The IRS classifies Monmouth College as a 501( c)3 charitable organization , with the authority to accept tax-deductible gifts. 501(c)3 organizations include many (but not all) non-profit organizations such as charitable homes for the elderly, charitable hospitals, alumni associations, schools, the Red Cross, churches and other “charitable organizations.” Occasionally, the College is asked to make contributions to other not-for-profit entities. This most commonly happens when student groups have conducted fund raising programs to benefit another not-for-profit organization. IRS regulations restrict the College from making donations to organizations that are not also 501(c)3 organizations. Thus, donations of funds to such organizations, handled by the College, will only be made after the College has received a copy of the donee organization's IRS letter confirming the donee's status as a 501(c)3 organization. (This is a common request made to charities and NOT out of the ordinary.)
Organizations are encouraged to request copies of this letter prior to conducting fund raising efforts on the donee organization's behalf in order to confirm the 501(c)3 status, and the letter will be required BEFORE the Business Office will process such request for payment.
Fraternal organizations (fraternities and sororities) are classified as 501 (c) 7 organizations. Typically they have their own checking accounts and when they conduct fund raising activities it is appropriate for them to manage those donations through their own checking accounts.
IF any Monmouth College organization or individual raises money to donate to an INDIVIDUAL (fire victim, cancer victim flood victim) or an organization that is NOT 501 (c) 3 classified, an account needs to be set up with a local bank where deposits would be made. The bank then would disperse the funds. Fundraisers need to contact a local bank about what they need in order to do this. They will need a tax id number to put on the account which normally is the tax id (S.S. number) of the individual beneficiary.