Friends and Colleagues, this note truly warms my
heart. It is, indeed, a pleasure to find Michael
Wyland on this list.
Many are the times I have espoused to you, either
onlist or privately, that you may be able to get very
sound advice and freewill information from the Charity
Channel. Now, it appears, we have a part of the
Charity Channel backbone on this list.
If the name Michael Wyland appears related to
philanthrophy, do take heed. He is a subject-matter
expert.
Michael, I'm glad you're here!
Gayle M. Montgomery of Southern California
Otherwise known here as Indigo Nights!
--- "Michael L. Wyland"
<[log in to unmask]> wrote:
> Valerie:
>
> Every gift deserves a "thank you," and a gift
> receipt is one way of
> acknowledging a gift while assisting the donor with
> their potential tax
> deduction.
>
> The IRS has a new publication for charities,
> Publication 1771, "Charitable
> Contributions - Substantiation and Disclosure
> Requirements" (requires Adobe
> Acrobat (PDF) reader):
>
> http://www.irs.gov/pub/irs-utl/pub1771.pdf
>
> Although you didn't ask this directly, the other
> consideration in gift
> receipting is what the donor may have received in
> exchange for their
> donation. Here's a quote from a message I posted to
> NONPROFIT-L/soc.org.nonprofit earlier this month:
>
> As you know, any recognition beyond certain "tokens"
> and other
> insubstantial benefits requires you to place a fair
> market value on the
> recognition and disclose that to the donor as part
> of the gift receipt. So,
> for example, a donor who gives $1,000 and receives a
> $50 plaque and two $50
> dinners (donor and spouse invited to event) as a
> result of that donation
> has a maximum of $850 charitable deduction from
> their $1,000 contribution.
>
> Check out pages 11-12 of IRS Publication 557 for
> more information on this
> under "Quid Pro Quo" contributions:
> http://www.irs.gov/pub/irs-pdf/p557.pdf
>
> Page 13 of IRS Publication 526
> (http://www.irs.gov/pub/irs-pdf/p526.pdf)
> details the requirements for donors' records. Note
> that the requirement
> does not include a good faith estimate of the
> noncash contributions made to
> the charity (leaving this up to the donor), but does
> require a good faith
> estimate by the charity of any benefits *received by
> the donor* in exchange
> for the contribution(s).
>
> Hope this helps!
>
>
>
> Michael L. Wyland
> Sumption & Wyland
> 818 South Hawthorne Avenue
> Sioux Falls, SD 57104-4537
> (605) 336-0244
> (605) 336-0275 (FAX)
> (888) 4-SUMPTION (toll-free)
> [log in to unmask]
>
>
>
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=====
Indigo Nights
[log in to unmask]
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