Nonprofit Donations: Donor Acknowledgment
Donations are essential to non-profit organizations. Non-profit organizations should establish policies and procedures for acknowledging charitable contributions. Proper donor acknowledgments not only help donors substantiate tax deductions but also demonstrate good stewardship and donor service. When donors make a single … Read more…
Tax Brief: Form 990 – Breaking Down the Statement of Revenue
Form 990, Part VIII, Statement of Revenue reports revenue by type and classification of revenue and is one of the most important parts of the Form 990. Breakdown of Types of Revenue Types of revenue include Contributions, Gifts, Grants, and … Read more…
Tax Brief: Form 990, Schedule L: Transactions with Interested Persons
The IRS Form 990 Schedule L is used to disclose certain types of transactions between a not-for-profit organization and interested persons. These transactions include excess benefits transactions, loans, grants or other assistance, and business transactions. This schedule is also used … Read more…
