501c3
Money on Books, is a California Non-Profit Corporation, and a registered 501c3 tax exempt organization. Therefore, all donations are tax deductible in full or in part.
For every dollar donated to Money on Books, the following is percentage breakdown of how your donation is used:
- Operational Cost (20%)
- Officer’s Recruitment Services (20%)
- Officer’s Mentoring Services (20%)
- Ex-offender’s Job Services (20%)
- Group Homes Services (20%)
All donations which Money on Books ask for goes towards the Inmate Support (Operational Cost), and towards Officer’s Recruitment Services, Officer’s Mentoring Services, Ex-offender’s Job Services, and Group Homes Services. You can rest assured that our organization is organized and operates exclusively for exempt purposes set forth in section 501c3 of the Internal Revenue Services’ code, and none of our earnings will inure to any private shareholder or individual.
In addition, we are not an action organization, i.e., we won’t attempt to influence legislation as a substantial part of our activities and we won’t participate in any campaign activity for or against political candidates.
Money on Books board acts as trustee of the organization’s assets and ensures that the nonprofit is well managed and remains fiscally sound. In doing so, Money on Books board members must exercise proper oversight of the organization’s operations and maintain the legal and ethical accountability of its staff and volunteers.
The main legal responsibilities of Money on Books’ board members are often summarized by their:
- Duty of care: Our board members are expected to actively participate in organizational planning and decision-making and to make sound and informed judgments.
- Duty of loyalty: When acting on behalf of the organization, our board members must put the interests of the nonprofit before any personal or professional concerns and avoid potential conflicts of interest.
- Duty of obedience: Our board members must ensure that the organization complies with all applicable federal, state, and local laws and regulations, and that it remains committed to its established mission.
In addition to its legal responsibilities, the Money on Books’ board members acts in a fiduciary role by maintaining oversight of the nonprofit’s finances. Board members must evaluate financial policies, approve annual budgets, and review periodic financial reports to ensure that the organization has the necessary resources to carry out its mission and remains accountable to its donors and the public.