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Documents of interest -

A.  From the Thompson Gale Law Encyclopedia
 
source: http://www.answers.com/topic/reward 
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A reward is a legal contract

In legal terms, the person promising a reward is offering to enter into a contract with the person who performs the requested action, that is, turning in a criminal or returning a lost pet. Performance will be rewarded with money or some other compensation. Therefore, the legal concepts involving rewards are derived from the law of contracts. 

There must be conditions: 

Reward can be claimed only by a person who has complied with the conditions of the offer before it expires or is revoked.

It's a contract even though it's made orally: 

An offer can be made by a private contract with a particular person or by an advertisement or public statement on television or radio, or in a newspaper, handbill, or circular. 

A contract of reward, like any contract, must be supported by consideration, something of value,

There must be a responsible party to be liable: 

Any person, including corporations, legally capable of making a contract can bind herself by an offer of reward. 

If the offered reward is definite and certain, the finder has a lien on the property in the amount of the reward until it is paid. 
 

 
B.  From the website:  When your Child is Missing - Chapter 6
 
Source:  http://ojjdp.ncjrs.org/pubs/childismissing/ch6.html
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  • Because of the number of legal and technical issues that can arise from a reward offer, you need to obtain expert advice from a knowledgeable attorney, your law enforcement contact, your banker, and the parents of missing children who have successfully established a reward fund. 
  • Keep separate bank accounts for each type of fund -- reward, family support, or search -- and maintain accurate records showing where each monetary donation came from and how the money was spent. 
  • Be aware that your reward offer can become a legally enforceable contract. If you offer a reward, you are agreeing to pay a sum of money if a person's actions lead to the requested result. That means that anyone who complies with the terms of the offer can be legally entitled to claim the reward and can sue for its recovery. That's why you must be very careful in how you describe the terms of the reward offer. Sloppy language can result in serious legal problems. Ask an attorney for pro bono legal assistance.
  • Make sure that both you and your contributors know how the money will be used. Donations can be used for many different purposes, depending upon your need. Ask that donations be earmarked for a specific purpose -- such as the reward fund, the search fund, or the family support fund -- and if they are not, ask one of your volunteers to call the donor to find out to which fund the donation should be given. Seek professional help from both a lawyer and a banker to help you establish separate trusts and accounts and to oversee disbursements.