Year-End Giving/Receipting Issues 10 Things You Must Know!
|
|
- Sabina Evans
- 6 years ago
- Views:
Transcription
1 Year-End Giving/Receipting Issues 10 Things You Must Know! December 1, 2015 ECFA.org ECFA All rights reserved.
2 Today s Presenters Dan Busby President ECFA Michael Martin Vice President and Legal Counsel ECFA John Van Drunen Executive Vice President and General Counsel ECFA
3 The Guide to Charitable Giving
4 Church Law & Tax Resource Christianity Today is offering a downloadable resource 2016 Charitable Contributions Bulletin Inserts for a reasonable price. This insert will help your members give more by answering their charitable giving and tax law questions. Click the following link: 0chcobuin2.html
5 ECFA State of Giving Report Cash Contributions Year-to-Year Change 8.0% 7.0% 6.0% 5.0% 6.4% 6.9% 6.1% 4.0% 3.0% 2.0% 1.0% 0.0% 1.7% Not adjusted for inflation
6 ECFA State of Giving Report Cash Contributions Year-to-Year Change by Annual Revenue of All Members 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1.1% 0.1% 5.7% 5.8% 2.0% 6.0% 5.5% 4.1% 6.3% 5.4% 8.1% 7.1% Under $1 M $1-5 M $5-10 M $10-25 M $25-50 M Over $50 M % 5.7% 5.8% 4.1% 6.3% 8.1% % 2.0% 6.0% 5.5% 5.4% 7.1% Enhancing Trust Not adjusted for inflation
7 IRA Charitable Rollover Previously allowed taxpayers age 70½ or older to give up to $100,000 from their IRAs and Roth IRAs to qualifying charities without having to pay income tax on the withdrawn amount Action to reinstate this provision retroactive to January 1, 2015 is expected before Congress adjourns
8 Year-End Opportunities Remind givers of opportunities to donate Appreciated securities IRA charitable distributions Issue 2015 gift acknowledgements in an accurate and timely manner Review quid pro quo disclosures See links 1 & 2
9 ECFA Standard 7.3 Every organization shall provide givers appropriate and timely gift acknowledgments. See link 3
10 Common Gift Deduction Myths You don t need a gift receipt if you make cash gifts. You can deduct the value of your time. You can deduct the rent-free use of property. It s OK if you receive a gift acknowledgment after you file your tax return.
11 Gift 101 How does the IRS define a charitable gift? A donation or gift to, or for the use of, a qualified organization. Voluntary and is made without getting, or expecting to get, anything of equal value.
12 Gift Acceptance Policy Provides a framework to evaluate whether to accept a gift Is the gift useful to the organization and consistent with its purposes? Establishes guidelines in advance to deal with more complex gift forms See link 4
13 Receipting Gifts of Cash Single cash gifts of less than $250 Gifts of currency in any amount require a gift receipt Otherwise, donor may substantiate by bank record (canceled check or bank/credit card statement), payroll deduction record, or proper gift acknowledgement Single cash gifts of $250 or more Donor must have a proper gift acknowledgement See link 5
14 Receipting Gifts of Cash When do givers need a gift acknowledgment? Givers need a charitable gift acknowledgment on or before the due date of their tax return (including extensions) OR the date their tax return is filed, whichever is earlier For good relations with givers, it is wise to provide gift acknowledgments
15 Receipting Gifts of Cash When should churches or ministries issue gift acknowledgments? There is no required frequency Churches generally only issue gift acknowledgments periodically or at year-end Nonprofit practices more varied: gift-by-gift, year-end, or only if the $250 or more threshold is reached
16 Receipting Gifts of Cash What information should be included on a gift receipt (in writing)? Charity s name (consistent with EO Select Check, if listed) Giver s name Amount contributed Statement of whether goods or services were provided to giver in exchange for gift (quid pro quo disclosure and description, if applicable) Date the donation was made (could be otherwise confirmed) Date receipt was issued (recommended, but not required) See link 6
17 Special Noncash Gift Considerations Donor must obtain a proper acknowledgment for deductions of $250 or more (additional IRS forms may be required depending on the value of the noncash gift). See link 6 Out-of-pocket costs incurred by volunteers performing services are deductible. See link 7
18 Charities Are Not Appraisers Don t succumb to the temptation to report the value of donated property on a contribution acknowledgment. You don t know if the donor qualifies for a FMV deduction Your value may not be correct
19 Who Is the Giver? Who is the giver for purposes of the gift acknowledgment? Generally, the giver is the person or entity named on the check/bank draft or the credit card holder For noncash gifts, it is generally the person or entity transferring ownership Exception: when a person is acting as an agent for others. See link 8
