ARTICLE 1: ADHERENCE TO IRS GUIDELINES

Gothamachethiya Theravada Buddhist Association, Inc. (hereafter referred to as “the Association”) commits to adhering to all guidelines set forth by the Internal Revenue Service (IRS) to maintain its 501(c)3 nonprofit status. The organization will ensure that any trades or businesses it engages in align with IRS regulations, avoiding activities classified as Unrelated Business Income (UBI).

ARTICLE 2: ANNUAL GLOBAL ONLINE FUNDRAISER

The Association will conduct its major global online fundraiser each May, celebrating Vesak, the Buddha’s birth, enlightenment, and great passing. This fundraiser will provide a significant opportunity to generate support for the Association’s programs and initiatives.

ARTICLE 3: SPECIAL FUNDRAISERS

The Association may organize special fundraisers for specific purposes aligned with its mission. These initiatives will be clearly communicated to donors, and funds raised will be allocated exclusively for the specified purpose.

ARTICLE 4: MEDITATION PROGRAMS AND FUNCTIONS

The Association from time to time may organize local and international meditation programs, retreats, meditation camps, and other Theravada Buddhist functions. In cases where funds generated from traditional fundraising efforts are insufficient, the Association reserves the right to issue tickets or request donations to cover expenses associated with these events. All financial transactions will be conducted with transparency and in accordance with legal and ethical standards.

ARTICLE 5: COLLABORATIVE BUSINESS VENTURES

The Association recognizes the potential for collaborative business ventures to further its fundraising objectives. Such ventures may involve partnerships with third-party local or international organizations. All collaborative endeavors will be carefully assessed to ensure alignment with IRS regulations and ethical standards.

ARTICLE 6: DONATION RECEIPTS

As per IRS guidelines, a donation receipt will be issued for contributions of $250 USD or more. Additionally, donors have the option to request a receipt for donations below this threshold. These receipts will provide an accurate record of the donation’s nature and amount for tax-related purposes.

ARTICLE 7: TRANSPARENCY, ACCOUNTABILITY, AND ETHICAL PRACTICE

Maintaining a high standard of transparency, accountability, and ethical practice in fundraising initiatives is a top priority for the Association. Clear communication regarding the use of funds, financial reporting, and program outcomes will be provided to donors and the public. The organization will comply with all relevant laws and regulations governing fundraising activities.

ARTICLE 8: FUNDRAISING ACTIVITIES SUITABILITY

The Association, being a Theravada Buddhist organization, will refrain from engaging in fundraising activities not suitable for its nature and values. Events such as dinner dances, carnivals, auctions, car washes, and similar activities inconsistent with Theravada Buddhist principles will not be undertaken.

ARTICLE 9: REFUNDS AND CANCELLATIONS

The Association acknowledges that changes in personal circumstances or errors may occur, leading to donors requesting refunds or cancellations. While automatic refunds will not be issued, the Association will review all requests on a case-by-case basis. Refunds will be considered for donations made in error or under circumstances that warrant an approved refund, in compliance with legal obligations.

ARTICLE 10: REVIEW AND REVISION

This fundraising policy will be subject to periodic review to ensure its effectiveness and alignment with IRS guidelines and nonprofit laws. Any necessary revisions will be made in consultation with the board of directors and in accordance with applicable regulations.

Last Updated on May 06, 2024.