Wash. Admin. Code § 256-30-050 - Donations to the society
(1) When
the society receives a donation, it shall comply with all the rules and
regulations related to gift giving for gifts it receives directly. Those rules
are found in state, federal and corporate law related to:
(a) State entities and public 501 (c)(3)
corporations;
(b) Federal and state
laws and regulations that apply to the society as a 501 (c)(3) corporation
including, but not limited to, the U.S. Internal Revenue Service Code;
and
(c) Professional standards of
ethical and donor-centered fund-raising.
(2) The society cannot have ownership in stocks
nor can it make gifts of public funds.
(3) Private funds donated directly to the
society shall be held consistent with all state rules and regulations governing
expenditure of those funds.
(4)
Restricted funds shall be kept in a separate line account as nonlapsing funds of
the society together with earned interest and shall be used in accordance with
the directions provided by the donor.
(5) Unrestricted funds shall be retained in a
separate line account of the society as nonlapsing funds. Disbursement shall be
made by the executive director in accordance with policy established by the board
of trustees or in consultation with the board of trustees.
Notes
Statutory Authority: Chapter 27.34 RCW, RCW 42.56.040, 27.34.070, and 43.21C.120. WSR 17-07-057, § 256-30-050, filed 3/11/17, effective 4/11/17.
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