20 Timing for Deductibility Which year for tax-deductible receipt purposes? Timing measured by unconditional delivery Delivery date for checks See link 9 Generally date when mailed Exceptions Postdated checks not immediately payable and therefore it is a promise to pay on the date shown Checks that bounce for insufficient funds not deemed to be delivered when mailed
21 Timing for Deductibility Credit card Delivery is not when mailed Delivery is when charge is made (processed) Text giving Internet giving Donor has the burden of demonstrating & documenting the timing
22 Timing for Accounting Which year for accounting purposes? This is generally controlled by your organization s accounting policy Some organizations with a calendar year end will choose to hold the books open for a few days to recognize contributions that were mailed in prior year Needs to be consistently applied from year to year
23 What if the giver benefits? Charity ABC s Golf Outing and receive
24 Quid Pro Quo Tax-deductible portion equals the amount paid in excess of fair market value of what was received Fair market value cost to ministry See links 10 & 11
25 Quid Pro Quo Receipting Requirement Payment (not donation) of $75 or more, and IF Goods or services are received by the donor in exchange THEN Charity must inform donor of the limitation of the tax deductibility and provide good faith estimate of fair market value of the goods or services
26 Quid Pro Quo Exceptions No reporting necessary if: Insubstantial value Low cost items $10.50 [$10.60/2016] value for a gift of at least $52.50 [$53.00/2016] and item bears logo or name of organization, OR De minimis benefits 2% or $ [$106/2016], whichever is less No donative element sales type transactions
27 No Gift Acknowledgement For Donor s time or services The part of the contribution from which a donor benefits Contribution to a specific individual Okay if donor does not indicate the contribution is for a specific person (ex. church benevolence fund) See links 12 & 13
28 Restricted Gift Issues Have you received funds for purposes narrower than your overall exempt purposes? If so, you likely have donor-restricted gifts. When acknowledging restricted gifts it is prudent to state the restriction on the gift acknowledgment. Be careful to use appropriate deputized fundraising language when acknowledging staff support. See links 14 & 15
29 Charitable Solicitation As you are working on acknowledgements its good to review any applicable charitable solicitation registration requirements for the coming year. Also good to confirm that any required disclosures are provided on donor communications, if required in states where you register. Multi-state filer project See links 16 & 17
30 Proposed Acknowledgement Substitute Filing Proposed, optional filing of donor acknowledgement with the IRS Organization would file donor acknowledgement information including SSN with the IRS and provide a copy to the donor Given the increased reporting and data gathering this would require its hard to imagine why an organization would opt for such a voluntary filing Proposed IRS REG Comments open until December 16, 2015 See link 18
31 Q & A Time! Dan Busby Michael Martin John Van Drunen
32 Enhancing Trust
33 Enhancing Trust
34 Enhancing Trust
35 Enhancing Trust
36 Enhancing Trust
37 Enhancing Trust
38 Enhancing Trust
39
Fundraising Law and Regulation January 2015 PLI Presentation
Fundraising Law and Regulation January 2015 PLI Presentation Elizabeth M. Guggenheimer Lawyers Alliance for New York eguggenheimer@lawyersalliance.org What is Fundraising Activity? Fundraising activity
More informationWhat Must a Tax-Exempt Organization Do To Acknowledge Donations?
What Must a Tax-Exempt Organization Do To Acknowledge Donations? An important feature of being a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code is the ability to accept tax-deductible
More informationCharitable Contributions. Substantiation and Disclosure Requirements
Charitable Contributions Substantiation and Disclosure Requirements 1 Are you an organization that receives contributions of $250 or more? or Are you an organization that provides goods or services to
More informationCharitable Contributions
Charitable Contributions Substantiation and Disclosure Requirements INTERNAL REVENUE SERVICE Tax Exempt and Government Entities Exempt Organizations Are you an organization that receives contributions
More informationDiocese of Kansas City-St. Joseph
Diocese of Kansas City-St. Joseph Parish Toolkit: IRA Qualified Charitable Distributions 2018 Contents A. Stewardship and Development... 1 Planned Giving... 1 B. Planned Gifts: IRA Qualified Charitable
More informationBrett R. Harris, Esq.
