End of year and IRS guidelines

MeghanBaylor

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! 🎄

JulieKlipp

Here's our end of year gift and grantmaking information: https://cfwnc.org/article/end-of-year-giving-and-grantmaking

Also, a heads up, starting Dec 24th, changes in the postmarking processes at the USPS mean that envelopes may not be postmarked when they are picked up from the mailbox, they will be postmarked when they arrive at a regional processing center.