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RE: [K12OSN] Tax Deductions



I'm not an accountant, so don't take my word as gospel...

I worked w/ a not-for-profit organization that occasionally received donations.  For one of the larger donations, the donor asked us for a "thank you letter" to him stating what was donated, and to include our tax ID number on it.  

To my knowledge, the recipient of the donation does not have to do anything but accept the donation and possibly record it as income.  It's the donor who needs to claim the deduction on his taxes and must be able to back up his claim in case of an audit.  

-Rob


 --- On Mon 12/27, Barry Solof < barry yellowdog com > wrote:
From: Barry Solof [mailto: barry yellowdog com]
To: k12osn redhat com
Date: Mon, 27 Dec 2004 12:20:16 -0500
Subject: [K12OSN] Tax Deductions

Hi,<br><br>How do you handle contributions made to your school so the contributor <br>can get tax credits?<br><br>I've been trying to get a local school setup with k12ltsp for about two <br>years.  We've found enough old computers, monitors and keyboards for our <br>project from a local government agency. We had a little money set aside <br>and it looked like we were just about set to go.  Then there was a <br>problem with the schools budget and many, many things got axed.  The <br>monies for the k12ltsp servers were in the cuts.  So we have terminals <br>but no servers.<br><br>I can't blame them for the cuts, either. Money is so tight that they <br>have to worry about a lot more than computer systems right now.  But I'd <br>still like to figure out how to get them started with K12ltsp.  It would <br>change their world.<br><br>So it looks like we're going to have to go begging for donations of good <br>equipment to the school.  I think the only real chance for success with <!
br>this approach would be to offer tax deductions for the contributors.  <br>What sort of red tape or accounting is required to be able to do this <br>properly?  How do you handle contributions?  Have you had any success <br>going out into the local private sector to ask for this sort of donations? <br><br>Many thanks,<br>Barry<br><br>_______________________________________________<br>K12OSN mailing list<br>K12OSN redhat com<br>https://www.redhat.com/mailman/listinfo/k12osn<br>For more info see <http://www.k12os.org><br>

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