• The Latino Film Fund accepts funds furnished from a "detached and disinterested generosity," gifts made "out of affection, respect, admiration, charity or like impulses, and gifts of funds not made from "any moral or legal duty."
• No gifts of funding received are bound to any legal duty (contract).
• Grantee understands that contributions to Grantor in behalf of the Project are only tax-deductible under the Internal Revenue Code to the extent that they are motivated by donative intent.
• The Latino Film Fund reserves the right to reject any contribution that it believes is likely not to meet the IRS's criteria for donative intent.
• Anyone making a contribution on behalf of the project without the requisite intent should consult a professional tax advisor.
• Additionally, the Latino Film Fund assumes no responsibility for ensuring that contributions to Grantor on behalf of any Project are tax-deductible. Grantor does not provide individual tax advice; therefore all donors to the Grantor in behalf of a Project are encouraged to consult their own outside professional advisers to address questions on deductibility or donative intent.
• If funds are earmarked, the Latino Film Fund maintains full control of the donated funds and discretion as to their use, so as to ensure that the funds will be used to carry out the organization's functions and purposes. If the donee (Latino Film Fund) has such control and discretion and the gift is applied in accordance with the organization's exempt purposes, the charitable gift ordinarily will be deductible, despite the donor's expressed hope that the gift will be applied for a designated purpose.
• A donor cannot claim a tax deduction for any single contribution of $250 or more unless the donor obtains a contemporaneous, written acknowledgment of the contribution from the recipient organization. An organization that does not acknowledge a contribution incurs no penalty; but, without a written acknowledgment, the donor cannot claim the tax deduction. Although it is a donor's responsibility to obtain a written acknowledgment of their charitable gift to the Latino Film Fund, the organization will assist a donor by providing written acknowledgement of funds received in written statement submitted to donor in a timely manner.