Tracking Non-Cash Contributions
Non-cash contributions are donations of items other than cash, check, or credit card. These can include physical items like furniture, sound equipment, clothing, food, and supplies. However, labor is generally not eligible for tax deductibility under IRS guidelines.
It is the donor’s legal responsibility to declare the fair market value of non-cash contributions. If the donor has not provided the value, you will need to contact them to confirm the declared value for proper record-keeping.
Important IRS Guidelines
• Non-cash contributions valued higher than $500 require the donor to file IRS Form 8283.
• Donors should consult with their CPA or tax attorney for additional details.
How to Track Non-Cash Contributions in SteepleMate
- Navigate to the Non-Cash Contributions Section:
- From the left navigation menu, select Finance and then select Non-Cash Contributions.
- Add a New Contribution:
- In the Non-Cash Contributions screen, click the New button.
- Enter Contribution Details:
- Date: Select the date the contribution was made.
- Contributor: Choose the individual or organization that made the contribution.
- Fund: Select the fund the donation should be attributed to. [Click here to learn how to setup payment categories]
- If the appropriate fund is not listed, you will need to create one (see Step 4 below).
- Description: Add a brief description of the donated item(s).
- Value: Enter the amount as declared by the donor.
- Save the Record: Once all fields are completed, click Save.
Key Notes
• Non-cash contributions can be recorded for tracking and reporting purposes, but it is ultimately the donor’s responsibility to declare the fair market value.
• Be sure to communicate with donors if additional IRS forms (e.g., Form 8283) are required for high-value contributions.
• Ensure all relevant fund categories are set up in advance to streamline the process.
That’s it! You’ve successfully tracked a non-cash contribution in SteepleMate. If you have further questions or need additional help, feel free to reach out to your account manager or contact SteepleMate Support.
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