Effective Date: 08-01-2025
1. Purpose
This policy governs the distribution of financial assistance provided by Preston Bell Foundation, Inc. a registered 501(c)(3) nonprofit organization, to individuals in need. Assistance may be issued in the form of gift cards or checks to support general well-being, basic needs, and community health.
2. Eligibility Criteria
Assistance is intended for: - Individuals or families experiencing financial hardship or barriers to accessing basic needs. - Residents of areas served by Preston Bell Foundation, Inc.
There is no guarantee of assistance, and funding is limited.
3. Disbursement Methods:
Approved forms of aid: - Gift Cards to designated retailers (e.g., Target, Ralphs) - Checks for emergency or general support purposes.
All disbursements are documented for internal accountability.
4. Limits & Frequency
Individual recipients may receive up to $600 per calendar year.
Repeat support is subject to funding availability and review.
Disbursements are limited to one per household per application cycle, unless otherwise approved.
5. IRS Compliance
Disbursements are intended as charitable aid. Recipients are not required to report funds unless the IRS classifies them as taxable income. Preston Bell Foundation, Inc. will issue IRS Form 1099-NEC if total disbursements exceed $600 and are not clearly classified as charitable aid.
6. Confidentiality
All disbursement records are kept confidential and used solely for program eligibility, reporting, and audit purposes.
7. Policy Review
This policy will be reviewed annually and updated as necessary to ensure regulatory compliance and organizational effectiveness.
