Tax-Exemption & Accountability

Passports for Education is a registered 501(c)(3) tax-exempt organization.  All donations received are fully deductible under section 501(c)(3) of the IRS tax code.

Management of Funds and Fiduciary Responsibility

• All funds, whether income or gains from investments, and whether acquired by gift or contribution or otherwise, shall be devoted to said purposes.
• From time to time, based on the disbursement schedule and the amount of funds received, the organization’s funds will be invested with the purpose of maintaining a stable and liquid reserve, roughly matching the annual return of 1-3-year US Treasuries.
• The Corporation, by joint decision of the board of directors, will disburse funds singularly to accredited colleges or universities whose principal administrative offices are located within the 48 contiguous United States of America. For the purposes of this distinction, institutions that were first established in sovereign countries other than the United States of America do not qualify and will not be eligible for disbursements on behalf of award recipients.
• All awarded funds will be used to subsidize the recipient’s cost of tuition or books. Flight expenses are NOT a viable use of funds.
• Passports for Education will liaise with the administration at colleges and universities in order to ensure awards are disbursed in line with the intentions of donors and the Board of Directors. Each disbursement will requires the signature of the director of financial aid of the institution.
• Passports for Education will maintain records establishing that the funds were used for section 501(c)(3) purposes and that the recipient agrees to limit its activities to specific projects that further Passports for Education’s purposes.