Hello,
I have never attempted to give a receipt for Gifts of Kind before.
Do I treat it as a cash donation to General, and then post it to an asset account?
It was concrete for a special project.
Thank you,
Debby
Gifts of Kind
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beas
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Re: Gifts of Kind
Power Church only records cash (cash, checks, credit/debit) donations. To issue an acknowledgement for non-cash donations (concrete in this case), you will need to issue a letter. See below:
Requirements for a proper and timely acknowledgement
Federal tax law requires that for any contribution valued at $250 or more, the donor must obtain a proper acknowledgment. Here are the requirements for the acknowledgment:
1. Legal name of donee organization.
2. Name of donor (no other identifying information about the donor is required, such as address and especially not the donor’s Social Security number).
3. Date of gift.
4. Description—but not the value—of property donated.
5. Statement that no goods or services were provided in exchange for the contribution. Note: If any goods or services are provided to the donor in exchange for the contribution, the donee organization must follow special rules for quid pro quo contributions.
6. The donor must obtain the acknowledgment on or before the earlier of these two dates: (1) the date the donor files his or her return for the year of the contribution; (2) the due date, including extensions, for filing the return.
A separate acknowledgment may be provided for each single contribution of $250 or more, or one acknowledgment, such as an annual summary, may be used to substantiate several single contributions of $250 or more, so long as the annual summary provides itemized detail of the individual contributions.
No specific Internal Revenue Service forms or formats are required for an acknowledgment. For example, a letter, postcard, email, or email attachment is acceptable.
Contact your CPA or tax professional if you have further questions.
Requirements for a proper and timely acknowledgement
Federal tax law requires that for any contribution valued at $250 or more, the donor must obtain a proper acknowledgment. Here are the requirements for the acknowledgment:
1. Legal name of donee organization.
2. Name of donor (no other identifying information about the donor is required, such as address and especially not the donor’s Social Security number).
3. Date of gift.
4. Description—but not the value—of property donated.
5. Statement that no goods or services were provided in exchange for the contribution. Note: If any goods or services are provided to the donor in exchange for the contribution, the donee organization must follow special rules for quid pro quo contributions.
6. The donor must obtain the acknowledgment on or before the earlier of these two dates: (1) the date the donor files his or her return for the year of the contribution; (2) the due date, including extensions, for filing the return.
A separate acknowledgment may be provided for each single contribution of $250 or more, or one acknowledgment, such as an annual summary, may be used to substantiate several single contributions of $250 or more, so long as the annual summary provides itemized detail of the individual contributions.
No specific Internal Revenue Service forms or formats are required for an acknowledgment. For example, a letter, postcard, email, or email attachment is acceptable.
Contact your CPA or tax professional if you have further questions.
Bill Beasley
Secretary-Treasurer
Neighborhood Church
Albany, Oregon
User since ~1988
Secretary-Treasurer
Neighborhood Church
Albany, Oregon
User since ~1988