Pension Act of 2006

[RebeccaH]

The Pension Act of 2006 (passed Congress in August 2006) has amended the tax code to the extent that cash contributions must be substantiated by either a bank record (cancelled check) or written receipt from the charitable organization/church. This places a significant burden on our contributions clerk to produce receipts each week for contributions not made by check. Does PC+ v9 currently offer a receipt feature that I've not discovered? How are other organizations/churches satisfying this requirement?

[NeilZ]

The Pension Act of 2006 (passed Congress in August 2006) has amended the tax code to the extent that cash contributions must be substantiated by either a bank record (cancelled check) or written receipt from the charitable organization/church. This places a significant burden on our contributions clerk to produce receipts each week for contributions not made by check. Does PC+ v9 currently offer a receipt feature that I've not discovered? How are other organizations/churches satisfying this requirement?

My former church's Stewardship Elder is a CPA, and based on her research, the quarterly and end-of-year statements will comply with the law, as they do today for any other donation. As long as the contributor uses an envelope for the cash which has their envelope number, or name and address if a pew envelope, they will be able to get a statement, which will take care of the need for the receipt.

Part of the law's intent is to reduce the 'guesstimate' that is used (or abused) by many people who when they do their taxes, just say they gave cash up to the amount formerly authorized by the tax code without a receipt.