(Board Resolution: 05102012 Dated 6/11/12 )
Part 1. Policy Statement
This policy is to establish criteria regarding minor donations, sponsorships, gift vouchers, and product donations made outside the Constitutional Rules of Badu Island Foundation Ltd, wherein normally the profit (or any part thereof) generated by the company may be dispersed in accordance to the Charitable Objects listed within the rules.
Part 2. Definitions
Board:
Board means the Badu Island Foundation Ltd company board of directors and the monthly meeting of the board.
Budget:
The annual Budget (subject to review during the financial year) will determine the limit of donations available to spend. Resolution passing the budget shall authorise that expenditure, any variances must be approved by the Board.
In-Kind Support:
In kind support (within reason) will be provided for quarry product, eg sand, crusher dust to residents and non commercial entities, for example the Badu Tagai Campus. Timeliness, provision, supply and delivery will be at the discretion of the Quarry Manager.
In kind support is to be recorded at the next monthly meeting.
Ice (subject to availability) will be donated towards community events by the Hotel.
Gift Vouchers:
Donated Gift vouchers will be restricted to Service Station products and Freight assistance. The dollar ($) amount or equivalent value must remain within the budget. There is no limit to the sale of Gift Vouchers to the general public, but in all cases the same shall be authorised by the Chief Executive or Business Manager and expire six (6) months from the date of issue.
Business Promotions:
The Badu Hotel will have a budget for money and donations in kind for sponsorship or promotional marketing of the hotel or activities being held at or sponsored by the hotel. Product sponsorship will be valued and written off at cost. Any amount exceeding the budget is to be ratified by the Board.
Minor Donations:
The approved budget is to be considered before making a donation. Where possible, donations are to be made where the benefit favours the wider community generally or promotes educational values. Any uncertainty regarding the merit of a donation request can be referred to the Board.
Part 3. Review and Recording in the Minutes
- This policy must be reviewed at least every three (3) years from date of the initial Board Resolution or any subsequent review date.
- Subject to policy change a new resolution must be passed confirming any change.
- The board minutes must include a disclosure where a donation involves financial gain or benefit to a director or employee, spouse or child of that director or employee.
^ Reviewed and amendment 21 March 2014