SPONSORSHIPS & DONATIONS

Sponsorships

In strategising to meet branding & marketing objectives, corporations can fund sponsorships to organisations that raise funds for specific purposes like organising conferences for groups of subject experts or for causes that the general public can participate in, publishing public educational messages for general distribution, or activities that align with the corporation's mission of supporting continuous educational purposes.

Donations

Organisations aspiring to be good corporate citizens can contribute to charities. Charitable contributions are made to legitimate non-profit organisations only in support of community projects or improving the well-being of the society in general.

Donations can be made in the forms of money, in-kind or resources that can be committed by the corporations.

Sometimes sponsorships can be used to influence the recipients' acts or decisions into benefiting the offerors, which is a form of corruption.

Under unchecked circumstances, unscrupulous entities can connive with donors to conceal or facilitate bribes, undue payments or funding of illegal activities through donations.

what you need to do for accurate documentation

BEFORE EVENT

Conduct proper due diligence to ascertain information of the:

written request for a sponsorship or donation
recipient organisation & that it is not sanctioned by any financial or regulatory institution
cause that the recipient organisation represents is in line with the activities that your organisation would support

Any approved donation or sponsorship must be formalised into a written agreement to be signed between your organisation and the requestor.

AFTER EVENT

Maintain proper records of:

the signed agreement
the exchange documents of the sponsorship or donation, such as acknowledgment of receiving of funds, benefits in-kind or other resources
proof of event of the cause that took place
invoice & official receipt issued by the recipient

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