Virginia Code 57-55.2:1: Solicitations by for-profit organizations
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A. Every solicitor for an organization which is for-profit which solicits contributions from a prospective contributor in the Commonwealth shall disclose that the organization is not exempt from taxation under § 501(c) of the Internal Revenue Code.
Terms Used In Virginia Code 57-55.2:1
- Contribution: means any gift, bequest, devise, or other grant of any money, credit, financial assistance, or property of any kind or value, including the promise to contribute, except payments by the membership of an organization for membership fees, dues, fines, or assessments, or for services rendered to individual members, and except money, credit, financial assistance, or property received from any governmental authority. See Virginia Code 57-48
B. For every contribution received for five dollars or more, a for-profit organization shall, within thirty days following receipt, send a written statement to such contributor disclosing that the organization is not exempt from taxation under § 501(c) of the Internal Revenue Code.
1993, c. 240.