Sobel & Co. s Nonprofit and Social Services Group Webinar IRS Disclosure Requirements: What Do Organizations Need to Provide to Donors? February 15, 2012 Brett R. Harris, Esq. Wilentz, Goldman & Spitzer,
More informationKeeping it Legal: The Dos and DON Ts of Managing Your 501(c)3
Keeping it Legal: The Dos and DON Ts of Managing Your 501(c)3 Women s Collective Giving Grantmakers Network 2014 Leadership Forum April 9, 2014 Presented by: Dianne Chipps Bailey A Few Introductory Thoughts
More informationContents. Key Federal Tax Limits, Rates and Other Data Charitable Gift Reporting Reporting as an Employer... 22
Contents Key Federal Tax Limits, Rates and Other Data......................... 3 Charitable Gift Reporting........................................................ 4 Reporting as an Employer........................................................
More informationJohn Taylor Associate Vice Chancellor for Advancement Services & Interim Campaign Manager North Carolina State University
John Taylor Associate Vice Chancellor for Advancement Services & Interim Campaign Manager North Carolina State University 919.513.2954 johnhtaylor@ncsu.edu 1 2 News from the IRS Background on IRS Regulations
More informationFEDERAL SUBSTANTIATION AND DISCLOSURE REQUIREMENTS DISCLOSURE: QUID PRO QUO TRANSACTIONS IN EXCESS OF $75
FEDERAL SUBSTANTIATION AND DISCLOSURE REQUIREMENTS The tax code imposes a set of substantiation and disclosure requirements on 501(c)(3) charities and their donors. A useful summary of these requirements
More informationChallenging Charitable Contributions
PRESENTED AT 5 th Annual Higher Education Taxation Institute June 4 6, 2017 Austin, Texas Challenging Charitable Contributions Joseph R. Irvine Sean P. Scally Mike Sorrells Note: A portion of this paper
More informationCHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING
CHARITABLE GIFTS - IMPROVING FINANCIAL & TAX REPORTING Joyce A. Dulworth, CPA Partner jdulworth@bkd.com Daniel J. Waninger, CPA Director dwaninger@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire
More informationContribution and Donor Issues
Contribution and Donor Issues Dave Moja, Tax Partner 8.20.15 Recent Not-for-Profit Tax Happenings 1 In the News ACT Report (EO - Form 990) issued Political Re-proposed Regs still AWOL Form 990 to have
More informationA Charity s Guide to. Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions.
Internal Revenue Service Tax Exempt and Government Entities Exempt Organizations A Charity s Guide to Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible
More informationTax & Money. Federal, state, and other reporting made easy. by Dan Busby Michael Martin John Van Drunen
Tax & Money 2 0 1 7 E D I T I O N S E R I E S CHURCH REPORTING MADE EASY Federal, state, and other reporting made easy. by Dan Busby Michael Martin John Van Drunen Compliments of Evangelical Free Church
More informationCharitable Solicitation: Registering, Acknowledging & Substantiating Donations
Charitable Solicitation: Registering, Acknowledging & Substantiating Donations Presented by: Robyn Miller Staff Attorney Pro Bono Partnership of Atlanta 1 Agenda Registration to Solicit Donations Internet
More information2018 Options and Opportunities: Charitable Giving and the New Tax Rules
2018 Options and Opportunities: Charitable Giving and the New Tax Rules Page 1 Single filers (2018 2025): Joint filers (2018 2025): Page 2 In 2017, the standard deduction combined with the personal exemption
More informationSHORT-TERM MISSION TRIPS
CHARITABLE GIVING GUIDE FOR.. SHORT-TERM MISSION TRIPS DAN BUSBY MICHAEL MARTIN JOHN VAN DRUNEN ii Charitable Giving Guide for Short-Term Mission Trips This publication is designed to provide accurate
More informationSB :06. POLICY CATEGORY: Accounting/Administration. Policy on Gift Acceptance by Corporation
SB 2015-2016:06 The policies of Associated Students Incorporated are in compliance with the regulations of the California State Polytechnic University, Pomona, the CSU Chancellor and the CSU Board of Trustees,
More informationCommunity Arts Q&A Series. Income-Generating Activities, Part Two: Sales of Food & Merchandise by Community Arts Organizations
December 10, 2013 Community Arts Q&A Series Income-Generating Activities, Part Two: Sales of Food & Merchandise by Community Arts Organizations As part of its Community Arts initiative, Lawyers Alliance
More informationCHARITABLE GIFT FUND USER S GUIDE
CHARITABLE GIFT FUND USER S GUIDE CHARITABLE GIFT FUND USER'S GUIDE Thank you for your interest in Anabaptist Foundation s Charitable Gift Fund (CGF) Program. We have collected the most frequently asked
More information1/22/2013. Charitable Giving 2013 and Beyond. Today s Agenda. Who Gave in 2011? The Charitable Giving Environment
Charitable Giving 2013 and Beyond January 22, 2013 The Rivers Club 8:00 a.m. 10:00 a.m. Registration begins at 7:30 a.m. Today s Agenda The Charitable Giving Environment Understanding Complex Charitable
More informationCharitable Giving and Beyond. January 22, 2013 The Rivers Club 8:00 a.m. 10:00 a.m. Registration begins at 7:30 a.m.
