Business & Philanthropy

Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid.  For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding.  Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, t

A charity may need to provide additional substantiation with respect to noncash contributions. (Note: Special rulesPDF apply to certain contributions of motor vehicles.)

During its existence, a public charity has numerous interactions with the IRS – from filing an application for recognition of tax-exempt status, to filing the required annual information returns, to making changes in its mission and purpose. The IRS provides information, explanations, guides, forms and publications on all of these subjects – they are available through this IRS Web site.

Due to high inflation this year, Series I Savings Bonds purchased this October and redeemed late next year offer much higher rates than the best 1-year CDs.

If your nonprofit organization is using QuickBooks, there are built-in features that help with grant, program, and donor-restricted funds

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Board members are the fiduciaries who steer the organization towards a sustainable future by adopting sound, ethical, and legal governance and financial management policies, as well as by making sure the nonprofit has adequate resources to advance its mission. One of the most important responsibilities for many boards is to hire and set the compensation of a talented CEO/executive director to run the day-to-day management activities of the organization.

Refugee and Immigrant Center for Education and Legal Services

This course introduces you to the nonprofit sector, nonprofit organizations, and the concepts of leadership and governance. While this ... Enroll for free.