Rotary District 5370 Charitable Foundation

Any Rotary Club wishing to set up a trust fund within the Foundation or has an existing trust fund must first execute the " Irrevocable Direction & Authorization".

The Rotary Club then identifies a qualified charity or organization they would like to support making sure the charity is qualified under the "Income Tax Act". Obtaining or ascertaining if they have a charitable number is a good start and getting pre-approval from the Foundation may also be warranted.

 

NOTE: REGISTERED SOCIETIES DO NOT ALWAYS HAVE A FEDERAL CHARITABLE NUMBER

 

The Rotary Club may then commence raising funds made payable to the Club and must keep details of donors who require a tax receipt i.e. name, address, postal code and amount. Keeping computerized tax receipt details will make it much easier to prepare receipts at the end of the year. The use of a mail merge program would also help the Rotary Club with mailing receipts at the end of the year and help the Foundation with preparation of tax receipts.

 

The Rotary Club treasurer or committee chairperson will forward a cheque(s) to the Foundation treasurer made payable to: Rotary District 5370 Charitable Foundation. Details as per item #3 above should be included. The money and tax receipts requested must balance. Money received by the Foundation prior to December 31st will qualify for a tax receipt in that calendar year,

 

The Foundation treasurer will create authorized and numbered receipts in January & February each year and returns them to the Club for distribution. The Foundation treasurer will request help from the Club in preparing tax receipts if a mail merge system is not provided or for large quantities. "Tax Receipt Format"

 

It is the responsibility of the Rotary Club to send/deliver the tax receipts to the appropriate parties after the receipts have been prepared, signed and authorized by the Foundation treasurer.

 

The money received by the Foundation will be held in trust (interest to be used for administration purposes) and will be disbursed upon written request from the Club "Sample Letter" providing all criteria is met. The cheque will be sent direct to the qualified charitable organization or returned to the club if they wish to make a formal presentation to the charity.