Charitable Giving 2013 and Beyond January 22, 2013 The Rivers Club 8:00 a.m. 10:00 a.m. Registration begins at 7:30 a.m. Today s Agenda The Charitable Giving Environment Understanding Complex Charitable
More information-8- General Instructions for Form 990 and Form 990-EZ
b. Within the low-cost article limitation. contributions made by a taxpayer to a donee determined by reference to the fair market Examples. organization during a tax year equals $250 or value of similar
More informationChurch and Taxes. San Jacinto Baptist Association October 2014
Church and Taxes San Jacinto Baptist Association October 2014 The Affordable Care Act 1. Health FSA (flexible spending accounts) capped $2,500 2. Modified the itemized deduction for medical expenses increased
More informationWhat Mosques & Nonprofits Should Know About Charitable Recordkeeping and Acknowledging Contributions
What Mosques & Nonprofits Should Know About Charitable Recordkeeping and Acknowledging Contributions Presenters: Mohamed Sabur Karim Hanafy Agenda Introduction Importance of Substantiation & Disclosure
More informationAttention: The IRS is Revising Publication 4302, A Charity s Guide to Car Donations
Attention: The IRS is Revising Publication 4302, A Charity s Guide to Car Donations The IRS is in the process of revising Publication 4302 dated August 2004. This version does not include the tax law changes
More informationFiscal Sponsorship Guidelines
Fiscal Sponsorship Guidelines What is a Fiscal Sponsorship Fund? A Fiscal Sponsorship Fund allows an organization (the Fundholder ) to operate as a 501(c)(3) organization under the umbrella of The Miami
More informationFundraising Guidelines for Faculty, Staff and Campus Organizations
Fundraising Guidelines for Faculty, Staff and Campus Organizations August 2006 A. Purposes 1. To distinguish between (a) fundraising efforts in which St. Norbert College (hereafter the College ) is an
More informationIRAs. Gifting IRA Funds to the Church. Questions & Answers
IRAs Gifting IRA Funds to the Church Questions & Answers Purpose The purpose of this brochure is to explain a new charitable contribution federal income tax law which allows certain IRA accountholders
More informationFUNDRAISING AND OTHER ADVANCEMENT ACTIVITIES Guidelines for Non-Gift Items Updated January 4, 2016
FUNDRAISING AND OTHER ADVANCEMENT ACTIVITIES Guidelines for Non-Gift Items Updated January 4, 2016 The following instructions provide guidance to campus units to assure compliance with IRS regulations
More information11 th Annual Nonprofit Governance Symposium. Winning the Lottery: How to Use Your 990 to Strengthen Your Case for Support
11 th Annual Nonprofit Governance Symposium Winning the Lottery: How to Use Your 990 to Strengthen Your Case for Support January 10, 2015 Patty Mayer, Senior Tax Manager/Moss Adams Jeff Wiemann, Executive
More informationTop Issues for Churches and Ministries Operating Internationally Webinar
Top Issues for Churches and Ministries Operating Internationally Webinar March 30, 2017 ECFA.org ECFA 2017. All rights reserved. Today s Presenters Ted Batson Tax Counsel CapinCrouse John Van Drunen Executive
More informationTax Planning with Qualified Charitable Distributions
Tax Planning with Qualified Charitable Distributions Understand how to benefit from this tax-saving tool GIVING WITH GREATER BENEFITS Are you age 70 1/2 or higher and subject to required minimum distributions
More informationMaintaining Individual Giving Records
Maintaining Individual Giving Records 2 Table of Contents Maintaining Individual Giving Records. 003 Giving Through the Offering.. 004 Giving Through Fundraisers 005 How to determine the amount that can
More informationCharitable Giving & Taxes
