• Gweru Aerodrome,Bulawayo Road
  • +2638644264900
  • shcolarship@zimflight.org.zw

Donation Policy

As a non-profit organization, Zimbabwe Flight Crew Co-operative Society relies on charitable contributions to fulfill its mission .Zimbabwe Flight Crew Co-operative Society shall always disclose to potential donors important and relevant information. Every gift will be promptly acknowledged, and donors will be informed of how the gift will be recognized. Specific requests about acknowledgment will be honored consistent with Zimbabwe Flight Crew Co-operative Society practices and policies. Zimbabwe Flight Crew Co-operative Society reserves the right to refuse a gift if it is determined to be in conflict with the Agency’s mission. The following policies and guidelines govern acceptance of gifts made to Zimbabwe Flight Crew Co-operative Society for the benefit of any of its operations, programs or services.

Use of Legal Counsel— Zimbabwe Flight Crew Co-operative Society will seek the advice of legal counsel in matters relating to acceptance of gifts when appropriate. Review by counsel is recommended for:

  1. Gifts of securities that are subject to restrictions or buy-sell agreements.
  2. Documents naming Zimbabwe Flight Crew Co-operative Society as trustee or requiring Zimbabwe Flight Crew Co-operative Society to act in any fiduciary capacity.

iii. Gifts requiring Zimbabwe Flight Crew Co-operative Society to assume financial or other obligations:

  1. Transactions with potential conflicts of interest.
  2. Gifts of property which may be subject to environmental or other regulatory restrictions.

 

Restrictions on Gifts— Zimbabwe Flight Crew Co-operative Society will not accept gifts that:

  1. Would result in Zimbabwe Flight Crew Co-operative Society violating its corporate charter
  2. Would result in Zimbabwe Flight Crew Co-operative Society losing its status as a non-profit organization

iii. Are too difficult or too expensive to administer in relation to their value

  1. Would result in any unacceptable consequences for Zimbabwe Flight Crew Co-operative Society or
  2. Are for purposes outside Zimbabwe Flight Crew Co-operative Society`s mission.

 

Decisions on the restrictive nature of a gift, and its acceptance or refusal, shall be made by the Board of Directors in consultation with the Executive Director.

For restricted and endowed funds, if future circumstances change, or the donor fails to fulfill his pledge obligation, or the purpose for which the fund is established becomes illegal, impractical, or no longer meets the needs of the organization, Zimbabwe Flight Crew Co-operative Society may designate an alternative use in the spirit of the donor’s original intent for the gift to further the objectives of organization.

Gifts Generally Accepted Without Review

  1. Cash– Cash gifts are acceptable in any form, including by check, money order, credit card, or on-line. Donors wishing to make a gift by credit card must provide the card type (e.g., Visa, MasterCard, American Express), card number, expiration date, and name of the card holder as it appears on the credit card.
  2. Marketable Securities -Marketable securities may be transferred electronically to an account maintained at one or more brokerage firms or delivered physically with the transferor’s endorsement or signed stock power (with appropriate signature guarantees) attached. All marketable securities will be sold promptly upon receipt unless otherwise directed by Board of Directors. In some cases marketable securities may be restricted, for example, by applicable securities laws or the terms of the proposed gift; in such instances the decision whether to accept the restricted securities shall be made by the Board of Directors.

iii. Bequests and Beneficiary Designations under Revocable Trusts, Life Insurance Policies, Commercial Annuities and Retirement Plans– Donors are encouraged to make bequests to under their wills, and to name Zimbabwe Flight Crew Co-operative Society as the beneficiary under trusts, life insurance policies, commercial annuities and retirement plans.

  1. Charitable Remainder Trusts – Zimbabwe Flight Crew Co-operative Society will accept designation as a remainder beneficiary of charitable remainder trusts.
  2. Charitable Lead Trusts- Zimbabwe Flight Crew Co-operative Society will accept designation as an income beneficiary of charitable lead trusts.

