On June 15 we received 10 shares of say Exxon and the statement from the brokerage firm says that the value was $100.00. We sold that stock 3 days later and received $110.00.
I downloaded a template from YourChurchResources.com and page 2 of the template looks like this...
Gift Receipt for Publicly Traded Securities
Tax Year Ending 12/31/2011
Receipt # 1
Received From:
Date Received:
Securities Received:
Name of Company Number of Shares Per Share Value Total Value
1.
2.
3.
This document is necessary to qualify you for any available federal income tax deduction on your contribution. Please retain it for your records.
One of the individuals is telling me that my statement is incorrect, it should show the high, low, average and close price of the stock. My understanding is that if we received 10 shares at $100 or $10 per share, that is all that I need to show. It is up to their accountant to figure how much is actually deductible for their purposes.
This is really driving me crazy...I had originally (once the stock was sold) put that value under the donors name in the contribution module which I assume is incorrect. Do I take it out completely from that module, allow the statement from the church to show that particular donation and put it back into power church in the Fund Accounting module as a transfer from Broker?
HELP HELP HELP