Charitable Giving & Taxes 2 nd Annual St. Lawrence County Non-Profit Conference October 10, 2018 Presented By: Angela M. Gray, CPA Canton Office One Main Street, Canton, NY Phone: 315.386.2925 www.graycpas.com
More information*Brackets adjusted for inflation in future years Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationHow Changes to the Tax Law. Affect Your Parish this Giving Season. ParishSOFT parishsoft.com
How Changes to the 2018 Tax Law Affect Your Parish this Giving Season It s been a busy year for faith-based organizations across the U.S. There s a lot to keep up with as you further the mission of your
More informationThe Housing Allowance Remains Under Attack
Tax Update The Housing Allowance Remains Under Attack Housing Allowance In 2011, the Freedom From Religion Foundation withdrew its first lawsuit against the Ministers Housing Allowance However, on September
More informationPolicies and Procedures Regarding Fundraising for Funds of The Community Foundation for the Greater Capital Region
Policies and Procedures Regarding Fundraising for Funds of The Community Foundation for the Greater Capital Region Purpose To assure that all fundraising efforts to build component funds at the Community
More informationintroduce the topic of retirement planning for ministers and Levites. They were the role models for God s people, whose
Introduction The elders who direct the affairs of the church well are worthy of double honor, especially those whose work is preaching and teaching. 1 Timothy 5:17 What does the Bible have to say about
More informationCHARITABLE CONTRIBUTIONS AND FUND MANAGEMENT
CHARITABLE CONTRIBUTIONS AND FUND MANAGEMENT TREASURER BUDGET/FINANCE COMMITTEE STEWARDSHIP MINISTRY TEAM For more information contact: Leadership & Worship Team, Arkansas Baptist State Convention In State:
More informationHASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS
HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2014 Dear Client: As 2014 draws to a close, there is still time to reduce your 2014 tax bill and
More informationPARENT ORGANIZATIONS TAX FILING REQUIREMENTS
PARENT ORGANIZATIONS TAX FILING REQUIREMENTS Leland Dushkin, CPA Tax Manager Hereford, Lynch, Sellars & Kirkham, PC ldushkin@hlsk.com 1406 Wilson Road, Suite 100 Conroe, TX 77304 936-756-8127 or 936-441-1338
More informationLegal Issues Pertaining to Philanthropy
Legal Issues Pertaining to Philanthropy Tuesday, October 28, 2014, 8:30 a.m. 10:30 a.m. ET Venable LLP, Washington, DC Caryn G. Pass, Esq., Venable LLP Kristalyn J. Loson, Esq., Venable LLP Agenda State
More informationPOLICY: DONOR INITIATED FUNDRAISING POLICY Approved: January 8, 2019 Reviewed and Approved: Reviewed and Revised: INTRODUCTION
POLICY: DONOR INITIATED FUNDRAISING POLICY Approved: January 8, 2019 Reviewed and Approved: Reviewed and Revised: INTRODUCTION Community Foundation of Harford County ( CFHC or the Community Foundation
More informationBLUE OAKS CHURCH. Financial Statements With Independent Accountants Compilation Report. August 31, 2016 and 2015
Financial Statements With Independent Accountants Compilation Report August 31, 2016 and 2015 Table of Contents Independent Accountants' Compilation Report 1 Financial Statements Statements of Financial
More information2018 Tax Update for Exempt Organizations. Prepare for Change
2018 Tax Update for Exempt Organizations Prepare for Change Overview Changes from 2017 Tax Act Substantiation regulations What might happen next? 2 Unrelated Business Income (UBI) Unrelated Business Income
More informationCharitable Giving Inches Upward, Says ECFA Survey
