Monetary exchange contribution
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Monetary exchange contribution
We have someone who makes contributions to the church by purchasing items needed, but wants these to show up as a contribution on his contribution statement. In the past, this has been done by paying him a check for the store receipts and then he signs the check back over to us which then goes through the counters. Surely there is a simpler way to do this?
Re: Monetary exchange contribution
While this may have been done in the past, the IRS no longer allows such to be done. If the item bought for a donation to a non-profit charity of any type, the charity MUST NOT assign any value to the item. That is for the donor to do when they file their taxes. All we do is issue a letter thanking the donor, with a description of the item, and the date given.gmLOL wrote:We have someone who makes contributions to the church by purchasing items needed, but wants these to show up as a contribution on his contribution statement. In the past, this has been done by paying him a check for the store receipts and then he signs the check back over to us which then goes through the counters. Surely there is a simpler way to do this?
Here's a link to an answer I gave to someone asking much the same question:
https://www.powerchurch.com/forum/viewt ... 581#p40534
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Monetary exchange contribution
To clarify, these items are purchased for the church. Bushes, plumbing equipment, etc. When I reimburse the member, he signs the check over to us as a contribution. I just wondered if there is a simpler way to do this, but I assume not because of the tax laws in place.
Re: Monetary exchange contribution
As I mentioned above ... there is no easier way to do this per IRS non-cash contribution rules.gmLOL wrote:To clarify, these items are purchased for the church. Bushes, plumbing equipment, etc. When I reimburse the member, he signs the check over to us as a contribution. I just wondered if there is a simpler way to do this, but I assume not because of the tax laws in place.
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.
Re: Monetary exchange contribution
Thank you. I was afraid of such. Would love to save a couple of steps, but I guess it is not to be! I appreciate having someone to bounce the ideas with, wish I had thought of coming here long ago!