Understanding How to Handle Donor Contributions Anne Adams, CPA, Senior Manager Paige Gerich, CPA, Partner

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1 Understanding How to Handle Donor Contributions Anne Adams, CPA, Senior Manager Paige Gerich, CPA, Partner To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group o Complete group attendance form with Title & date of live webinar Your company name Your printed name, signature & address o All group attendance sheets must be submitted to within 24 hours of live webinar o Answer polls when they are provided If all eligibility requirements are met, each participant will be ed their CPE certificates within 15 business days of live webinar 2 1

2 General Overview Welcome Cash Donations Non-Cash Donations Questions 3 Quick Facts & Figures 2011 o Charitable Contributions reached $ billion Individuals gave $ billion of that amount Foundations gave $46.9 billion Remaining $33.73 billion was from bequests & corporations If combine individuals, families & bequests account for 88% of all charitable giving o Religious organizations received 32% o Educational institutions received 13% o Human service organizations received 12% (Giving USA & The Foundation Center) 4 2

3 Question 1 From where does most of your organization's contribution revenue come from? a) Individuals b) Corporations c) Foundations d) Other e) Not sure 5 IRS Activity on the Rise Proper substantiation of charitable donations has become a focus area for IRS While it is donor s responsibility to obtain proper documentation from charity, charities that receive donations should understand rules to ensure they provide proper documentation to their donors 6 3

4 Cash Contributions Donor must maintain a bank record or written acknowledgement from charity for any monetary contribution BEFORE donor can claim a charitable deduction on his/her tax return 7 Cash Contributions For donations (including noncash donations) less than $250, donor must maintain a written record of donation o Bank record (cancelled check) o Written communication from charity» Name of charity» Date of contribution» Amount of contribution 8 4

5 Cash Contributions Donor responsible for obtaining a written acknowledgement from a charity for any single contribution of $250 or more BEFORE donor can claim a charitable deduction on his/her federal income tax return 9 Cash Contributions Written Acknowledgement o Contributions paid via payroll deduction may rely upon the following Pay stub or Form W-2 or Wage & Tax Statements or other employer provided documentation & Pledge card or other document prepared by organization Must include a statement that no goods or services were provided in connection with donation if amount of a single payroll deduction is $250 or more 10 5

6 Cash Contributions Written acknowledgement 11 Name of organization Amount of cash contribution Statement that no goods or services were provided by organization in return for contribution Description & good faith estimate of value of goods or services, if any, that organization provided in return for contribution Statement that goods or services, if any, consisted entirely of intangible religious benefits, if that was the case Cash Contributions Written acknowledgement Donor s social security or employer identification number is not required Separate acknowledgement for each single contribution of $250 or more or one acknowledgement for total 12 6

7 Cash Contributions Written acknowledgement No IRS forms available Letters, postcards, computer generated forms are allowed Paper copy or electronic addressed to the donor 13 Cash Contributions Written acknowledgement Donor must receive acknowledgement at the earlier of Date donor actually files his or her tax return, or Due date (including extensions) of tax return Donor is responsible for obtaining written acknowledgement 14 7

8 Cash Contributions Written acknowledgement o Example Thank you for your cash contribution of $300 that ABC Charity received on December 2, No goods or services were provided in exchange for your contribution 15 Question 2 Our organization sends out written acknowledgements a) To every donor b) Only to donors that request it c) Only to donors who contribute $250 or more d) Not sure 16 8

9 Recent IRS Activity Cohan o o o Complex facts involving a bargain sale & charitable deduction of $2M Tax court ruled gift letter received from charity was incomplete because it did not contain a description or good faith estimate of consideration received by donor from charity Noted that taxpayer may rely on estimate of value unless they have reason to know estimate is unreasonable 17 Recent IRS Activity Cohan o Ultimately, Tax Court held Gift letter did not include a description or a good-faith estimate of total consideration as required Any reliance on letter by taxpayer was unreasonable Therefore, taxpayers were denied deduction 18 9

10 Types of o Securities/Property o Goods & Services o Quid Pro Quo o Qualified Intellectual Property o Motor Vehicles, Boats & Airplanes 19 Securities/Property o Tax benefit for donor Long-Term Property = deduction equal to fair market value of property donated with no capital gain to report (carryover basis to recipient organization) Short-Term Property = deduction equal to cost basis of property donated 30% or 20% AGI limitation Same written acknowledgment guidelines as cash 20 10

11 Securities/Property 21 o Form 8283 attached to Form 1040 Property less than $5,000 in value & publicly traded securities Name & address of donee organization Description of property Date of contribution Date acquired How acquired Donor s cost basis Fair market value Method used to determine fair market value Securities/Property 22 o Form 8283 attached to Form 1040 Property greater than $5,000 in value Same general information Declaration & signature of appraiser Donee acknowledgement» Date property received» Affirmation to complete Form 8282 if property sold within three years from date of receipt» Intention to use property for unrelated purposes» Signature (with address & EIN) 11

12 Non-Cash written acknowledgement o Example Thank you for your contribution of a used oak baby crib that ABC Charity received on December 2, No goods or services were provided in exchange for your contribution 23 Form 8282 Filed if donated property sold within three years of donation Helps IRS match value of item at time of sale with valuation at date of contribution Does not apply to Items valued under $500 Items consumed by organization Publicly traded securities 24 12

13 Goods & Services o Describe any goods or services provided by organization in acknowledgement for donations of $250 or more o Provide a good faith estimate of value of goods or services provided 25 Goods & Services o Example Thank you for your cash contribution of $300 that ABC Charity received on December 2, In exchange for your contribution, we gave you a cookbook with an estimated fair market value of $