Charitable Giving Inches Upward, Says ECFA Survey by Warren Bird, Ph.D. Key Findings: ECFA (Evangelical Council for Financial Accountability) conducted a survey to ask how churches and ministries ended
More informationYour Guide to EFFECTIVE GIVING After Tax Reform
Your Guide to EFFECTIVE GIVING After Tax Reform In December 2017 Congress enacted the most comprehensive tax law changes in more than 30 years. The goal of the legislation was to reduce taxes while simplifying
More informationAdvising Tax Exempt Entities. 67 th Annual Federal Tax Clinic University of Alabama Tuscaloosa, Alabama November 21-22, 2013
Advising Tax Exempt Entities 67 th Annual Federal Tax Clinic University of Alabama Tuscaloosa, Alabama November 21-22, 2013 Topics to Cover Who are we talking about? Update on the Exempt Application Process
More information2/23/2012. Background on IRS Regulations. Miscellaneous IRS Issues/Concerns. Update on CASE Counting Guidelines
John Taylor Associate Vice Chancellor for Advancement Services & Interim Campaign Manager North Carolina State University 919.513.2954 johnhtaylor@ncsu.edu 1 Background on IRS Regulations What s a Quid
More informationAttorneys and Accountants: Playing together well in the sandbox
Attorneys and Accountants: Playing together well in the sandbox Speakers Lee Klumpp National Assurance Partner Nonprofit & Government, CPA with BDO lklumpp@bdo.com John D. Ring, CFO Tax Analysts (Formerly
More informationGift Acceptance Policy
Gift Acceptance Policy This Gift Acceptance Policy (the Policy ) governs the solicitation, acceptance, and acknowledgment of charitable gifts to the Vail Valley Foundation, which shall include Vail Valley
More informationMUSLIM ADVOCATES FINANCIAL STATEMENTS WITH AUDITOR S REPORT YEARS ENDED DECEMBER 31, 2012 AND 2011
FINANCIAL STATEMENTS WITH AUDITOR S REPORT YEARS ENDED DECEMBER 31, 2012 AND 2011 Ghaffari Accountancy, Inc. CERTIFIED PUBLIC ACCOUNTANTS TABLE OF CONTENTS Page Independent Auditor s Report... 1 Statements
More informationGiving Today to Guarantee Tomorrow: A Lesson in Charitable Giving
Giving Today to Guarantee Tomorrow: A Lesson in Charitable Giving A careful review of the various ways to structure charitable gifts can help make your gifts more meaningful, both to you and to the charities
More informationNonprofit Organizations Committee Legal Quick Hit: Fundraising 201: An Update on Managing the Legal Risks of Nonprofit Fundraising
Nonprofit Organizations Committee Legal Quick Hit: Fundraising 201: An Update on Managing the Legal Risks of Nonprofit Fundraising MODERATOR: JEFFREY S. TENENBAUM, ESQ., VENABLE LLP TUESDAY, NOVEMBER 11,
More informationTax Guide for Nonprofits
Tax Guide for Nonprofits 4 th Edition Stephen Fishman, J.D. Chapter 1 Nonprofits and the IRS... 1 Learning Objectives... 1 Introduction... 1 What Do We Mean When We Say Nonprofit?... 1 Tax-Exempt Nonprofits...
More informationLeading With Your Mission: Tax Reform and Charitable Giving
Leading With Your Mission: Tax Reform and Charitable Giving Brett Loney, J.D., ACFRE Ann Savage, J.D. Disclaimer This presentation is not meant to offer tax or legal advice. Please consult (and have your
More informationPolicies and Procedures Regarding Fundraising and Special Events for Funds of The Community Foundation for the Greater Capital Region
Policies and Procedures Regarding Fundraising and Special Events for Funds of The Community Foundation for the Greater Capital Region Purpose To assure that all fundraising efforts and special events for
More informationV e h i c l e Donation,
This publication is referenced in an endnote at the Bradford Tax Institute. CLICK HERE to go to the home page. Tax Exempt and Government Entities EXEMPT ORGANIZATIONS A Donor s Guide to V e h i c l e Donation,
More informationIRS Is Not A 4-Letter Word?
