GEMS Seva - Donation Policy
IMPORTANT NOTE: GEMS Seva is an IRS approved tax exempt US non-profit charitable organization under IRC section 501(c)(3), registered in the state of Texas, USA
1. Donors choose the causes they support as projects, events, or personnel (PEP) and render financial resources in either one-time, recurring or term-based commitments, to enable execution of the mission.
2. Forecasts are done for a term of 3 years and adjusted, ahead of the budgeted term during annual budget review. All budgeting follows pragmatic projection of projects GEMS Bihar, INDIA expects to execute with the stated costs, in the year ahead. Essential changes may be adopted during actual execution of these projects.
3. For the purposes of financial reconciliation, the GEMS Seva, Financial Year a.k.a. Calendar Year would be aligned to Q4 from their previous financial year, Q1, Q2, Q3 of current financial year of GEMS Bihar, INDIA
4. Since Projects executed in the field progressively is the basis for GEMS Seva to budget and execute the business plan for the year, re-assignment of funds will be undertaken as necessary by GEMS Seva, based on actual demands in the field
5. Transaction Receipts would be acknowledged for original causes chosen by Donors in a timely manner and the eventual re-assignment (if necessary, based on scenarios in 6 below) by GEMS Seva. However, this wouldn't affect receipts, even retroactively.
6. Cost of living adjustments, currency fluctuations, prevailing economic conditions, budgeted units, and unit costs, will all be reviewed from time to time and adjusted periodically to maintain accurate mapping of the cost estimated for each project, as deemed fit from time to time. However, units and the projected unit costs may still remain unchanged to enable donors to keep up with their budgetary plans, for the years ahead.
7. GEMS Seva, has undertaken essential due diligence as mandated by the Internal Revenue Services, USA and in accordance with its standards and executed binding agreements with GEMS Bihar, INDIA to make recurring grants and partners would receive quarterly spend reports, lagging by a month to allow sufficient time to collate and reconcile field reports.
8. GEMS Seva is the exclusive North American partner to GEMS Bihar, INDIA.
9. By law, GEMS Seva is required to associate all donations to an identifiable donor with valid email address and phone number. Hence, it’s critical that we register with your verified contact details.