The GrantBack Program Explained
Recently there has been a lot of interest in our GrantBack Program. Essentially this is a way for the official non-profit status of PSI to extend its benefit right back to the local level. It's pretty simple really. Any individual or organization can make a tax deductible contribution to PSI's operating fund. That contribution can go to any legitimate purpose, according to IRS rules. But for certified and registered Poetry Slam venues who help conduct the "essential business of PSI" that can spell a lot of help.
Anyone may contribute to PSI and receive all the tax benefits of charitable donations. Anyone can suggest to us where they would like that contribution to go. If a donor suggests that a donation should go into a specific GrantBack account, we can (almost always) accommodate the request. (There are limitations: the donor cannot specify that a gift go to any blood relative, nor to the financial benefit of any blood relative, nor can it go to support any political candidate or political action committee.) PSI is obligated to reserve a "substantial portion" of any donation for its general operations budget. With IRS guidance, we interpret that to mean 10%. The rest can go into a local certified or registered Poetry Slam's account to pay for the essential business of PSI.
So, what is that "essential business?" IRS identifies plenty of places the local can spend its GrantBack funds legitimately: venue certification, gift or team memberships, National Poetry Slam application fees, other PSI sponsored tournament fees, even travel to and from and lodging at SlamMasters meetings and the National Poetry Slam or other PSI sponsored tournaments can be reimbursed if the right conditions are met. There are some paperwork requirements, as you might imagine. But PSI can reimburse any SlamMaster for legitimate expenses in the above categories with the presentation of original receipts identifying the true cost of the items. In addition, if you place PSI's logo and website address prominantly in your local advertising, we can use GrantBack funds to reimburse up to half of the cost of your fliers and the like. Of course, we can only reimburse a SlamMaster for the amount of funds in his or her GrantBack account. But it's already working for lots of Poetry Slams all over the country.
If you are a poetry patron, please consider giving to PSI in the name of your local Poetry Slam venue. You'll be doing a good thing when you do. It's donors who keep the poetry fires burning in times like these!
If you are a local poetry organizer, please use this information as a strong argument as to why you should certify or register your event and come under the PSI umbrella.
And if you are a SlamMaster of a currently certified or registered poetry series, get to work finding some financial support for your event and/or teams. Now you have a tool to use that had not been available before. Use it. That's what it's here for.
Anyone may contribute to PSI and receive all the tax benefits of charitable donations. Anyone can suggest to us where they would like that contribution to go. If a donor suggests that a donation should go into a specific GrantBack account, we can (almost always) accommodate the request. (There are limitations: the donor cannot specify that a gift go to any blood relative, nor to the financial benefit of any blood relative, nor can it go to support any political candidate or political action committee.) PSI is obligated to reserve a "substantial portion" of any donation for its general operations budget. With IRS guidance, we interpret that to mean 10%. The rest can go into a local certified or registered Poetry Slam's account to pay for the essential business of PSI.
So, what is that "essential business?" IRS identifies plenty of places the local can spend its GrantBack funds legitimately: venue certification, gift or team memberships, National Poetry Slam application fees, other PSI sponsored tournament fees, even travel to and from and lodging at SlamMasters meetings and the National Poetry Slam or other PSI sponsored tournaments can be reimbursed if the right conditions are met. There are some paperwork requirements, as you might imagine. But PSI can reimburse any SlamMaster for legitimate expenses in the above categories with the presentation of original receipts identifying the true cost of the items. In addition, if you place PSI's logo and website address prominantly in your local advertising, we can use GrantBack funds to reimburse up to half of the cost of your fliers and the like. Of course, we can only reimburse a SlamMaster for the amount of funds in his or her GrantBack account. But it's already working for lots of Poetry Slams all over the country.
If you are a poetry patron, please consider giving to PSI in the name of your local Poetry Slam venue. You'll be doing a good thing when you do. It's donors who keep the poetry fires burning in times like these!
If you are a local poetry organizer, please use this information as a strong argument as to why you should certify or register your event and come under the PSI umbrella.
And if you are a SlamMaster of a currently certified or registered poetry series, get to work finding some financial support for your event and/or teams. Now you have a tool to use that had not been available before. Use it. That's what it's here for.
| < Prev | Next > |
|---|
