Community of Funds
Please be advised that the United States Rugby Foundation is revising the Community of Funds program in its continued effort to help in the development of the game. The Foundation is aware of significant costs associated with rugby including; suitable facilities, furnishing of instructions, coaching, etc., and continually seeks to support the over 2,000 rugby clubs across the country and popularize the game of rugby in the United States.
The Foundation's Community of Funds is a Rugby Program of Restricted Charitable Contributions. The Community of Funds is designed to support your Rugby program. (All donors should consult with his, her, or its own tax advisor to determine whether a donation is tax deductible.) In order to comply with IRS rules and regulations, certain enhancements have been made.
Here is how the program will work. The Foundation will accept contributions from the general public including individuals, business enterprises, trusts and/or estates. The contribution sent to the Foundation will need to designate the restriction of the donation. For instance, if you belong to the XYZ Rugby Club, the donor could make the contribution restricted to popularizing rugby and assisting the XYZ Rugby Club with rugby related costs. The USRF will endeavor to follow the donor's wishes but maintains variance power to ultimately dispose of the funds as it deems fit.
For simplicity we have come up with a "Restricted Contribution Form" to be filled out by the respective donor. The Non-Endowment Fund Agreement form is no longer being used. The Restricted Contribution Form is set up to designated the restricted use of funds. The Foundation will set up separate funds for each rugby program, once a Club has total donations of at least $1,000. The donor can make general or specific restrictions. For example, donation can be restricted to: 1) the rugby programs offered by the XYZ Rugby Club or 2) assisting with coaching costs offered through the XYZ Rugby Club to youths. Each contributor will receive a donation acknowledgement receipt from the Foundation documenting the amount of the contribution received and the restriction as to its use.
The funds will be invested by the Foundation in order to maximize and balance both earnings and growth. As noted above, although the contributions received belong to the Foundation, the Foundation will endeavor to use the funds for rugby related costs as designated by the donor.