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Posted by Arthur Kamlet on July 6, 2008, 12:41 pm
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>> 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?
To deduct the gift less than $250, you can use a receipt from the
charity or a copy of your canceled check or a bank card receipt.
The charity is not required to issue a receipt or report the gift
but for public relations purposes might wish to do so.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
--
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