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Fall 2017 Newsletter

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INSIDE THIS ISSUE:

•How to Report Government Grants
• Coffeeshop Operated by a Non-profit Wasn’t an Unrelated Business
• How to Detect a Malicious Phishing Email
• Pet Visitation Qualifies as a Charitable Activity
• Are Charitable Payments You Make Reportable?
• Procurement Policies Must Be in Place Soon
• Should You Update Your Bylaws?
• WebStar Winner: techsoup.org

 

 

 

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Summer 2017 Newsletter

Download the complete Newsletter HERE

INSIDE THIS ISSUE:
Purchasing Policies for
Nonprofits
JOE-NYC New Twist on
Affordable Housing
Top Issues for Nonprofits in 2017
How IRS Reviews Your Federal
Application for Exemption
IRS Audits of Charities Will Be
Less Confusing
Jeanne Beutner, CPA Promoted
to Full Partner
WebStar Winner: The Nonprofit
Risk Management Center

“the best part of my job is getting to know our
clients and working with them. I love how our firm is so
service-oriented. We really
focus on helping our clients
in any way possible.” ~ Jeanne Beutner

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Acknowledging Contributions -What to Say When You Get a Donation

Say thank you. Also, you should also know that earlier this year IRS released an updated version of their publication 1771 “Charitable Contributions-Substantiation and Disclosure Requirements”. This publication contains useful information about recordkeeping requirements and the flexibility you have with required contribution acknowledgments.

The publication does confirm that donors need to obtain a written acknowledgment from the charity for any single contribution of $250 or more.

Your acknowledgment should include your name, the amount of cash contributions, or a description of non-cash contributions (not the value), and a statement that no goods or services were provided in return for the contribution. If goods or services were given in return, include a good-faith estimate of the value of what was given in return.

There are some exceptions to the requirement to list items given in return. For example, low cost items that have your name or logo, or items given in return which don’t exceed the lower of 2% of the contribution or $106, are considered insubstantial. Certain membership benefits such as discounts and admissions are excluded as well.

One of the most beneficial parts of the publication is examples of written acknowledgments. There is sample language for gifts when nothing is given in return, when something is given in return, and when non-cash contributions are received.