IRS Is Not A 4-Letter Word? -or- Keeping up with the finer points of IRS Rules & Regulations! John Ley Director of Information Services Development & External Affairs Southern Methodist University October
More informationJohn Ley Director of Information Services Development & External Affairs Southern Methodist University
Neither IRS nor CRA are 4-Letter Words? -or- Keeping up with the finer points of IRS & CRA Rules & Regulations! John Ley Director of Information Services Development & External Affairs Southern Methodist
More informationCABARRUS COOPERATIVE CHRISTIAN MINISTRY, INC. FINANCIAL STATEMENTS JUNE 30, 2016
CABARRUS COOPERATIVE CHRISTIAN MINISTRY, INC. FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS Page # Independent Auditor's Report 1 Financial Statements: Statement of Financial Position 2-3 Statement
More informationChurch and Taxes. San Jacinto Baptist Association October 2015
Church and Taxes San Jacinto Baptist Association October 2015 Updates for 2015 1. Standard mileage rate 56 cents per mile, 14 cents charity 2. $18,000 maximum contribution deferral to 403(b) or 401(k)
More information2016 Not-for-Profit Tax Year-End Review
The webcast will start at 1 p.m. Eastern Please note: Handout You can print or download the webcast handout at capincrouse.com/2016-nonprofit-tax-review CPE CPE certificates will be emailed to you within
More informationMoving Expenses. Unreimbursed Business Expenses. Became effective January 1, 2018
Became effective January 1, 2018 Moving Expenses Prior law generally deductible, or a non-taxable reimbursement by an employer New law No longer deductible and taxable if paid for or reimbursed by an employer
More informationAttention: The IRS is Revising Publication 4303, A Donor s Guide to Car Donations
Attention: The IRS is Revising Publication 4303, A Donor s Guide to Car Donations The IRS is in the process of revising Publication 4303 dated August 2004. This version does not include the tax law changes
More informationTax Reform and Its Impact on Nonprofits
Wednesday, April 11, 2018 Tax Reform and Its Impact on Nonprofits Jeff Chapman Mike Engle Chris Hoyt Corey Ziegler Presented by Tax Reform and Its Impact on Nonprofits Welcome Dana Knapp Luann Feehan Presented
More informationIRAs. Qualified Charitable Distribution. Questions & Answers
IRAs Qualified Charitable Distribution Questions & Answers Purpose The purpose of this brochure is to explain the permanent adoption of the charitable contribution federal income tax law which will benefit
More informationPOLICY NUMBER: 52 MUSC Foundation Policy on SOLICITATION PIECE PROCEDURES, 2007 Responsible Executive Officer, Chief Financial Officer
MEDICAL UNIVERSITY OF SOUTH CAROLINA FOUNDATION PROCEDURE FOR USING THE SOLICITATION PIECE (FOR SPECIAL EVENTS) POLICY NUMBER: 52 MUSC Foundation Policy on SOLICITATION PIECE PROCEDURES, 2007 Responsible
More information1st Annual Nonprofit Financial Management Survey Results
1st Annual Nonprofit Financial Management Survey Results April 21, 2015 ECFA.org ECFA 2015. All rights reserved. Today s Presenters Cameron Doolittle The Maclellan Foundation John Pearson John Pearson
More informationThe South Florida Church of Christ, Inc. Financial Statements For the Year Ended December 31, 2016
The South Florida Church of Christ, Inc. Financial Statements For the Year Ended December 31, 2016 The South Florida Church of Christ, Inc. Financial Statements For the Year Ended December 31, 2016 Table
More information-8- General Instructions for Form 990 and Form 990-EZ
b. Within the low-cost article limitation. contributions made by a taxpayer to a donee determined by reference to the fair market Examples. organization during a tax year equals $250 or value of similar
More informationThe Spartanburg County Foundation FUNDRAISING EVENTS. Guidelines And Procedures
The Spartanburg County Foundation FUNDRAISING EVENTS Guidelines And Procedures FUNDRAISING EVENTS GUIDELINES AND PROCEDURES Contents Section 1: Fundraising Event Guidelines for Component Funds...... 3
More information10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 24% 82, ,500 24% 84, ,725
INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 Single 24% 82,501 157,500 24% 84,201 160,725 32%
More information2017 Year-End Tax Planning for Individuals
2017 Year-End Tax Planning for Individuals As 2017 draws to a close, there is still time to reduce your 2017 tax bill and plan ahead for 2018. This letter highlights several potential tax-saving opportunities
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationHASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS
HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2015 Dear Client: As 2015 draws to a close, there is still time to reduce your 2015 tax bill and
More informationMidyear Tax Planning Letter
Midyear Tax Planning Letter 2015 Introduction Tax planning for 2015 is a venture in uncertainty. Last December, Congress passed legislation extending a number of expired tax provisions. Unfortunately,
More informationCROWDFUNDING IRS SJSU SMALL BUSINESS TAX INSTITUTE
CROWDFUNDING IRS SJSU SMALL BUSINESS TAX INSTITUTE ANDY MATTSON, CPA, PARTNER CURTIS N. MIYAJI, CPA, SENIOR MANAGER DAWN RHEA, J.D., LL.M, NATIONAL TAX, DIRECTOR JUNE 22, 2017 CROWDFUNDING AGENDA What
More informationDon t let your development success become an accounting nightmare P R E S E N T E D B Y :
Don t let your development success become an accounting nightmare P R E S E N T E D B Y : Kelli Boyle, CPA kboyle@nathanwechsler.com Jeanine Tousignant jeanine@mcmusicschool.org Welcome! Topics we will
More informationINFORMATION KIT GABELLI FUNDS
STATE STREET BANK AND TRUST COMPANY UNIVERSAL INDIVIDUAL RETIREMENT ACCOUNT INFORMATION KIT -------------- GABELLI FUNDS State Street Bank and Trust Company Universal IRA Information Kit Supplement to
More informationYOUR GUIDE TO CHARITABLE IRA. Giving. What you need to know and resource materials to encourage more and larger IRA gifts.
