Charitable Receipts

Download: Nonprofit Law Podcast #46 (mp3, 8:57)

Intro

Tim Mooney… Welcome to the Nonprofit Law Podcast
Your guide to the laws impacting nonprofits.
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Fall and winter means donation time (we hope!)

federal tax law requires charities to provide receipts to donors so that that may take advantage of their generosity

IRS – true to form, does not give us any particular formatting on what charities need to provide, but they’re more than happy to create problems for charities that fail to provide them

What should be provided (courtesy of BoardSource)

• The donor’s name
• The amount of money or a description of the item donated
• A statement indicating whether or not any goods or services were provided in return for the gift; receipts from religious organizations must include a statement indicating that “intangible religious benefits” were provided but they have no monetary value for tax purposes
• A good-faith estimate of the value of goods or services provided; insubstantial values need not be recorded

Email is totally acceptable – everyone thank the IRS for joining the Internet revolution!

Want to check out what our neighbors north of the border are like on this? Take a look at the Sens Foundation’s admonition not to ask for a receipt unless you really, really need one… I’ve never seen anything like that before!

Resources
What should be included on a charitable donation receipt? – BoardSource
Sample charitable receipt – Special Libraries Association

Closing
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This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law