 Garth
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| Joined: 04 Mar 2008 |
| Total Posts: 10 |
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Receipt amount less than amount received - goods received
Posted: 11 Nov 2008 10:21 AM |
| The portion of a contribution not deductible because of goods or services provided is deducted from the amount of the contribution and the net is shown on the receipt. The receipt needs to be modified to show the full amount of the contribution and the fair market value assigned to the goods or services received. |
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Re: Receipt amount less than amount received - goods received
Posted: 11 Nov 2008 10:43 AM |
Garth,
Thanks for your post. If I understand correctly, you would like to show value of goods or services received. Can you give me a few examples of when this might be applicable?
Do you have donors that are receiving something in return for the donation? Would the fair market value be equal to the total donation or just a portion?
Thanks,
Tommy |
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Garth
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| Joined: 04 Mar 2008 |
| Total Posts: 10 |
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Re: Receipt amount less than amount received - goods received
Posted: 12 Nov 2008 12:13 PM |
| For our annual golf tournament we offer sponsorships starting at $700 that provides for 4 greens fees. The cost to us for each greens fees is $35. So the receipt would be for only $560 Fund raising banquets are often done in the same manner; a table is sold for $700 but 8 dinners at $17.50 each would net a receipt for $560. Since we are required to divulge this to the donor according to IRS regulations, we believe that it should be incorporated into the software of Ekyros to be printed with the receipt. |
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Re: Receipt amount less than amount received - goods received
Posted: 12 Nov 2008 12:29 PM |
Hi Garth,
When you record this entry on the donation form, I assume you are entering $700 in the Amount field and $560 in the Receipt Amount field? If my assumption is correct, then you are asking we included the $700 amount on the receipt?
I think we should also consider renaming the "Amount" fields to "Amount/Value" (vesus Amount) and Taxable Amount (versus Receipt Amount). Then on the receipt, we would show both fields as a column header.
Does that make sense?
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Garth
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| Joined: 04 Mar 2008 |
| Total Posts: 10 |
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Re: Receipt amount less than amount received - goods received
Posted: 12 Nov 2008 02:42 PM |
I agree with what you wrote except that the field on the screen that reads "Amount" should read, "Amount Received" and the "Receipt Amount" should read "Taxable Amount."
The receipt form should be changed to have two columns as indicated in the prior sentence, "Amount Received" and "Taxable Amount."
In order to clarify why there is a difference, the present "Comments"field can be utilitzed to write something like "4 greens fees deducted from 'Amount Received' per IRS regulations.
A new field needs to be added to indicate something that the bookkeeper would like to note about the transaction but would not print on the receipt, i.e., the check was from the account of "United Packing, # 1242."
So in summary, change the labels on the present fields, add a second amount field (Taxable Amount") to the receipt print form and add a new note form on the donation activity page.
Thanks, Garth
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