Non cash charitable contributions are a very important part of any organization’s finances. If all allowable donations of the organization is from people who have made contributions with a check as opposed to money, or remit through checks, then identify the donors who have made these types of contributions. A spreadsheet will allow you to calculate the amount of your organization’s eligible non-cash contributions by category. This list will allow you to identify people who have contributed money to your organization in a variety of ways. Knowing who has made these types of contributions will allow you to allocate funds from them more effectively.
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In this section of your non cash charitable contributions worksheet, identify people who have made charitable contributions that are qualifying. For example, if you need to fund a project that helps people in need for the purpose of human rescue, identify people who have made charitable donations that are for this purpose. In the other cells, identify people who are qualified to receive these types of contributions: this will allow you to build the funds in a way that is most beneficial to your organization. An example might be the Salvation Army.
Another important thing to note is whether your non cash charitable contributions worksheet includes people who have met the income requirements of your state for tax exemption. If so, then you will need to identify the amount of exemption your organization should obtain for this purpose. The appropriate forms for obtaining these forms are available at your local Revenue Department and are not complicated to obtain.
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The third and final section of your worksheet is for those individuals who have met the age requirements for eligibility for deductions. This worksheet will require you to enter in date of birth, full name, and Social Security number. Your non cash charitable contributions worksheet must show all relevant information in order for it to be complete and accurate. If any other information is needed, you can input it in the appropriate fields. Just be sure to keep your forms and information current as filing exemptions and making changes can change the amount of your deduction.
The fourth section of your non cash charitable contributions worksheet is for clothing. This type of contribution can be either a one time or recurring gift. If you choose to make a recurring gift, you should indicate when this donation will be made on the donation form. Again, if you choose to donate one time, you should indicate that the date of donation should be on your year end tax return.
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The fifth item in your worksheet is for gifts received. This would include items such as furniture, appliances, personal property, and travel and entertainment. Again, you should indicate on your tax deduction form when the receipt was issued and the value is to be calculated. A helpful feature of the non cash charitable contributions worksheet is the facility to indicate the due date for making your tax deductible or in some cases the amount of your deductible item.
The sixth item in your non cash charitable contributions worksheet is for donations made directly to qualified charities. When donating money to these types of charities, you should indicate the amount paid out, the date it was spent, and where the money is to be donated. This is the easiest part of the form because you are simply asking for assistance. The second item, what you may consider an unpleasant request, is for a company or business to give you an item to sell as a kind of “gift.” Again, you should ask for assistance on this one. You should also ensure that any items for sale have a tax deductible purpose.
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It is important to note that there are times when the IRS will not allow deductions of certain items, including donations of real estate to qualified organizations. In such cases, the charity must report the cost as being the direct product of the sale. If you do not understand a section of your non cash charitable contributions worksheet, seek help from a licensed professional accountant. The IRS is continually looking for ways to make tax-deductible donations more convenient for charitable organizations.
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