From the IRS: All cash contributions greater than $250.00 require a written receipt or acknowledgment. The IRS will no longer accept a canceled check as proof of the contribution. Please see the attached sample acknowledgment letters and forms.
All contributions must be reported as current or for future use. For example: In November 1998 a sponsorship check is received for a 1999 project or activity. The contribution would be classified as for future use. OR In May 1999 a sponsorship check is received for the 1999 Annual Conference. The contribution would be classified as for current use.
All pledges must be recorded when received, not when the income is received. For example: In October 1998 the XYZ Company pledges to sponsor your 1999 program in the amount of $5,000. You must record the pledge as a receivable in 1998 for sponsorship income.
All contributed investments must be recorded at market value. A copy of any investment statements must accompany the Annual Financial Statements. Please note that units of the Association are not allowed to invest funds in any investment vehicle which is not principal insured. Please contact the Director of Finance if you receive any contributions of stocks, bonds, or mutual funds so that the proper treatment of these items can be addressed.
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