YOUR GUIDE TO CHARITABLE IRA Giving What you need to know and resource materials to encourage more and larger IRA gifts. What You Will Find in This Guide The following strategic guide offers nonprofit
More informationState governments regulate a nonprofit s charitable solicitations. Adopt policy regarding donor privacy and use of donor names.
Fundraising State governments regulate a nonprofit s charitable solicitations. Deceptive or abusive techniques are prohibited. Use IRS Form 990 and 990-EZ to disclose the percentage of funds raised that
More informationJUL Dear Applicant: Letter 1045 {DO/CG)
INTERNAL REVENUE SERVICE P. O. BOX 2508 CINCINNATI, OH 45201 Date: JUL 19 2004 FRIENDS OF THE STEFAN BATORY FOUNDATION INC C/O IRENE GRUDZINSKA-GROSS 96 BAYSTATE RD BOSTON, MA 02215 DEPARTMENT OF THE TREASURY
More informationGUIDELINES REGARDING PUBLIC FUNDRAISING FOR COMPONENT FUNDS OF THE FOUNDATION DONOR-INITIATED FUNDRAISING
GUIDELINES REGARDING PUBLIC FUNDRAISING FOR COMPONENT FUNDS OF THE FOUNDATION DONOR-INITIATED FUNDRAISING Thank you for expressing your confidence in the Montrose Community Foundation (MCF) by establishing
More information10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 28% 91, ,650 24% 82, ,500
INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 Single 28% 91,901 191,650 24% 82,501 157,500 33%
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationTax Reform Aftermath: New Guidance for Taxpayers
Viewpoint ANDREW H. FRIEDMAN & JEFFREY B. BUSH, THE WASHINGTON UPDATE MARCH 2019 Tax Reform Aftermath: New Guidance for Taxpayers Since Congress passed the sweeping Tax Cuts and Jobs Act (the Act ) at
More informationYEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS
YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2011 This memo provides information that is useful in the annual preparation of employment related forms
More informationGifts Presented to Non-Employees on Behalf of the University
University of California Policy G-42 Gifts Presented to Non-Employees on Behalf of the University Responsible Officer: Responsible Office: Executive Vice President Chief Financial Officer Financial Management
More informationNAVIGATING THE FORM 990 AND NON-PROFIT TAX ISSUES
Grossman Yanak & Ford LLP Not-for-Profit CPE Series January 10, 2018 NAVIGATING THE FORM 990 AND NON-PROFIT TAX ISSUES Steve Heere, Partner Audit Services Rick Dynoske, Senior Manager Tax Services Introduction
More informationTax Reform Act of 2014
Provisions Affecting Exempt Organizations On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI-4) released his comprehensive tax reform proposal. Intended as a discussion draft
More informationEvangelical Council for Financial Accountability
Evangelical Council for Financial Accountability 440 West Jubal Early Drive, Suite 100 Winchester, VA 22601 April 5, 2013 The Honorable David Reichert United States House of Representatives Committee on
More informationDMJ & Co., PLLC - Year-End Tax Planning Letter
2016 DMJ & Co., PLLC - Year-End Tax Planning Letter Dear Clients and Friends: First of all, if we haven t thanked you recently for letting us work with your tax and accounting needs, then THANK YOU! Our
More information. This return is a consolidation from multiple entities, for use as an informational tool only.
. This return is a consolidation from multiple entities, for use as an informational tool only. 1 2 3 4 5 6 Susie Q. Smart, Exec. Director 40 X 165,000 0 5,500 (See Sched J for addl info) 7 8 9 10 11 12
More informationReach Out and Read, Inc. Financial Statements June 30, 2018
Financial Statements Kevin P. Martin & Associates, P.C. Index Independent Auditors Report Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based
More informationColorado Planned Giving Roundtable Gift Acceptance Policy. March 17, 2015
Colorado Planned Giving Roundtable Gift Acceptance Policy March 17, 2015 Mission Colorado Planned Giving Roundtable ( CPGR ) The Mission of the Colorado Planned Giving Roundtable (CPGR) is to inspire our
More information