be routinely receipted twice a year (June and February). 

 

2.         Procedure for individuals wishing to be receipted for a tangible gift is as follows:

            a)         The donor will itemize the item being donated on an expense claim and attach receipt(s).  If a receipt is not available, then the fair market value will have to be assessed by the donor and approved by the Administration Team.

            b)         The donor will submit the claim to the individual authorized to approve purchases for the particular ministry or project.

            c)         The church will write a cheque for the amount of the claim.

            d)         The donor will sign the cheque back to the church and it will be included in the Sunday deposit designated as a “GIK”.

            e)         A receipt will be issued as part of the annual receipt for charitable purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                          


 

 

 

Bonnyville Baptist Church                                                     Official Receipt For Income Tax Purposes

4111 - 43 Avenue                                                                   Government Registration #: 13052 5546 RP0001

Bonnyville, Albert                                                                  Receipt Number:  GIK----

T9N 1S7                                                                                                                                 

                                                                                                 Date Issued: --/--/---- 

 

Donor:   Name & Address                                                       Donation Amount:

                                                                                                 Advantage:           

                                                                                                Eligible Amount:  

Donation(s) Received:     Date                                                                                                                                                                      

Description of Gift(s):                                                                                                           

                                                                                                Signature

                                                                                                Administration Team (Finance) Chair

                                                                                                                                                                                               

 

For information on all registered charities in Canada under the Income Tax Act please contact:

Canada Revenue Agency www.cra-gc.ca/charities

 

 

 

 

 

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