(1) When the society receives a donation, it shall comply with all the rules and regulations related to gift giving for gifts it receives directly. Those rules are found in state, federal and corporate law related to:
- (a) State entities and public 501 (c)(3) corporations;
- (b) Federal and state laws and regulations that apply to the society as a 501 (c)(3) corporation including, but not limited to, the U.S. Internal Revenue Service Code; and
- (c) Professional standards of ethical and donor-centered fund- raising.
- (2) The society may hold endowed funds for the long term benefit of the society that are managed by a committee of the board or by an independent investment manager.
- (3) Private funds donated directly to the society shall be held consistent with all state rules and regulations governing expenditure of those funds.
- (4) Permanently restricted and temporarily restricted funds shall be kept in a separate line account as non-lapsing funds of the society together with earned interest and shall be used in accordance with the directions provided by the donor.
- (5) Unrestricted funds shall be retained in the society's general cash account(s). Disbursement shall be made by the executive director in accordance with the board of trustees-approved Society budget.
[Statutory Authority: RCW 27.34.070. WSR 18-23-088, § 255-30-050, filed 11/20/18, effective 12/21/18.]