End of year and IRS guidelines
MeghanBaylor
Posts: 22 ✭✭
Hello everyone! This is our first "end of year" as a foundation and I'd love any tips and best practices you have to share. These are the main things we are tracking:
- Donation Cutoff for Tax Year
- Only donations received or postmarked by December 31 can be included in that tax year.
- For checks, use the postmark date if received in January.
- For wires, ACH, or crypto, use the bank settlement or blockchain timestamp.
- Post All Donations in Foundant by January 10
- Use the correct post date (12/31 or earlier).
- Update donor profiles if addresses/emails changed (important for receipt delivery).
- Generate IRS-Compliant Donation Receipts (January)
- Each receipt must include:
- AVF’s name and EIN
- Donation amount and date
- "No goods or services were provided in exchange for this donation."
- If applicable, fair market value disclosures (e.g., for non-cash gifts)
Are we missing anything ? Thanks everyone and happy holidays! 🎄
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