 

Gifts Accepted Subject to Prior Review—Certain forms of gifts or donated properties may be subject to review prior to acceptance. Examples of gifts subject to prior review include, but are not limited to:

  1. Tangible Personal Property– The Board of Directors shall review and determine whether to accept any gifts of tangible personal property in light of the following considerations:
  2. Does the property further the organization’s mission?
  3. Is the property marketable?
  4. Are there any unacceptable restrictions imposed on the property?
  5. Are there any carrying costs for the property for which the organization may be responsible? Is the title/provenance of the property clear?

 

  1. Life Insurance – Zimbabwe Flight Crew Co-operative Society will accept gifts of life insurance where ZFCCS is named as both beneficiary and irrevocable owner of the insurance policy. The donor must agree to pay, before due, any future premium payments owing on the policy.

iii. Real Estate – All gifts of real estate are subject to review by the Board of Directors. Prior to acceptance of any gift of real estate other than a personal residence, Zimbabwe Flight Crew Co-operative Society shall require an initial environmental review by a qualified environmental firm. In the event that the initial review reveals a potential problem, the organization may retain a qualified environmental firm to conduct an environmental audit. Criteria for acceptance of gifts of real estate include:

  1. Is the property useful for the organization’s purposes?
  2. Is the property readily marketable?
  3. Are there covenants, conditions, restrictions, reservations, easements, encumbrances or other limitations associated with the property?
  4. Are there carrying costs (including insurance, property taxes, mortgages, notes, or the like) or maintenance expenses associated with the property?
  5. Does the environmental review or audit reflect that the property is damaged or otherwise requires remediation?

 

  1. Seek scholarships and Funding – Zimbabwe Flight Crew Co-operative Society seeks scholarships and funding for students who want to pursue Pilot Training, Cabin Crew/Airhostess Training and Ground Handling.As an organization, we are open to willing organizations and well-wishers who would to fund

Financial Policy

Zimbabwe Flight Crew Co-operative Society Financial and Control Policies

Philosophy

The purpose of financial management in the operation of all ZFCCS activities is to fulfill the organization’s
mission in the most effective and efficient manner and to remain accountable to stakeholders, including clients, partners, funders, employees, and the community. In order to accomplish this, ZFCCS commits to providing accurate and complete financial data for internal and external use by the Executive Director and the Board of Directors.

Authority

The Board of Directors is ultimately responsible for the financial management of all activities. The Treasurer is authorized to act on the Board’s behalf on financial matters when action is required in advance of a meeting of the Board of Directors.

• The Executive Director is responsible for the day-today financial management of the organization. The Board authorizes the Executive Director to hire and supervise staff and independent consultants, pay bills, receive funds,
and maintain bank accounts.

• The Executive Director is authorized to sign checks up to $2,500. Checks for amounts greater than $2,500 shall require the signature of the Treasurer or Board Chair.

• The Executive Director is authorized to enter into contracts for activities that have been approved by the Board as a part of budgets or plans. The Board of Directors must authorize any contracts outside of these parameters and all contracts with a financial value greater than $15,000.

Our mission is to strengthen community by investing capital and expertise in nonprofits. ZFCCS  may award the bid to any provider and is not required to accept the lowest cost proposal.

The Board of Directors shall:

• Review financial reports at each board meeting.

• Provide adequate training to members to enable each member to fulfill his or her financial
oversight role.

 

Financial Transactions with Insiders

No advances of funds to employees, officers, or directors are authorized. Direct and necessary expenses including travel for meetings and other activities related to carrying out responsibilities shall be reimbursed.In no case shall ZFCCS borrow funds from any employee, officer, or director of the organization without specific authorization from the Board of Directors.

 

Budget

In order to ensure that planned activities minimize the risk of financial jeopardy and are consistent with board-approved priorities, long-range organization goals, and specific five-year objectives, the Executive Director shall:

• Submit operating and capital budgets to the Finance Committee in time for reasonable approval by the Board prior to each fiscal year.

• Use responsible assumptions and projections as background, with the general goal of an unrestricted surplus.