BUILDING FUND
Building Fund Support and Oversight
The Building Fund supports the operation and maintenance of any buildings, property, and other facilities owned or used by United States Submarine Veterans Charitable Foundation, Inc.
The United States Submarine Veterans Charitable Foundation, Inc. Building Fund Manager handles day-to-day management of the Building Fund under the supervision of the Foundation’s Executive Director.
Manager Responsibilities and Authority
The Building Fund Manager is a United States Submarine Veterans Charitable Foundation, Inc. Board Member authorized by the Board to manage the daily affairs of the Building Fund.
The Fund Manager has full authority over all Building Fund donations and ensures all expenditures comply with IRS regulations for charitable public benefit.
The United States Submarine Veterans Charitable Foundation, Inc. National Office receives and records all donations. The United States Submarine Veterans Charitable Foundation, Inc. Treasurer keeps the Fund Manager updated on fund status and writes Building Fund checks as authorized by the Manager.
Ways to Contribute to the Fund
Donations can be made on www.ussvcf.org/ using any credit or debit card. Be sure to select the Building Fund in the optional designation box.
Checks should be payable to the United States Submarine Veterans Charitable Foundation, Inc. Write “Building Fund” in the “Memo / For” field.
Requesting a Grant from the Building Fund
The Building Fund supports property operations that align with the United States Submarine Veterans Charitable Foundation, Inc. creed.
To request a grant, contact the United States Submarine Veterans Charitable Foundation, Inc. Building Fund Manager.
Grants up to $3,000 may be approved by the Manager. Requests over $3,000 require Board approval.
No specific form is required, but supporting documentation must be submitted with each request.
All grants must align with the Fund’s charitable mission and IRS regulations. The Building Fund Manager reports all approved disbursements to the Board quarterly, unless prior approval was required.
Project Accounts for Larger Efforts
For large construction or renovation efforts, United States Submarine Veterans Charitable Foundation, Inc. or its Bases may set up project accounts to collect tax-deductible donations over time.
To initiate a project account, the local project manager must provide the following to the Building Fund Manager:
- Name and phone number of the local project manager
- Project name
- Project location
- Estimated total project cost
- Approval from the United States Submarine Veterans Charitable Foundation, Inc. or Base Commander (can be submitted by email)
Once submitted, the Building Fund Manager will request Board approval to create a subaccount for the project. Upon approval, the subaccount will appear in the Treasurer’s monthly report (e.g., building - Silverdale tenant improvements).
Project Donations and Withdrawals
Donors must make checks payable to United States Submarine Veterans Charitable Foundation, Inc. and specify both the Fund and the Project in the Memo / For field.
The local project manager may collect funds over time until enough is raised to begin the project.
Withdrawals from any United States Submarine Veterans Charitable Foundation, Inc. account require Fund Manager approval.
The $3,000 limit on the Building Fund Manager does not apply to withdrawals from approved project sub-accounts to pay project invoices approved by the local project manager.