Virginia Code 57-58: Ratio of fund-raising expenses to contributions to be included in registration statement
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Each charitable organization shall, as a part of its registration statement, compute the percentage that its fund-raising expenses for its preceding fiscal year bore to its support received directly from the public during such year.
Terms Used In Virginia Code 57-58
- Charitable organization: means any person that is or holds itself out to be organized or operated for any charitable purpose, or any person that solicits or obtains contributions solicited from the public. See Virginia Code 57-48
- Federated fund-raising organization: means any federation of independent charitable organizations that have voluntarily joined together, including but not limited to a United Fund or Community Chest, for purposes of raising and distributing money for and among themselves and where membership does not confer operating authority and control of the individual agencies upon the federated group organization. See Virginia Code 57-48
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund-raising expenses: means the expenses of all activities that constitute or are an integral and inseparable part of a solicitation. See Virginia Code 57-48
Each federated fund-raising organization shall clearly disclose on any registration the percentage that is withheld from a donation designated for a member agency.
1974, c. 574; 2003, c. 810.