Momentum Collective will only accept gifts that align with and further its mission. Gifts are primarily directed to support the operating overheads, program needs, and execution of special events. Some funds may be directed to reserves to strengthen the sustainability of the organization. We cannot provide tax or legal advice to donors and they must consult their own professional advisors. to provide arts education to youth.
Only the Executive Director, the board chair and vice chair, and the treasurer are authorized to sign off on gifts. Full board approval is required for the receipt of substantial assets such as real estate. Authorized officers may decline gifts with excessive “strings attached” or gifts that great administrative hardship. Cash (checks/credit cards) is accepted without review. Publicly traded stocks are typically sold immediately upon receipt. If the gift cannot be used directly, it must be easily sellable without significant storage or insurance costs. The donor is responsible for obtaining and paying for any qualified appraisals required by the IRS (typically for gifts over $5,000).
Donors may restrict gifts to specific programs (e.g., “Scholarship Fund”), but the nonprofit reserves the right to decline restrictions that are too narrow or difficult to administer. The Board reserves the right to redirect funds if the original restricted purpose becomes unnecessary or incapable of fulfillment.
Our donor platforms automatically generate a tax receipt for IRS filings, however we will provide additional documentation upon request after the receipt of a gift. For recurring gifts, Momentum Collective will re-confirm the frequency of the gift every two years with the donor. We maintain compliance with IRS Form 990 Schedule M if non-cash contributions exceed $25,000 annually.