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#5
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| In article <g4pgsj$e6t$1[at]snarked.org> , D. Stussy <replies[at]newsgroups.kd6lvw.ampr.org> wrote: - quote - > "dpb" <none[at]non.net> wrote in message news:g4odg3$6e2$1[at]aioe.org... > > 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/charita...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 -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#4
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| D. Stussy wrote: .... - quote - > Wasn't there a change effective for 2008 that indicates that all
It wasn't on the links at irs.gov when I looked for a pointer the other> contributions (including those under $250.00) required a receipt to be > deductible? day, but I didn't look specifically for changes. -- -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#3
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| "dpb" <none[at]non.net> wrote in message news:g4odg3$6e2$1[at]aioe.org... - quote - > Andrew wrote:
Wasn't there a change effective for 2008 that indicates that all> > 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/charita...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. 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. > << ------------------------------------------------------- > |
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#2
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| dpb wrote: - quote - > Andrew wrote:
Thanks to both replies. I found> > 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/charita...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. http://www.irs.gov/charities/article...=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. > << ------------------------------------------------------- > |
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#1
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| Andrew wrote: - quote - > I am the newly appointed treasurer of a small, 501(c)(3) fitness/health
You could start at> 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? http://www.irs.gov/charities/charita...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. > << ------------------------------------------------------- > |
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| In article <486f6c71$0$11644$607ed4bc[at]cv.net> , "Andrew" <andrew[at]jkl.com> wrote: - quote - > I am the newly appointed treasurer of a small, 501(c)(3) fitness/health
Find a local, much larger nonprofit with similar or encompassing> 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? 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. > << ------------------------------------------------------- > |
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#-1
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| 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. > << ------------------------------------------------------- > |
| Tags |
| charitible, deductions, organizations, point, receiving, view |
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