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Substantiate, Substantiate, and Substantiate: A Friendly Reminder for Not-For-Profit Organizations and their Donors
Posted by Amy O’Loughlin on Tue, Aug 22, 2017 @ 06:06 PM

Donations to not-for-profit organizations are normally a win-win for organizations and their donors. Organizations receive gifts to help support their mission, and the donor receives a tax write-off. But not-for-profit organizations and donors must ensure they are in compliance with IRS substantiation requirements. The IRS requires that in order for a donor to take a deduction greater than $250, he or she must have a contemporaneous written acknowledgment (CWA) of the donation from the not-for-profit organization. CWAs must include the name of the organization, the value of the donation (if cash), a description of the donation (if non-cash), whether goods or services were provided in exchange for donation, and, if services were provided, a good faith estimate of the value of those services. If the value of the gift exceeds $5,000, in most cases, a qualified appraisal must be obtained in addition to the CWA.

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Topics: charitable donations, Amy O’Loughlin, Not-for-Profits, nonprofit, In-Kind Donations, Donations

Questions to Ask Before Accepting In-Kind Donations
Posted by Scott Goldberg on Tue, Mar 28, 2017 @ 09:06 AM

Not all donations come in the form of cash. Donors may want to contribute financial assets, real estate, clothing and artwork to help your not-for-profit organization further its mission. If your organization accepts these in-kind donations, it should have clear policies and reporting measures in place.

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Topics: charitable donations, Scott Goldberg, In-Kind Donations, Donations

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