Our promise to you: Ethical & Financial
Accountability Code
A. Donor's Rights
- All donors (individuals, corporations, and foundations) are entitled to
receive an official receipt for income tax purposes for the amount of
the donation. Donors of non-monetary eligible gifts (or gifts-in-kind) are
entitled to receive an official receipt that reflects the fair market value
of the gift. (Note: The term 'Eligible gifts' is comprehensively defined by
CRA. A full definition can be found in CRA's Interpretation Bulletin dealing
with gifts and official donation receipts. 1 Some common gifts, such as donations
of volunteer time, services, etc. are not eligible to receive official tax
receipts.) Olds College's governing board may establish a minimum amount for
the automatic issuance of receipts, in which case smaller donations will be
receipted only upon request.
- All fundraising solicitations by or on behalf of Olds College will disclose
Olds College's name and the purpose for which funds are requested. Printed solicitations
(however transmitted) will also include its address or other contact information.
- Donors and prospective donors are entitled to the following, promptly upon
request:
- Olds College's most recent annual report and financial statements as approved
by the governing board;
- Olds College's registration number (BN) as assigned by CRA;
- any information contained in the public portion of Olds College's most
recent Charity Information Return (form T3010) as submitted to CRA;
- a list of the names of the members of Olds College's governing board;
and
- a copy of this Ethical Fundraising & Financial
Accountability Code.
- Donors and prospective donors are entitled to know, upon request, whether
an individual soliciting funds on behalf of Olds College is a volunteer, an
employee, or a hired solicitor.
- Donors will be encouraged to seek independent advice if Olds College has
any reason to believe that a proposed gift might significantly affect the donor's
financial position, taxable income, or relationship with other family members.
- Donors' requests to remain anonymous will be respected.
- The privacy of donors will be respected. Any donor records that are maintained
by Olds College will be kept confidential to the greatest extent possible. Donors
have the right to see their own donor record, and to challenge its accuracy.
- If Olds College exchanges, rents, or otherwise shares its fundraising list
with other organizations, a donor's request to be excluded from the list will
be honoured.
- Donors and prospective donors will be treated with respect. Every effort
will be made to honour their requests to:
- limit the frequency of solicitations;
- not be solicited by telephone or other technology;
- receive printed material concerning Olds College.
- Olds College will respond promptly to a complaint by a donor or prospective
donor about any matter that is addressed in this Ethical Fundraising & Financial
Accountability Code. A designated staff member or volunteer will attempt
to satisfy the complainant's concerns in the first instance. A complainant
who remains dissatisfied will be informed that he/she may appeal in writing
to Olds College's governing board or its designate, and will be advised in writing
of the disposition of the appeal. A complainant who is still dissatisfied will
be informed that he/she may notify Imagine Canada in writing.
B. Fundraising Practices
- Fundraising solicitations on behalf of Olds College will:
- be truthful;
- accurately describe Olds College's activities and the intended use of donated
funds; and
- respect the dignity and privacy of those who benefit from Olds College's
activities.
- Volunteers, employees and hired solicitors who solicit or receive funds
on behalf of Olds College shall:
- adhere to the provisions of this Ethical Fundraising & Financial
Accountability Code;
- act with fairness, integrity, and in accordance with all applicable laws;
- adhere to the provisions of applicable professional codes of ethics, standards
of practice, etc.
- cease solicitation of a prospective donor who identifies the solicitation
as harassment or undue pressure;
- disclose immediately to Olds College any actual or apparent conflict of
interest; and
- not accept donations for purposes that are inconsistent with Olds College's
objects or mission.
- Paid fundraisers, whether staff or consultants, will be compensated by a
salary, retainer or fee, and will not be paid finders' fees, commissions or
other payments based on either the number of gifts received or the value of
funds raised. Compensation policies for fundraisers, including performance-based
compensation practices (such as salary increases or bonuses) will be consistent
with Olds College's policies and practices that apply to non-fundraising personnel.
- Olds College will not sell its donor list. If applicable, any rental, exchange
or other sharing of Olds College's donor list will exclude the names of donors
who have so requested (as provided in section A8, above). If a list of the
charity's donors is exchanged, rented or otherwise shared with another organization,
such sharing will be for a specified period of time and a specified purpose.
- Olds College's governing board will be informed at least annually of the
number, type and disposition of complaints received from donors or prospective
donors about matters that are addressed in this Ethical Fundraising & Financial
Accountability Code.
C. Financial Accountability
- Olds College's financial affairs will be conducted in a responsible manner,
consistent with the ethical obligations of stewardship and the legal requirements
of provincial and federal regulators.
- All donations will be used to support Olds College's objects, as registered
with CRA.
- All restricted or designated donations will be used for the purposes for
which they are given. If necessary due to program or organizational changes,
alternative uses will be discussed where possible with the donor or the donor's
legal designate. If the donor is deceased or legally incompetent and Olds College
is unable to contact a legal designate, the donation will be used in a manner
that is as consistent as possible with the donor's original intent.
- Annual financial reports will:
- be factual and accurate in all material respects;
- disclose the total amount of fundraising revenues (receipted and non-receipted)
2;
- disclose the total amount of fundraising expenses (including salaries
and overhead costs) 3;
- disclose the total amount of donations that are receipted for income tax
purposes (excluding bequests, endowed donations that cannot be
expended for at least 10 years, and gifts from other charities) 4;
- disclose the total amount of expenditures on charitable activities (including
gifts to other charities) 5;
- identify government grants and contributions separately from other donations;
and
- be prepared in accordance with generally accepted accounting principles
and standards established by the Canadian Institute of Chartered Accountants,
in all material respects.
- No more will be spent on administration and fundraising than is required
to ensure effective management and resource development. In any event, the
charity will meet or exceed CRA's requirement for expenditures on charitable
activities. (The Income Tax Act sets out a requirement that all registered
charities spend 80% of their receipted donations from the previous taxation
year -- excluding bequests, endowed donations that cannot be expended for at
least 10 years, and gifts from other charities -- on charitable activities;
in addition, charitable foundations are required to expend 4.5% of their assets
in support of charitable programs6)
- The cost-effectiveness of Olds College's fundraising program will be reviewed
regularly by the governing board.
Footnotes:
- Currently, 'Eligible Gifts' are defined in IT110R3 Gifts and Official Donation
Receipts.
- Total of amounts from lines 100, 102 and 113 of T3010 (CRA's Registered
Charity Information Return, 2001)
- Amount from line 123 of T3010 (2001)
- Amount from line 906 of T3010 (2001)
- Total of amounts from lines 120 and 121 of T3010 (2001)
- See Section 149.1 of the Income Tax Act
