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Date: | Sun, 26 Dec 2010 12:31:40 -0500 |
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Here's the documentation you need:
http://www.irs.gov/pub/irs-pdf/p1771.pdf
The short answer is that the IRS considers the date of gift to be the
date the donor relinquishes control over the money. So if the donor can
still potentially spend the money in some other way after midnight on
December 31, 2010, the gift is not made in 2010 for tax purposes.
It is the donor's responsible to prove to the IRS a valid deduction, not
yours, and for that reason many receipts will list the date the gift was
processed. For donor recognition and soft credit purposes, you can
consider the gift for any year (past, present or future) agreeable to
both your organization and the donor!
The problem arises when a donor wants a receipt dated for the past year
when the gift was not made until 2011. No can do, in that case. Most
donors are sophisticated enough to realize that non-profits can't fudge
the date, but once in a while, a newer philanthropist might try to work
the system due to ignorance of the IRS rules. Those cases should be
handled by the prospect manager and not the finance office to avoid hurt
feelings.
Good luck!
Susan Ruderman
On 12/25/2010 1:47 PM, Gail Kana Anderson wrote:
> Merry Christmas everyone.
>
> The question has just been raised, can a gift come in the first week of January if the promise has already been made. I am looking for some documentation on this but thought I would go first to the collective wisdom of my colleagues.
>
> Best to all.
>
> Thank you.
>
> Gail Kana Anderson
> Deputy Director
> Fred Jones Jr. Museum of Art
> The University of Oklahoma
>
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--
Susan Cronin Ruderman, Ed.M.
[log in to unmask]
Boston, MA area
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