1. DEFINITIONS
In this Policy, the following words shall, unless the context otherwise requires, have the following meaning:
“Board of Directors” or “Board” means the Board of Directors of the Organization.
“CRA” means the Canada Revenue Agency.
“Disbursement Quota” means the disbursement quota that the Organization must comply with and disburse each year in accordance with the ITA.
“Organization” means MEAGHAN’S MUSIC ROOM (legal name MEAGHAN ZAREMBA), a Canadian registered charity (registration number: 746605088RR0001).
“ITA” means the Income Tax Act (Canada), R.S.C. 1985, c.1, as amended from time to time.
2. BACKGROUND
The Organization was established with the following charitable Objects:
- To relieve conditions associated with disability by providing access to music instruction, performance, and therapy;
- For the objects aforesaid, to accept donations, gifts legacies and bequests; and
- To enter into agreements and arrangements necessary or desirable in furtherance of the foregoing objects.
3. SCOPE
This Policy applies to all prospective donors, board members, staff, and volunteers of Meaghan’s Music Room.
4. ACCEPTABLE GIFTS
The Organization will accept gifts of cash, publicly traded securities, real estate, and personal property, subject to approval by the Board.
5. GIFT REVIEW AND ACCEPTANCE
(a) All gifts other than cash or publicly traded securities must be reviewed by the Gift Acceptance Committee and approved by the Board.
(b) The Organization reserves the right to refuse any gift that is unsuitable or would impose an undue administrative burden.
6. ACKNOWLEDGMENT AND RECEIPTING
Upon receipt of any gift, the Organization shall issue a written acknowledgment in accordance with CRA requirements.
7. DESIGNATED AND UNDESIGNATED GIFTS
The Organization will honour donor designations whenever possible. Undesignated gifts will be used at the discretion of the Board to further the Organization’s charitable objects.
8. LEGACIES AND BEQUESTS
All testamentary gifts must be reviewed by legal counsel before acceptance.
9. REVIEW
This Policy shall be reviewed at least every three years, or more frequently if required by changes in legislation or CRA policy.