14 Goods & Services o Exceptions Insubstantial goods or services Payment occurs in context of a fund-raising campaign &» Fair market value of benefits received does not exceed lesser of two percent of payment or $99 or» Payment is at least $49.50 & only items provided (mugs, posters, calendars, etc) bear organization s name or logo & cost $9.90 or less (low-cost article limit) 27 Goods & Services o Exceptions Membership Benefits Exception Provided in exchange for $75 or less & consists of annual recurring rights or privileges such as» Free or discounted admission to organization s events» Discounts on purchases from organization s gift shop» Free or discounted parking» Free or discounted admission to member-only events (subject to low-cost articles limit) 28 14

15 Goods & Services o Unreimbursed Expenses Acknowledgement must include Description of services provided by donor Statement of whether or not the organization provided goods or services in return for contribution Description & good faith value of goods or services, if any, that organization provided in return for contribution 29 Quid Pro Quo o Donation in exchange for goods or services o Written disclosure statement to donor who makes a payment in excess of $75 partly as a contribution & partly for goods or services 30 15

16 Quid Pro Quo o Acknowledgement includes Statement that amount of contribution deductible for federal income tax purposes is limited to excess of money (or property) contributed over value of goods or services provided Good faith estimate of fair market value of goods or services 31 Quid Pro Quo o Examples 32 Donate $1,000 for a table at a dinner held by organization Only amount that exceeds fair market value of dinner is deductible Purchase an item at a silent auction Only amount paid that exceeds fair market value of item purchased is deductible (unless item is donated back to organization) 16

17 Quid Pro Quo o Example 33 Question 3 Our organization holds at least one event each year in which quid pro quo contributions are received a) Yes b) No c) Not sure 34 17

18 Quid Pro Quo o Penalties Charities that do not meet written disclosure requirement are subject to a penalty of $10 per contribution, not to exceed $5,000 per fundraising event 35 Qualified Intellectual Property o Patents, copyrights, trademarks, trade names, trade secrets, certain software, etc. o Form 8899 reports net income received from donated qualified intellectual property o File with donor & IRS o Donor may be allowed an additional charitable deduction based on income 36 18

19 Motor Vehicles, Boats & Airplanes o File Form 1098-C with IRS o Copy B may serve as written acknowledgment if furnished to donor within 30 days after Date of sale in an arm s length transaction to an unrelated party Date of contribution if organization certifies that property will not be sold before completion of material improvements (repairs) Date of contribution if organization certifies that property will be transferred to a needy individual in furtherance of its exempt purpose o Form 8282 still applicable if property disposed of within three years 37 Question 4 Our organization has received a donation of a vehicle, boat, or airplane within the past three years a) Yes b) No c) Not sure 38 19

20 Gaming Common Issues 39 o Raffles Often treated as a fundraising event/contribution Considered gaming/game of chance Registration with State s Attorney General possible Mandatory withholding for prizes of $5,000 or more Form W-2G not Form 1099 Specific questions on the 990 regarding gaming activities Special issues when donated vehicles are involved Gaming Common Issues o Raffles Texas AG requirements (for example) A qualified organization may hold only two raffles per calendar year & only one raffle at a time Raffle tickets may not be advertised statewide or through paid advertisements. Each raffle ticket must state: 1) name of the organization conducting raffle; 2) address of organization or of a named officer of organization; 3) ticket price; 4) a general description of each prize having a value of more than $10; & 5) date on which raffle prize(s) will be awarded No one may be compensated directly or indirectly for organizing or conducting a raffle or for selling raffle tickets 40 20

21 Gaming o Raffles Texas AG requirements (for example) A qualified organization may offer any prize except money. Money is defined as coins, paper currency or a negotiable instrument that represents & is readily convertible to coins or paper currency. If raffle organizers offer a prize which they have purchased or have given other consideration for, value of the prize may not exceed $50,000 or $250,000 if purchased prize is a residential dwelling. There is no value limit on prizes donated to organization Texas lottery tickets may be purchased & offered as prizes, even though tickets' payoff may exceed $50,000. Organization must have each raffle prize in its possession or ownership or must post a bond for full amount of value of prize with county clerk of county where raffle will be held Proceeds from ticket sales must be used only for charitable purposes of qualified organization 41 Private Foundations Common Issues o Private Foundations Often fail to send written acknowledgements & donors don t request them May donate appreciated property to satisfy distribution requirements Use of Quid Pro Quo benefits by organization insiders 42 21

22 Final Thoughts Understand it is donor s responsibility to obtain proper documentation o Donors should routinely Check written acknowledgements for accuracy Strictly comply with substantiation requirements Ensure independence in negotiations Appraise & report hard-to-value assets 43 Resources Resources o Exempt Organizations (EO) Section o o IRS Publications 526 Charitable Contributions 561 Determining the Value of Donated Property 4302 A Charities Guide to Vehicle Donations 4303 A Donor s Guide to Vehicle Donations 44 22

23 Paige Gerich Partner Anne Adams Senior Manager Continuing Professional Education (CPE) Credits BKD, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: The information in BKD webinars is presented by BKD professionals, but applying specific information to your situation requires careful consideration of facts & circumstances. Consult your BKD advisor before acting on any matters covered in these webinars

24 CPE Credit Up to 1 CPE credit will be awarded upon verification of participant attendance; however, credits may vary depending on state guidelines For questions, complaints or comments regarding CPE credit, please the BKD Learning & Development Department at 47 24

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