Charitible Deductions from the RECEIVING organizations point of view?

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Subject Author Date Charitible Deductions from the RECEIVING organizations point of view? Andrew 07-05-2008  Re: Charitible Deductions from the RECEIVING organ... AES 07-05-2008  Re: Charitible Deductions from the RECEIVING organ... dpb 07-05-2008  Re: Charitible Deductions from the RECEIVING organ... Andrew 07-05-2008  Re: Charitible Deductions from the RECEIVING organ... D. Stussy 07-06-2008  Re: Charitible Deductions from the RECEIVING organ... dpb 07-06-2008  Re: Charitible Deductions from the RECEIVING organ... Arthur Kamlet 07-06-2008
Posted by Andrew on July 5, 2008, 9:51 am Please log in for more thread options I am the newly appointed treasurer of a small, 501(c)(3) fitness/health club - our account balance is never over $5K. Where can I read up on what we must do when we receive a donation from one of our members? Typically, it's a $2 or $5 gift. I know that I receive letters from charities when I give money, but now that I am on the receiving side of the donation as treasurer, what do I have to do? Is there an IRS publication that lists the responsibilities from my point of view? ------------------------------------------------------------- Regards - - Andrew -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by AES on July 5, 2008, 1:41 pm Please log in for more thread options > I am the newly appointed treasurer of a small, 501(c)(3) fitness/health > club - our account balance is never over $5K. Where can I read up on what > we must do when we receive a donation from one of our members? Typically, > it's a $2 or $5 gift. I know that I receive letters from charities when I > give money, but now that I am on the receiving side of the donation as > treasurer, what do I have to do? Is there an IRS publication that lists the > responsibilities from my point of view? Find a local, much larger nonprofit with similar or encompassing objectives (e.g., local YMCA, local senior center); negotiate a friendly merger/absorption of your activities and group (and donations) into theirs; and let their professionals handle the details? (hopefully to the mutual benefit of both organizations?) -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by dpb on July 5, 2008, 2:15 pm Please log in for more thread options Andrew wrote: > I am the newly appointed treasurer of a small, 501(c)(3) fitness/health > club - our account balance is never over $5K. Where can I read up on what > we must do when we receive a donation from one of our members? Typically, > it's a $2 or $5 gift. I know that I receive letters from charities when I > give money, but now that I am on the receiving side of the donation as > treasurer, what do I have to do? Is there an IRS publication that lists the > responsibilities from my point of view? > You could start at http://www.irs.gov/charities/charitable/article/0,,id=122670,00.html I'm a little surprised the purpose of such an organization by its description would be a 501(c)(3) rather than (4), but assuming you're correct, the reporting requirement for charitable contributions to be documented by the receiving organization for the deduction to be claimed by the donor is only for those cash gifts of $250 or more for individual gifts. Under that, other than for your internal bookkeeping, there's no reporting requirement. -- -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Andrew on July 5, 2008, 11:34 pm Please log in for more thread options dpb wrote: > Andrew wrote: >> I am the newly appointed treasurer of a small, 501(c)(3) >> fitness/health club - our account balance is never over $5K. Where >> can I read up on what we must do when we receive a donation from one >> of our members? Typically, it's a $2 or $5 gift. I know that I >> receive letters from charities when I give money, but now that I am >> on the receiving side of the donation as treasurer, what do I have >> to do? Is there an IRS publication that lists the responsibilities >> from my point of view? > > You could start at > > http://www.irs.gov/charities/charitable/article/0,,id=122670,00.html > > I'm a little surprised the purpose of such an organization by its > description would be a 501(c)(3) rather than (4), but assuming you're > correct, the reporting requirement for charitable contributions to be > documented by the receiving organization for the deduction to be > claimed by the donor is only for those cash gifts of $250 or more for > individual gifts. Under that, other than for your internal > bookkeeping, there's no reporting requirement. Thanks to both replies. I found http://www.irs.gov/charities/article/0,,id=96102,00.html that explains it pretty much. (Yes, it's a 501(c)(3) ; we are part of a IRS group exemption and annually get a letter from our 'home' office with the group exemption number listed stating we continue to be covered by the group explicitly citing 501(c)(3) status.) > -- -- ------------------------------------------------------------- Regards - - Andrew -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on July 6, 2008, 12:15 am Please log in for more thread options > Andrew wrote: > > I am the newly appointed treasurer of a small, 501(c)(3) fitness/health > > club - our account balance is never over $5K. Where can I read up on what > > we must do when we receive a donation from one of our members? Typically, > > it's a $2 or $5 gift. I know that I receive letters from charities when I > > give money, but now that I am on the receiving side of the donation as > > treasurer, what do I have to do? Is there an IRS publication that lists the > > responsibilities from my point of view? > > You could start at > > http://www.irs.gov/charities/charitable/article/0,,id=122670,00.html > > I'm a little surprised the purpose of such an organization by its > description would be a 501(c)(3) rather than (4), but assuming you're > correct, the reporting requirement for charitable contributions to be > documented by the receiving organization for the deduction to be claimed > by the donor is only for those cash gifts of $250 or more for individual > gifts. Under that, other than for your internal bookkeeping, there's no > reporting requirement. Wasn't there a change effective for 2008 that indicates that all contributions (including those under $250.00) required a receipt to be deductible? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Charitible Clothng Deduction question February 4, 2007, 2:05 am Irs auditing High School Booster Organizations December 16, 2008, 8:38 pm When are donations not taxable to the receiving party? February 7, 2008, 5:38 pm Receiving bill for underpayment penalty? 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