Asset ownership

Assets purchased with Collective funds must be managed in accordance with this policy.

One of the principles behind Gift Collective is that Collectives have control over how their funds are spent, as long as their spending advances their charitable purpose. In most cases, this spending is on single-use or short-term operating expenses: accommodation for a film crew, kai for an event, or web hosting fees for an online course, to name a few examples.

In some cases, Collectives may need to purchase assets. Assets are any item purchased which is expected to have a useful life of more than one year and purchased at a cost greater than $1000, with an upper limit of $10,000. For example, a media production project may need to purchase cameras or microphones—these will be purchased once, but will be used multiple times.

Because Collectives are not separate legal entities, assets purchased using Collective funds are the legal property of Gift Collective, unless another owner is determined with the agreement of The Gift Trust. This policy sets out the rules and procedures Collectives must follow when purchasing and using assets.

Purchasing assets using Collective funds

Once you’ve identified the asset you wish to purchase, ask your supplier for an invoice that can be paid by bank transfer, and submit that invoice for payment through the Open Collective platform (or invite your supplier to do so). We request that you do not take delivery of the asset until we have reviewed and paid your submitted expense.

The billing address for the invoice should be as follows:

The Gift Trust t/a Gift Collective Attention: Chloe Spedding PO Box 19120, Marion Square, Wellington 6141, New Zealand

[email protected] / 04 391 4438

Before you take delivery of the asset, we will send you a link to electronically sign an Asset Ownership Agreement, acknowledging that the asset legally belongs to us, but that you and persons listed as admins on your Collective page may use the asset solely for your Collective’s charitable purposes.

We do not currently allow the purchase of motor vehicles or real property (houses, land, buildings, etc.) using Collective funds.

Using assets for charitable purposes

Just as you may only use funds raised by your Collective for charitable purposes, so may you only use assets purchased using those funds for charitable purposes. If we find out you’ve been using Collective assets for non-charitable purposes, we’ll reach out to you to clarify our expectations. If you continue to use assets improperly, then we may require you to return the asset to us.

If the asset is damaged, lost, or stolen

If the asset is damaged, lost, or stolen, you must notify us immediately by emailing [email protected]. Please provide as much detail as you can, including photos if possible. We will then work with you to figure out what happened, and we may then choose to submit an insurance claim on your behalf.

Do not submit a claim with your personal or business insurer to cover the damage, loss, or theft of any asset paid for with Collective funds—as you are not the legal owner, this may be considered fraud.

If the insurance claim results in a cash payout, we will credit it to your Collective balance. If our insurance company instead arranges for a repair or replacement of the asset, we may need to organise a courier on your behalf to pick up and return the asset, and any costs associated will be debited from your Collective balance. Any replacement asset will remain the legal property of Gift Collective, and we may require you to sign an additional Asset Ownership Agreement.

If your circumstances change

You may be required to return the asset to Gift Collective if:

• You cease to be a Collective admin and cannot hand the asset over to another admin

• Your Collective closes or becomes dormant (i.e. does not receive funding or submit an expense for twelve months)

• We believe you are using the asset for non-charitable purposes

Rather than requiring you to return the asset to us physically, we may allow you to sell the asset and credit the proceeds to your Collective balance. Do not sell or dispose of any assets without our written permission.

If your Collective incorporates as a registered charity, we may gift the asset to your new entity—please contact us if you’re considering this.