We have a few members who have set up charitable trusts, and then have the trust send checks to our church.
We've been entering these using a fund code (901) that does not appear on their contribution statements. This started before I became the finance person.
What are the pros/cons of this approach versus listing these contributions separately from General Fund (100) contributions?
(Note: Both 901 and 100 post to the General Fund in the Fund Accounting module.)
I can't wait to hear what y'all think!
Contributions received from charitable trust
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Re: Contributions received from charitable trust
I really can't see the difference other than Fund 901 is probably not tax deductible as Charitable Trusts are usually tax-exempt. Not sure if there are any cons as the church is properly denoting that these donations do not qualify as normal tax deductible donations. I'm assuming that the regular Sunday contributions, and these trust contributions are sent to the 'tithes and offerings' income account in Funds Accounting.Trifecta wrote: ↑Mon Jul 01, 2024 7:01 pmWe have a few members who have set up charitable trusts, and then have the trust send checks to our church.
We've been entering these using a fund code (901) that does not appear on their contribution statements. This started before I became the finance person.
What are the pros/cons of this approach versus listing these contributions separately from General Fund (100) contributions?
(Note: Both 901 and 100 post to the General Fund in the Fund Accounting module.)
I can't wait to hear what y'all think!
Neil Zampella
Using PC+ since 1999.
Using PC+ since 1999.