Nonprofits Industry
Charitable deductions: are donors getting what they need?(Taxing Issues)
Non-profit Times, The, January, 2005 by Berger, Harvey; Goller, D. Greg
If you're not providing all of the appropriate documentation to a donor, you might be jeopardizing their tax deductions. This will lead to very unhappy donors and could put stress on your administrative personnel at tax filing time. Also, you have new requirements, that started January 1, relating to vehicle donations.
Generally, donors can only claim a charitable contribution deduction if they have the proper documentation in their files. While it is the responsibility of donors to obtain the required substantiation, charities should have procedures in place to provide the information to donors. For donations of less than $250, the documentation can take the form of a cancelled check, receipt or any other document that shows the amount and the name of the...
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