Form 990:Exempt Organization Fundraising, Donor Acknowledgement, Gifts in Kind, Special Events,Galas

Author: Celia Davis, Kathryn Okimoto, Clark Nuber

Fundraising has evolved to be more virtual this past year, but the tax compliance surrounding fundraising events have not changed. Fundraising is what helps organizations survive whether it is via a gala, sweepstakes, auction, or concert. From a public perception standpoint, it is important to make sure donor acknowledgments are issued timely and ensure the disclosures are reported correctly on the Form 990.

Even seasoned return preparers can be confounded and surprised by basic issues when the organization’s facts are complicated. Join us to discuss the various reporting responsibilities surrounding different type of fundraising events and when to recognize that additional information is needed

Publication Date: June 2021

Designed For
CPAs, enrolled agents, CFOs, bookkeepers, staff accountants, development officers, and others working with assisting not-for-profit organizations with their fundraising events.

Topics Covered

• Overview
• Types of Fundraising & Gaming Activities
• Reporting on Form 990
  • Examples
• Tax Deductibility of Contributions
  • Public charity vs private foundations
• Donor acknowledgments
  • Requirements
  • Cash vs non”cash
  • Donor vs charity's responsibilities

Learning Objectives

• Describe the importance of documenting and gathering the necessary information to achieve compliance with federal tax laws
• Recognize and report different fundraising activities on the Form 990
• Identify how to prepare proper donor acknowledgment letters
• Identify when penalties are applicable
• Recognize examples of a fundraising activity compared to a fundraising event
• Describe what percentage is deductible for a "Raise the Paddle" fundraising activity
• Identify correct statements regarding the reporting of fundraising events
• Differentiate Schedules of Form 990 and how they apply

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of fundraising events for not-for-profit organizations

Advance Preparation
None