How to make a donation to Greenrock using
Int’l Charitable Fund of Bermuda, inc

The International Charitable Fund of Bermuda, Inc. (“ICFB”) is a U.S. corporation, incorporated in the State of Delaware on November 18, 1994, with a permit to operate in Bermuda.  It has received charitable status in both the U.S. and Bermuda. The ICFB serves as a vehicle through which an American taxpayer can make a tax deductible donation to a Bermudian charitable cause.

For some time, a number of large and small charitable organizations had had to wrestle with the question of whether to set up a U.S. tax-exempt company to assist them in raising funds from U.S. donors.  Therefore it was decided that it would be helpful to the Bermudian philanthropic community to create one “umbrella” U.S. entity that could be used by all for these purposes.  PricewaterhouseCoopers and The Centre on Philanthropy underwrote the costs of establishing the ICFB, for the benefit of Bermuda.

The American taxpayer may be an individual, company, trust fund or foundation, located in the U.S., Bermuda or elsewhere.  The American taxpayer can then make the donation (of cash or other asset requested by the charity) to the ICFB and the ICFB will officially thank and acknowledge the donor.

The complex U.S. tax laws are created to prevent abuse of tax exempt and/or charitable status organizations and to prevent the use of charitable funds for private interest or personal gain.  U.S. charitable giving is not restricted to the United States.  Donations are tax deductible on an international level providing certain legal requirements are met.  The IRS provides a series of “tests” that an organization such as the ICFB must meet and significant reporting requirements to which the organization must adhere.

As a result, the bye-laws of the ICFB require that charities wishing to receive funds submit a formal request for funds, specifying the use to which the funds will be put and to subsequently account for their use.  They also require that the trustees ensure that the charities using the funds use them solely for charitable, religious, scientific, literary, or educational purposes, according to the U.S. definition.  The sample donor’s Letter of Intent and Application for Approval to Receive Grants for charities (Appendix II & III attached), have been developed to assist the Trustees in discharging these responsibilities.  While it is a policy of the Trustees to consider the wishes of donors in disbursing funds, they do have the discretion to return or redirect funds if they believe the intended recipient is inappropriate.


Here is a flowchart to help you understand the steps taken in order to donate money to Greenrock via ICFB: