Inheritance World Ministries – Donation Policies
Inheritance World Ministries respects and honors your gifts as a supporter of our ministry and strives in every way to be honest and open with our supporters and therefore wants you to understand as a ministry how contributions are received and applied in the fulfillment of our mission.
In a desire to remain IRS compliant and to offer our supporters the advantage that tax deductible giving holds, Inheritance World Ministries has adopted the following policies in order to try and make clear to our supporters how their gifts are received and applied by Inheritance world Ministries Inc. They are listed below in no particular order of importance:
Irrevocable Giving. Tax-deductible contributions must be irrevocable; therefore, all donations are non-refundable and non‐transferable.
Unrestricted And Restricted Donations. Inheritance World Ministries accepts contributions in order to fulfill our overall ministry and is also aware that some supporters wish to restrict the use of their donations to specified purposes, such as particular mission trips, staff fundraising, or care of children, or building projects, or other efforts. Such funds may be set aside for the purpose in which they were intended providing that the gift is being given to the fulfillment of an established project, event, mission, or activity set in place by Inheritance World Ministries. Such restricted donations shall be used for which they were originally intended until that purpose has been satisfied. Thereafter, any overage in funds may be used to further the ministries of Inheritance World Ministries. Any donations expressed with specific intent to be applied to say a project or individual that might be participating in such as a mission trip, who may have made the appeal for funds, are considered to be restricted to the overall purpose for which such person is currently raising funds. Therefore when a donor submits a donation with a request for a specific intent Inheritance World Ministries will strive to honor the supporter intent, however, a donation restricted or directed only for the personal benefit, use of and by an individual and not to the project as a whole would not be tax-deductible and therefore such a restriction cannot be accepted if it is to be tax-deductible. Therefore in order to receive a tax-deductible receipt for their gift supporters may ask to have their donation applied to a particular purpose or event as a whole, such as a mission trip project, but not to the support of a specific individual and therefore still help in a deputized fundraiser’s or other individual’s involvement or participation in ministering through Inheritance World Ministries. In this way supporters by giving to the project in its entirety and not to a specific person can still help the Inheritance World Ministries team member/s in the participation of such ministries and still receive a tax-deductible receipt for their gift. Contributions given without specific written direction shall be considers by Inheritance World Ministries to that sense unrestricted and shall be applied and directed by the ministry in the fulfillment of the mission as needed.
Redirection Of Funds. In addition at times Inheritance World Ministries may need to redirect funds specified for a specific project or activity as it pertains to the completion or fulfillment of that activity or project. Such changes of redirection of giving may include, but not be limited to such items as:
It pertains to missions in the form of changes in date, time, routing, duration and such mission trip/s or other assignments in ministry.
In conjunction with costs, budgets, services, programs, events, or forms of ministry, construction, events, projects, activities or other efforts as it pertains to timing, costs, quantities and such.
Application Of Donations. Donations and gifts received by Inheritance World Ministries not designated to a specified project or activity shall be applied to the overall mission of the ministry and shall be directed by Inheritance World Ministries in accordance with need.
Support Team Members And Others As Deputized Fundraisers. Inheritance World Ministries considers teamwork and family a very important part of our ministry. This practice also extends to those seeking funds for the ministry. Inheritance World Ministries therefore has adopted and accepted the practice and policy called “Deputized Fundraising” in order to raise donations in support of our mission as it pertains to many of our projects and activities. Individuals who desire to participate in mission trips, as special staff, or who want to be involved in other projects or activities with a collective purpose are designated as “Deputized Fundraisers.” The intent of such fundraisers is to promote the raising of funds for such projects or activities in order to fulfill the overall mission of Inheritance World Ministries and bring support to the project or mission as a whole. It is therefore accepted practice that although funds for the organization may be sought on an individual level by those “Deputized Fundraisers” as they participate under the direction and for the purpose of carrying out the mission of Inheritance World Ministries any received response from donations shall go to the collective fundraising goals of the ministry or the project for which they are participating and not be applicable to them or their own personal benefit as individuals. In accordance it is also unacceptable for a tax-deductible contribution that is raised by a deputized fundraiser to be restricted specifically for the individual raising the funds. Any contributions can only and shall be used solely under the discretion of Inheritance World Ministries as it pertains to the project or activity that person is participating in as a whole. If any deputized fundraiser who is also a participant in a project of Inheritance World Ministries is removed from participation or unable to participate all funds raised through their efforts shall still apply as originally intended to the project as a whole for which they were raised.
Donations Through Purchasing. When contributions are donated by a supporter for items where they shall receive some benefit such as in the purchase of a silent auction item that supporter for tax purposes in accordance with IRS regulations may only deduct the difference contributed over and above the fair market value of the item.
Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.
In addition, donors who provide goods for charities to sell at an auction often ask the charity if the donor is entitled to claim a fair market value charitable deduction for a contribution of appreciated property to the charity that will later be sold. Under these circumstances, the law limits a donor’s charitable deduction to the donor’s tax basis in the contributed property and does not permit the donor to claim a fair market value charitable deduction for the contribution.
Specifically, the Treasury Regulations under section 170 provide that if a donor contributes tangible personal property to a charity that is put to an unrelated use, the donor’s contribution is limited to the donor’s tax basis in the contributed property. The term unrelated use means a use that is unrelated to the charity’s exempt purposes or function, or, in the case of a governmental unit, a use of the contributed property for other than exclusively public purposes. The sale of an item is considered unrelated, even if the sale raises money for the charity to use in its programs.