What measures are in place to protect the investments of members?
The OTW is a nonprofit corporation, subject to laws and regulations dictating its fiduciary responsibilities to conduct activities in a manner that upholds the public trust. The OTW will be scrutinized not only by its members and fans outside the organization, but also by the IRS and the State of Delaware, our incorporation state. There are a number of additional safeguards in place. Misuse of OTW funds constitutes fraud and could be subject to prosecution. This operates as a solid deterrent. Distribution of the OTW’s funds will follow generally accepted accounting principles with regard to oversight and authorization of expenditures. The OTW’s financial information is… Read more
How does OTW protect the data collected on individuals making donations?
The OTW must collect certain information (such as name, address, etc.) from donors to comply with IRS regulations. Given the prevalence of fans using pseudonyms in their fannish life, this information will be held closely by the OTW and is only available to the OTW’s treasurer and members of the Development and Membership committee. Completely anonymous donations can only be made in cash.
Are donations to OTW tax-deductible?
Yes, in the United States. The IRS has approved OTW’s tax-exempt, nonprofit status. One of the benefits of our nonprofit status is that any donation that you make to the organization, including your US$10 OTW membership fee, is now tax-deductible in the United States! Even better, your past donations are also tax-deductible, back to our date of incorporation: September 5, 2007. Please note that if you are located outside the US, your contribution may or may not be tax-deductible. You should consult with a tax adviser and see whether a gift to a US 501(c)(3) qualifies for a tax deduction under your local laws.
How can I donate to OTW? Can I donate if I live outside the United States?
The OTW is able to accept donations from all over the world via online donation, or by check via mail to our post office box. See Support the OTW for the details. Our payment processor will not reveal credit card or bank account numbers to the OTW. Personal checks received by mail will necessarily have account information on them, but that information will not be retained.
Who decides what OTW spends money on?
The Board is ultimately responsible for these decisions as part of its fiduciary obligation. The Board treasurer is specifically responsible for the creation and implementation of the OTW’s budget, but the Board must vote to approve the budget, as well as any unplanned expenditures. For smaller transactions, the Board will delegate responsibility to OTW’s committees to determine what goods and services may be necessary.